Jo Shaner's Q&A

Hi Walty, Do you not agree that we rebounded from 1929?  Of course, I wasn't around, but my 91 year old mother was!  BTW - I was a very late in life child!Seriously, this market is an opportunity,  There are so many more safeguards in place now, than there was 80 years ago. We might feel a pinch, but those guys had the stuffing knocked out of them.  My parents still educated 6 of us, bought a fine home (that appreciated 200 percent), took vacations, celebrated holidays....come on - we're going to be okay!!

Yes, the best answer is a FHA 203 loan.  If you make repairs prior to closing and something goes wrong, you will be in the lurch.  Even if you have a signed agreement stating reimbursement.Been there, done that - a worker getting seriously hurt, the house being vandlized, faulty wiring causing the house to burn down and contractor disputes with mechanic's leans on a house that is not even yours.  These guys are going to be coming to you - not to mention your binder insurance company.  With the 203 the loan gets a greenlight, it is budgeted in and work can be done after closing.

In my area right now, the first time homebuyer is king!  This is allowing that starter home seller to move up - as long as the 1st timer isn't buying a foreclosure.  As in the past, it is a food chain. The guy with the gold still rules.  He the one that will make the money in the end - hear of buy low, sell high.  So, when the economy lags - that's when you should buy.  When it is rocking and rolling - sell.  I have survived many peaks and valleys and it always comes back around.  You know 2008 was the 6 best year in sales according to NAR.  They have been keeping records over 100 years!  We just got a little spoiled.  Be patient and hook up with a savvy Realtor in your area.  They can navigate you through this.

I am so sorry you are going through such a horrible experience.  In every field there are the super stars and then there are the duds.  In most Realtor Associations the listing agreement spells out what action can be taken if a dispute arises.  Most times, you must start out with mediation.  This agreement is really with the listing broker and the home owner.  Did you go to the agent who had the listing or did you get other representation.  If you used the listing agent, then she became a facilatator in this transaction - meaning she really does not represent either side, but must be fair and honest to all parties.  If not, your buyer's agent(whom only represents you) was to contact the seller's agent for information - not contact the seller direct (even if they were best friends).Not having a close date on your contract sound pretty nutty.  Even if the date given had to be push out - it should have been done in writing.Now comes the saddest of all news, generally the listing agent is the agent that disburses the instructions of division of commission.  Again the listing agreement spells out how much commission is to be paid.  The buyer's agent, nor the buyer controlls this.  So, with you wanting your buyer's agent not to be paid - this is something you don't / can't controll. Go to the board (assoication)  where this broker practices.  Tell the executive officer there you want to file a complaint.  If it is a code of ethics violation, then the transaction must close in order to have a case.Good luck and again I am sorry for your undue stress.Jo Shaner