Profile picture for Edwin  Baloloy

Edwin Baloloy

Agent

Realtor (19 years experience)

2 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Short-Sale

Advice

  • (82 Contributions,
  • 2 Best Answers,
  • 3 Helpful)

Contributions are sorted newest to oldest.

Realtor review

Response

Zillow might not be the best place to take action on what I understand was an alleged breach of fiduciary duty by your listing agent.Review-wise, you can post a negative review on Yelp regardless if they have a Yelp business profile on not.If you think you can document or have any kind of proof the listing agent simply withheld other offers or didn't negotiate offers from other agents thoroughly where you could've sold you home for more money, I would file a complaint with the Real Estate board this broker belongs to. (Assuming you hired a REALTOR -- not just a licensee) Many of the Real Estate boards will conduct an inquiry and it might have a grievance hearing. Although most listing contracts have language that disputes would be settled through mediation or arbitration, you can always take the broker to small claims court. 

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Seeking opinions (Pro's and Con's) about 1% realtors (Redfin etc.) for Selling a owner occupied home

Answer

"1% realtors do the same thing what other realtors does - they market, they put out right signs where possible & do legal docs"While the ACTIVITIES may seem the same, the RESULTS are drastically different. Have anyone pull numbers from the MLS and compare you local discount or flat fee brokers vs. your full service companies:- compare % of cancelled and expired listings- compare price per square foot- compare sales VOLUME- compare sales UNITS- compare avg price soldThe numbers don't lie. Profit margins are needed to sell a home for top dollar and 1% usually isn't close to break even unless volume is there. The most expensive resource an agent has it their time. How do you spend less time on a listing? You sell it for low or FMV. The buyer feeling like they got a "bargain" cures many issues in an escrow: negotiating repairs, appraisal, etc. The buyer is now a COMMODITY and they can be switched if they don't perform because you have others lined up to take their place. On the other hand, selling a home to the ONE buyer who was willing to pay substantially more than the pack requires lots of attention and requires an agent to pull ALL stops: correct negotiating (where saying one thing or accepting a counter too early or countering too high can cost you thousands), handling buyer's remorse, appraisal issues, contingency timetables, occupancy options (leaseback/contingent on purchase) etc. All those mentioned above can KILL the deal with one little mistake. That takes more attention than most think.

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My home is listed as not for sale when in fact it is, how do I change it

Answer

Some MLS boards do not sell their data to specific websites or databases. Have you confirmed through other websites that it's listed? On occasion, some agents will hold the listing as a "pocket listing" so they can represent both sides. Of course, this is unethical and can't be done legally unless the seller has specifically requested non submission to MLS.

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moving out of state

Best Answer

I'm assuming that you're considering completing the transaction while still in CA, right?If so, I've used FaceTime when viewing homes and reviewing an inspection report. If you're not an iPhone / iPad / Mac user, Skype or other video conferencing can work well, too.I prefer video conferencing with a client vs. creating a video for them. I've even done this for local buyers who were too busy to drive to the home for viewing.Just make sure you do your due diligence when hiring an agent in the other state.

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I live in Yorba Linda, CA. Why are your property value rates so much lower than market rates...I hav

Answer

In what are of Yorba Linda specifically?Zestimates are square footage-driven and sometimes all it takes is one extremely low-priced listing or a reporting error (i.e. - $50,000 instead of $500,000) to take down the calculation.Additionally, the zestimates can't take into account upgrades, lot characteristics, school district boundaries, condition, etc. Lastly, we are in an appreciating market. Since closed sales are a relection of market conditions from over 1 month ago, appraisers have a box the check on their reports that will allow them to adjust comparables higher. 

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thoughts on home loan modification what should I do?

Answer

Jon,I'll do my best to answer all the questions you had in your post:"I lost my job a year ago now living on a little savings..."Unfortunately, since most refis and loan mods are "ratio driven", so not having a current income would disqualify you from just about all programs.HAMP does have an unemployment program:http://www.makinghomeaffordable.gov/programs/unemployed-help/Pages/up.aspxUntil you're able to make an income that's at least 3x of what a payment at 2.5% (40 yr fixed) of your principal balance, you will continue to get the run around or get declined due to "negative NPV". There's also the DOJ principal reduction, but servicers usually want you to go through normal channels of application."how much of an impact it will cause my credit score if I missed 3 months of payment as well as likelihood of getting a refi down the line in case I get a better deal with missed payments in my record."This depends on a number of factors. Assuming you have numerous trade lines and currently strong credit utilization, you can expect a drop of around 100 points by the 3rd missed payment. The hit will be higher if trade lines are lacking.

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Loan Mod in process - penalty if we sell house??

Answer

No penalty that I'm aware of. A significant amount of short sales are from homeowners that were previously APPROVED for a loan modification and ended up wanted to sell anyway. How did you get an offer on your home when it was never listed? Sounds like a mail solicitation from a shark who works NODs. 

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Seller refuses to sign closing documents on short sale (in escrow)

Answer

I hope you have an update with a good outcome, Alyssa.If not, like some have mentioned here, you can contact a Real Estate attorney. I've been in this situation a few times and the attorney will usually start with a letter to the homeowner demanding them to cooperate with the sale or they will be sued for damages and/or specific performance.Some listing agents and sellers think that they can "change their mind at any time" from the language in the short sale contracts. While that may be true to some extent, it can be interpreted as negligence to place their home on the market, have a buyer wait for months, pay inspection fees and appraisal only to change their mind. A judge can rule that they had plenty of time to make their decision to modify.Having been burned once on the buyer''s side, I know now that there are signs of non-cooperation by the seller. Not cooperating with showings, no providing access or constantly rescheduling inspections and appraisal. Not signing paperwork/disclosures, etc. They also tend to hire an agent that either works part time or is not familiar with short sales. The listing itself in the MLS can also have signs: One crappy photo, grammar errors, numerous errors. 

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Why do you refuse to increase your zestimate to equal that of like homes?

Answer

Can I ask why this is so important?I don't work for Zillow nor am I a fan of their policy of milking agents for zip codes, but I have to say that the Zestimate was a big "game changer" in online resources. Yes -- it will not be accurate. It's more of a starting point or "ball park" number. During a formal appraisal, an appraiser won't reference it at all. If your home was on the market, the buyer willing to pay the most in this market will know better not to factor the Zestimate in their offer strategy. 

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Why is B of A taking over 3 months to respond my offer?

Answer

I agree with Elizabeth. It sounds like a short sale being negotiated by one of BofA's notoriously SLOW 3rd parties.I have 2 files with them right now where it has taken 2 months just to have someone assigned! They've been re-assigned twice since then.A good buyer's agent has knowledge on typical short sale timelines. Anythime a listing agent tells me the homeowner is trying for HAFA (with an offer), I tell my buyer that it will be a 3-5 month wait. The only time I've had a 2 month wait was with DTS, the least evil of their 3rd parties.

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