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Negin Stern, Esq.'s Advice

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  • 12 Contributions
  • 1 Best Answers
  • 7 Helpful

Negin Stern, Esq. wrote:

What Is Your Liability As A Broker/Agent Doing A Transaction with An Unrepresented Seller?
I ask because we are now in escrow with a Seller that uploaded his home on the MLS with a flat fee broker. Seller offered 2% commission to buyer's agent on MLS. Our company brought the buyer. Now we find out that the Seller has no one representing him. Are we in effect doing all the work for just 2%? Don't you need to disclose this on the MLS? Even if you do a Non-Rep with Seller, don't you need to provide all forms and docs for BRE compliance? With no license, the Seller is not governed by any licensing rules, he is not required to keep a closing file, and what about the disclosures… if he doesn't provide adequate disclosures then our buyers are in jeopardy. What should we do and more importantly with more scenarios like this becoming prevalent how should we proceed as Realtors?
March 26
(0)

What happens when Seller can't meet closing date in the contract?

Answer
One other mention to make is the below sections refer to the California Association of Realtor Standard Zip Forms. If you are not purchasing in California, you may want to see if same standards apply when you discuss with your realtor and attorney. Best of luck,Negin
March 26
(1)

What happens when Seller can't meet closing date in the contract?

Answer
Without having reviewed the details of your contract, I would look to see if you can exit the contract in the following manners: 1. Cancel Agreement Based on Expiration Of Short Sale Addendum Timeframe - If you submitted a Short Sale Offer, check to see if you had a Short Sale Addendum (SSA) included in your offer documents. The standard time in the SSA is 45 days (if no other boxes have been checked). See Section 1 A. This time period is defined as your "Short Sale Contingency Period". Has it been more than 45 days since the Seller signed your offer? 2. Cancel The Contract Based On Your Contingency Period - You have the ability to exit a contract by not approving the condition of the property per your inspection rights (usually 17 days from contract acceptance) - unless you have removed that contingency in writing. Without a written lender approval, your contingency period probably has not started yet. Check section 2 of the SSA which states that your timeframes for your contingencies shall not begin until receipt of the short sale lender's approval in writing. If you do not have short sale lender approval, you can cancel based on your disapproval of the property. Please also refer to section 14 of your contract, specifically section 14 B. 3. Liquidated Damages - Section 25 of the RPA refers to the liquidated damages clause. If this section is fully initialed by both parties, then your liability is limited to your earnest money.  Have you deposited your earnest money in escrow? All the best,Negin 
March 26
(2)

Relocating to Arizona - How soon should we begin house hunt?

Best Answer
The first step to your home buying process should be determining your purchasing power by starting on your pre-qualification process. This could be time consuming as lenders now a days require a lot of information. I would starting aggressively saving during these next few months for your reserves, down, and closing costs. The more a lender sees you have in reserves, the stronger you look. Gather your tax returns, W-2s, retirement account information, bank statements, and other related financial information. If you are purchasing with your significant other, ask them to start gathering this information as well. Also, if you have not filed your taxes this year run it by a lender before you file. Be prepared to answer gaps in employment, income, and information on various properties you may own. Having a pre-qualification makes you an eligible buyer and realtors will then start showing you homes. It also clarifies the price point of homes you feel comfortable pursuing. The second step is to identify the areas you would like to research and ultimately live. There are many nice gated communities in Greater Phoenix with many amenities, golf courses, tennis courts, pool, exercise facilities, and community events. Look into Anthem which I found to be a great community when I came from California. I would narrow it down to a couple communities and make a wish list of everything you want to have in a home. The third step is to actually come here for a couple of weeks and take a look at the homes and communities in person before you actually relocate or make offers on homes. Some people buy site unseen which I would not recommend if this will be your primary residence. Finally, work back at least 2 months from searching to closing assuming conservatively a 45 day closing if you are getting a loan and a two week search and offering if you have narrowed down the location and your criteria. Wishing you a happy house hunting….All my best,Negin
March 26
(0)

How Successful Has The Zillow Premier Agent Program Been For You?

Answer
I found it to be an extremely helpful way to supplement website leads, referrals and repeat customers. However, there is a method that needs to be consistently followed for best results:1. Pick up the phone when you get that call2. If you miss the phone call, try to call back immediately3. If your inquiry comes through an email, call first4. Follow up with an introductory email5. Research the property they inquired about and know its history, status, etc. 6. Once you have a client on the phone arrange a meeting7. Give them the value of your service in their purchase process by explaining the benefits of agency8. Help them get pre-qualified with a lender9. Make your showings with them efficient (i.e., show them at least 3 properties at your appointment so they can get a better idea of products out there which helps you understand their tastes and preferences for your future searches)10. Make sure they are happy with your service by asking for feedback11. Ask them to work with you exclusively so you can give them the time commitment for stellar serviceAlso, if possible and budget allows try and get impressions in multiple markets you cover. Let me know how this works out for you. All my best,Negin 
March 26
(1)

SO YOU THINK YOU CAN SELL REAL ESTATE?

Answer
Try and be professional by reading Good Neighbor Policy, "Be Respectful.."… "Think Golden Rule" …"Post information that is appropriate and in context with real estate".. Thank you.
March 25
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SO YOU THINK YOU CAN SELL REAL ESTATE?

Answer
Good advice. Thank You. I will follow that. This was my first post on Zillow and it was an article I had written with my info on the bottom. There was no intent to break any rules. It is so cut throat here and I was actually trying to give a fellow realtor some advice on being better and helping them with getting more business versus competing with them. That's the funny part. Anyway, appreciate the feedback.
March 25
(1)

SO YOU THINK YOU CAN SELL REAL ESTATE?

Answer
This was for realtors Pro-To-Pro. Be Nice. Zillow Police! 
March 25
(0)

SO YOU THINK YOU CAN SELL REAL ESTATE?

Answer
When you become a Realtor, you are not just selling real estate, you are becoming a marketing expert, a teacher and adviser, a psychologist, a negotiator, and a closer and here is how:1. Marketing Expert - Whether you are representing a buyer or a seller you have to be a marketing expert. What that means is you can not rely on the MLS as your sole marketing power to sell or find a home for a client. So you have to be creative marketer to find that deal.2. Teacher and Adviser - Clients today are more savvy and know more because they have access to more information. You will need to be more knowledgeable in these subjects and provide a unique and personal analysis of this information to the client.3. Psychologist - This may sound strange to you, but it is very important to understand the basic psychological components of sales. The number one rule is not to sell when doing sales. That may sound counter intuitive. However, good sales people do not sell, they listen, educate, and allow their clients to make the ultimate decision. 4. Negotiator - Your job when you are representing a client is to negotiate the best terms on their behalf. But negotiation is not just about getting the best price and all the things your client wants, but doing it in a way that makes all parties feel like they won. The best negotiators negotiate without you feeling they just negotiated. Thank you and happy selling. By Negin Stern, Esq., Licensed AZ and CA Attorney and Broker, [Contact information removed by Zillow moderator. Please see our Good Neighbor Policy for information.]
March 25
(2)