My New Blog

Multiple Offers

October 2nd, 2009 11:04 PM

Asked Wed Sep 30 2009, 00:05 by Anxious Buyer -

Carol McAlister answered:

If it a short sale, they must have seller sign and submit ALL offers. i have had 7 now on one property. All offers must be submitted to the lender until one is accepted and closes. I assume you are talking about SS. If not, they are looking for a backup contract in case your offer falls thru. The seller can ask that they continue to market and buyers making offers will be made aware that they are back up offers - Wed Sep 30 2009, 11:50

Posted by Carol McAlister on October 2nd, 2009 11:04 PMPost a Comment (0)

Should a land survey be provided in closing costs? Do you have to "order" a land survey from your Realtor?

October 2nd, 2009 10:58 PM

Should a land survey be provided in closing costs? Do you have to "order" a land survey from your Realtor?

1sttimehomeb...
Home Buyer
Charlotte, NC

Our closing was originally scheduled for next week, but our agent recommended moving the closing forward because everything was in order. Now we are closing tomorrow. Yesterday , we asked our agent when they complete the survey. She said that we did not "order" a survey and that it is too late to get one before the closing. She also said she had mentioned this to us a long time ago (it was over 2 months ago and with a different house). Upon questioning her, since we are first time home-buyers and thought this was part of closing costs, she said we were wrong and made us feel very small. We are now supposed to close tomorrow without a land survey, and with our agent collecting money for what we don't think is deserved. We are extremely disappointed and stressed. Any suggestions?

Carol McAlister answered:

I can only tell you in Tennessee that a land survey is a "buyer cost" under buyer expenses. The buyer is responsible for inspection, foundation surveys, boundry line survey etc. It is all listed in the purchase and sale agreement. The only exception is...... if you write in the original offer that seller to provide survey. If it was a concern, you should have stated such in the offer. Since you are ready to close, what I would do is either get the sellers copy of the last land survey .....since the company that provided will usually come back and re-stake based on that survey for much less than a new one. If they don't have, get a copy at the county, city office. Here they charge $1.00 per page to copy for you and surveyor is on the bottom. - Yesterday, 18:28

Posted by Carol McAlister on October 2nd, 2009 10:58 PMPost a Comment (0)

Dual agents commission

October 2nd, 2009 10:54 PM

Buyer2009
Home Buyer
Prospect, CT

Is there a law or code of ethics says that Selling agent dealing with a buyer with no agent split the buyers commission or give back part of the 5-6% of commission back to the seller to reduce the price of home so the Buyer can meet his offered price? Can some sellers agent refuse to do this or is this acceptable part of negotiation tactics to get a better price, especially if the buyer found the house on her own or walked into a open house and possibly decided to make an offer but the selling agent balked at giving back part or all of the commission that the buyers agent would have gotten.

Carol McAlister answered:

I am not aware how agents work in your area but in Tennessee, there are no dual agents. You represent the Seller or the Buyer. If commission is 6%....... it is 3% to the listing agent and 3% to the buyers agent. I am sure..... you were entitle to an agent representing 'your' interests but you chose not to.?

We can as a listing agent drop to facilitator meaning we represent neither party. In my 11 years in R.E. I have never done facilitating because you represent no one and can get into trouble with a slip of a word. If you are in an area where dual agency is legal and a normal practice, then so be it. There are no rebates to the seller, buyer etc. You had a choice to have your own representation and hopefully was explained.... - Yesterday, 19:42

Posted by Carol McAlister on October 2nd, 2009 10:54 PMPost a Comment (0)

Whatever it may be - ask them in writing

October 2nd, 2009 10:47 PM

Asked yesterday, 19:15 by Truilauser09 - Home Buying in 19355

Carol McAlister answered:

That is the best advice I have read on here and let me give credit where credit is due. I started in R.E. 11 years ago with Di Yeargan, Exit Green in Fairview, TN. The best ....... and still with her.

Told me from day one....... WRITE IT DOWN....... keep a paper trail. Doesn't matter what it is, write down, date, time what was said. Write down everything....... not only to make sure everyone is on the same page BUT when something comes up, you have a paper trail. Ex: "You said" on Sept 1st, at 2:09 that you had docs. You are great to share that.... It is so important. good job........ and great advice to share.. -

Posted by Carol McAlister on October 2nd, 2009 10:47 PMPost a Comment (0)

Realtor and Appraier numbers way off!!!

September 29th, 2009 11:07 AM

Is this possible...realtor and appraiser numbers ...way offffff!!

