christhefrog's Advice

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christhefrog wrote:

Un-ethical Realtors? Advice please!
Hi,So, i'm going to try and explain my situation in a factual way and the questions i have... If anyone has some light to shed on this, please feel welcome.- We do not have a defined buyer's agent. We use one ad hoc depending on the purchase- My wife and i identified a home we wanted to buy. We considered all the options (like redfin) but were convinced to enter into a dual agency agreement with the selling agent, who would reduce some of the commission.- We submitted an offer, and successive counter offers all stipulating this was a dual agreement.- We agreed on a price with the seller, and asked our realtor to draw up the final "clean" contract.- The realtor change the agreement from dual to having us "unrepresented" without telling us or even discussing it.- The only reason i caught this was because i always read everything in detail before signing.- The realtor now tells us that this would make things '"easier"... and seems annoyed we caught it- I want to have someone looking out for my best interests, rather than the oppositeMy questions:- Did the realtor commit a violation changing the offer content without informing us? It's immoral, but did they break the law/code of ethics?- Since i am not being represented by anyone... can i pull in another realtor or does this get messy?- Any recommendations?Thanks in advance for any help on this.. my wife really doesn't want to loose the house and i am at a bit of a loss what to do
October 01 2012
(0)
Construction loans
Hi,We are currently looking to buy a lot and build on it. We have been working on the price of the lot and also found a decent builder (including checking background, past projects, BBB, etc). We have 20% to 25% cash to put down on the cost of the land + construction.- We would like to purchase the land cash, then use it as down payment on the construction loan. This would enable us to get a better, faster deal on the land. Is this sensible?- Does anyone know any construction loan specialists in the Marietta, GA area?We've done a lot of research and think we've got a lot of bases covered, but struggle to find independent information on the whole process (i do not consider a real estate agent or builder independent, as they have vested interests)Many thanks!
October 31 2011
(1)
Defective installation of piping
Hi,I live in a sub-division which is between 4 and 6 years old, depending on the property. Recently, we had an issue with plumbing where the mains water input pipe broke by chaffing against the concrete wall in the basement.Around 20 to 30% of the homes in the area have had this problem, which is due to poor installation (outside the pipe was unsupported and covered with rocks, which over time cause the pipe to break as the ground settles).Does anyone have any advice on what steps to take to try and claim against the plumber who initially installed the piping? The builder has gone bankrupt, but we know who the sub-contracting plumbers were and they are still around.Does anyone know if we have a case ? (Based on the abnormal volume of defects compared to normal) and the best way to proceed?
September 05 2010
(0)
Purchase + renovation loans
I'm looking at a number of properties, including one that is interesting, but would requier about $60k spending on it above the $250k price... I was looking into 203k type purchase and renovation loans but so far have not found any rates and also i can see a lot of bad feedback on zillow for these loans.I have good credit, have pre-qualified for a 450k loan and have ~60k as a deposit... Anyone have any advice on how to proceed?
August 26 2010
(1)

i would like to buy a secound home i have excellant credit but im finding financing difficult

Answer
I've just refinanced my principal residence and am purchasing a second at the moment:- you need cash... at least 20% equity in your current home and aim for 25% down on your second one- Shop around for mortgages, using a broker as mentioned belowYou need a stable job (~5years) and stable income (~consistent increases on your W2), and the ability to cover 2 mortgages without any income from them for up to 1 year.Basically, you need to be in a good position and not to overstretch. No offense but seeing the grammar and spelling mistakes in the question, I am assuming this is not the case
August 19 2010
(0)

Is my asking price fair?

Answer
I would offer lower. Go in at 20% below the asking, based on the foreclosure, etc. It also depends on the situation of the seller. Have they just been relocated for work so need to sell? Or is it an older couple looking to downsize who would be happy to wait it out for their price. It also depends on the local market. Check out the recently sold properties in the area, as that is a better guide than asking prices. Then ask a realtor, and see how right or wrong they are Buying a house is a HUGE purchase, and the market is volatile at the moment, and all they can do is reject the offer and you can raise it $5k
August 19 2010
(1)

Should I find an Agent or do it myself

Answer
Using an agent, even on the buy side costs you money. Learn the market and be VERY careful about what you look at... Go and see properties and what you really get for your money and the hidden costs that may be there (repairs, HOA fees, etc)Working without an agent, like buying a used car privately, has risks, but can save you money. Frequently selling agents will agree to cut their commissions if you do not have an agent, but will probably try and screw you. You'll also notice the people advising you to get an agent on here are all agents. Buying a home is a huge decision, and an agent is insurance against getting too badly ripped off (in most cases, but many are not that honest). Choice is yours...
July 13 2010
(2)

I would like to thank the person who gave this bogus e-mail address for wasting my time this morning

Answer
Doug,I'm glad you got to experience what most people put up with on a daily basis when dealing with brokers, lender and agents.As part of your business, you should anticipate such issues and always make initial contact to validate someone's details before sacrificing family time etc.
February 03 2010
(1)
Why is my NEW home not in compliance with code?
Hi,I purchased a home a couple of years ago, with an unfinished basement. I decided to create a media room in the basement, and got a number of quotes from builders.One builder was the foreman who worked on my property while it was being built, and from the get-go stated that it would take ~$1,000 to bring the electrical and plumbing work up to code. As a note, the builder closed down after building my neighborhood and reopened under another legal entity.Apparently, some of the work initially performed was to code, despite being signed off by the county inspector. A neighbor had the same problem and told me that it was common for builders to pay off (cash, home improvements etc) inspectors to get a sign off from them. Is this true?
February 01 2010
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