Profile picture for Joseph Domino

Joseph Domino

Agent

Realtor (12 years experience)

2 Recent Sales (last 12 months)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Foreclosure

Advice

  • (706 Contributions,
  • 30 Best Answers,
  • 188 Helpful)

Contributions are sorted newest to oldest.

Commission to have a buyers agent after contact has been made

Answer

Making contact with an agent does not preclude you from having your own agent. Since the listing agent asked you about representation and you said "no" it may preclude your agent from getting paid. But since the LA is asking for commission from you, you could just offer this money to the buyers agent.But realistically, if the LA did not do anything to help you then it is likely a buyers agent may be able to negotiate the commission from the LA.  If the seller wants to sell the house they should be accommodating to your offer.Personally, I hate when agents play these games and try to take advantage of an unprepared buyer. If you don't get this home for some reason get your buyer agent before you go visit the next property. Then you won't have to post your tale of woe on this forum.

  (0)
Why are Realtors insisting that a double wide manufactured home is mobile. Mobile stops refinancing

Best Answer

If the building is permanently affixed to the foundation there should be an "Affidavit of Affixture" and the home will considered permanent.If the home is not affixed to a foundation it is considered mobile. It will have a VIN like an automobile.  I may be wrong, but I believe Arkansas law allows you to sell both in one transaction, but I doubt that you will find a mortgage lender that will lend on a non-affixed. That is why the agents are reluctant.  Perhaps YOU can find a local lender that will finance the sale, then you can connect the buyer with your lender.  Otherwise you are stuck.

  (1)
current loan being transferred during refinance

Answer

I think you have a misconception about mortgages and mortgage debt. What you are describing is the "servicing" company of your mortgage not who owns the loan. Either way, while it may look confusing the loan will have a loan number assigned to it that makes it unique. If the servicing gets transferred before you close on your new loan, the escrow agent will just pay the new servicer.  Your new loan will have it's own loan number, so regardless of who the servicer is it will not affect your new loan or cause it to get rejected.

  (0)
current loan being transferred during refinance

Answer

I think you have a misconception about mortgages and mortgage debt. What you are describing is the "servicing" company of your mortgage not who owns the loan. Either way, while it may look confusing the loan will have a loan number assigned to it that makes it unique. If the servicing gets transferred before you close on your new loan, the escrow agent will just pay the new servicer.  Your new loan will have it's own loan number, so regardless of who the servicer is it will not affect your new loan or cause it to get rejected.

  (0)
Question about proceeds from home sale.

Answer

You are not calculating the gain properly.  You need to take the selling price (not appraisal) minus the tax basis of the home. The tax basis is the cost (what you paid for the home) plus any capital improvements (not repairs) plus the costs to acquire and costs to sell. The difference is the gain/loss. If you have a gain you are then allowed to apply the $250K exemption to the gain (assuming you qualify). Very few people have a $250K gain unless you have owned the home for a long time (or you live in CA).I highly recommend you consult a tax professional. It will cost you a few hundred but may save you thousands.

  (0)
Question about proceeds from home sale.

Answer

You are not calculating the gain properly.  You need to take the selling price (not appraisal) minus the tax basis of the home. The tax basis is the cost (what you paid for the home) plus any capital improvements (not repairs) plus the costs to acquire and costs to sell. The difference is the gain/loss. If you have a gain you are then allowed to apply the $250K exemption to the gain (assuming you qualify). Very few people have a $250K gain unless you have owned the home for a long time (or you live in CA).I highly recommend you consult a tax professional. It will cost you a few hundred but may save you thousands.

  (0)