Lexie Longstreet's Discussions

There is nothing there that can't be fixed. If the seller took a big hit on the sales price, they are probably pretty motivated to sell. If they have lived in the house they probably know the burners on the stove don't work, and the hot water heater, if it isn't working. I would ask for the furnace to be fixed and serviced. And if the sump is pumping to the sewer, I would ask that it be corrected if it is not to code. But that shouldn't really cost that much. If the hot water heater is not working, ask for that. If it is still serving the purpose for which intended I wouldn't bother. Think about if you were a seller, what would really piss you off to be hammered about. Most sellers are reasonable people and understand the furnace, the oven, the water heater.... etc. They don't like to be asked to regrade the yard. That isn't worth asking for... unless you have major moisture getting into the crawl space. The sidewalk... it's not part of the house... If you are reasonable, you may be surprised how reasonable the sellers will be.

I do not know what state you are in but you should review your purchase contract you have with them thoroughly. I doubt it has any conditions in it that you would have to provide a structural builders warranty. In NC, for example, it would be great if you had that to pass on but they could not get out of a purchase contract if you did not have one. They may just be playing all their cards, trying to get everything they can. Especially with the market the way it is... so much gloom and doom. This is a very common tactic... to try for stuff up to the last minute. Have your agent advise you on the purchase agreement you have with them... and just tell them you don't have it. If they want to purchase the additional coverage .... give them the info on how to go about it. Good Luck.

There are any number of companies that will pay you a "rebate" or a kick back of their commission at closing. Of course this business model offers different pros and cons. In exchange for the cut in commission you will probably have to cut some of the services offered by a traditional broker. For example: no open houses, no yard flyers, no website, no video tour, no multiple color photos, no feed to thousands of web portals, no hand holding during the tough repair negotiations, etc. Some things you might say.. "I can do without an open house, or do it myself..." but some of the services a full service agent offers can not be duplicated easily or inexpensively. Most agents are having a very tough time right now, with few buyers out there, and I doubt you will be able to get a great agent at a discounted rate. They just can't afford to market a property effectively and do a rebate .... unless the house sells fast. They may also have caveats that you price the home at their recommended price, which may be lower than market, to move it fast, to cut their own expenses. Interview their agents, ask the tough questions, and then interview some of the top agents in your neighborhood. You want an agent that knows your neighborhood - and specializes in your type of property. Good luck.

That is called Buy and Bail in the mortgage industry and you are not the first person to think of this.  It will not work.  The mortgage companies know people are doing this and they won't let you.  You will have to have a lot of reserves in the bank to cover the cost of your existing home and the new house you want to buy.  They may also want to see a lease, on one of the houses or the other and if you provide a fake lease, that is mortgage fraud. Your best bet is to talk to your mortgage company and see if you can work out a short sale.  If you really need to move and can not afford your current home.  If you can afford your current house they will not give you a short sale.  If you are not behind in your payments, for example.   If your home has really lost half it's value I don't think they will adjust your mortgage payment.  If you do a short sale you might be able to buy a new place in a few years, after you get your credit score back up.  

Lewis, I understand your question.  Some agents do just put a sign in the yard, put your home info up on MLS and cross their fingers, and hope for the best.  But any agent worth their salt will do hundreds of other things to get your home sold.   Most will put your house on numerous websites, with as many pictures as possible and virtual tours that allow up to 40 + pictures, they will shoot videos of the home and have them professionally edited, so your home is on websites like YouTube, and Welcomemat. They also will blog about your home, and create a website specific to your home.  They also will network with other agents about your house, and try and get as many agents as they can into your home.  For example, if they have a similar listing a few blocks away and it is being shown, they will call the other agent and tell them to show your home.  They will be accessible to answer questions and show your home as calls and emails come in.  Probably the most beneficial thing that a good agent will bring to the table is Market Knowledge.  They will be able to help you get your house ready to go to market and show at it's "spot on" best from day one so you do not miss a showing, or buyer - because it isn't appealing in some way.  We work with our sellers, sometimes for months, getting their home painted, repaired, yard work done and staged, all within their budget.  Selling a home in todays market is challenging, but it can be done... as long as you work as a team with your agent.