Asked Sun Sep 27 2009, 10:21 by Pkm - Home Selling in 95035 -

Carol McAlister answered:

i would seriously look at the comps that were used. As an agent, we use SOLD comps only. Active listings mean nothing. You can market a property for 1,000,000 doesn't mean you will get it,,,,,, if worth 700k. Closed only and in this market prob. no more than 6 months back. The appraiser should not be using foreclosed or short sale homes as comps. They are distressed properties and not sold because the seller wanted to sell or a true..... picture of the market price. in my area, they are not included in the comps. if for some reason I see a foreclosed property in the comps, the property must be excluded and another property in its place. I would check with appraiser to see if they used these properties in the comps and also be sure that agent used closed comps. - Sun Sep 27 2009, 16:50

Posted by Carol McAlister on September 29th, 2009 11:07 AMPost a Comment (0)

Disclosing other buyers offers????

September 29th, 2009 11:04 AM

As a prospect buyer, how to prove that the agent is not lying to me about the highest offer she got?

Patty
Home Buyer
Jersey City, NJ

I am making offers on a short sale house through my real estate agent, however, the listing agent keeps coming back to my agent saying he got a higher offer for few thousand dollars every time after I made an offer & the so-called deadline has been extended again & again. I started having a funny feeling about the listing agent that she may try to squeez out some more money from me. I can not to believe that & stick with my offer, but I like that house so much & am afraid I will lose it in case she is not lying about the highest offer?

Carol McAlister answered:

A higher offer???? What business does the listing agent have telling your agent about any other offer?? That is confidential and NOT to be disclosed. It is the same playing field for all prospective buyers. You look at the comps and put your best foot forward on the offer. Period. Agents are not to disclose other buyers offers. The only way they can tell you is if you are the only offer and the bank comes back and says, we can't go that low. You would be allowed to go higher. Really unetical if you ask me. - Sun Sep 27 2009, 17:04

Posted by Carol McAlister on September 29th, 2009 11:04 AMPost a Comment (0)

Agent won't present our offer!

September 29th, 2009 10:58 AM

I found a house that I want to buy. The sellers realitor does not want to take our offer to the seller. What do you do. I'm willing to pay full price.
Home Buyer
Saint Paul, MN

Carol McAlister answered:

ALL offers must be presented to a seller. It is not the agents decision whether to present. Maybe already accepted an offer and contingencies met? I would ask why and go from there. An agent will not just tell you they won't present your offer. - Sun Sep 27 2009, 19:19

Posted by Carol McAlister on September 29th, 2009 10:58 AMPost a Comment (0)

How to deal with my agent - commission

September 29th, 2009 10:54 AM

how to deal with my agent?

Nicole
Home Seller
Tampa Palms, Tampa, FL

Hi,
I bought a houe last year with a buyer agent,and now I'll take him to help me to sell my old house.
Don't you think that it's normal that I can negociate (drop it)a little bit the comission that he want to take it?
He told me that he can't do it,because it's a fix comission ,he want to take 4% if he dosen't have a buyer agent ,and 3% if he will have a buyer agent.So ,I have to pay 4 or 6 percent from my money.
Please help me with sugestions .Thanks

Carol McAlister answered:

Not rocket science. You get what you pay for. if you reduce your agents commission, you reduce your services. If the commission you pay is 6%...., is split 3% to the listing agent and 3% to the selling agent. Then the agents subtract marketing expenses and both agents must pay their broker/office splits, taxes etc. when you reduce the commission you reduce services and only hurt yourself. If you have a good agent, what you pay in commission is nothing compared to selling yourself, losing money, time and the experience of a great agent that has been thru every detail you encounter. Agents that offer a reduced commission are offering you reduction in service. In this economy with so many homes on the market, you would think the smart seller would be offering more......... as an incentive to sell their home rather than how to get pay less........ and expire. - Sun Sep 27 2009, 20:55

Posted by Carol McAlister on September 29th, 2009 10:54 AMPost a Comment (0)

Return of earnest on loan denial

September 24th, 2009 5:54 PM

I signed a contract to buy a house. The closing date was september 15. I asked to realtor an extension but she did not get that extension. The bank denied loan. The realtor told me that there is not contract because I did not get the extension. The person that is selling the house is a realtor personal friend. what can I do because the tittle company has 2000 dollars from me

Asked Tue Sep 22 2009, 09:

Carol McAlister answered:

I am so sorry to hear about the home. If you put down the $2,000 as escrow, have the lender fax you a copy of the loan denial and forward to the title company. Not sure about FL, but in TN we, (agents) have to fill out a form called, Earnest Money Release and Disbursement.

The agent fills out your name, property address, reason for contract termination which would be loan denial, they attach copy of denial to letter, the selling and listing broker sign and then the title company releases the $2,000.
Your buyers agent will advise you on all this. You may want to call the title company also and tell them you were denied to loan right away so they are aware. Good luck

Posted by Carol McAlister on September 24th, 2009 5:54 PMPost a Comment (0)

is it a bad idea to use the seller's realtor to buy a piece of property?

September 18th, 2009 11:24 PM

is it a bad idea to use the seller's realtor to buy a piece of property?

Asked a few hours ago

Carol McAlister answered:

yes......... they represent the sellers interests and not yours. The seller pays the commission so get an agent that represents you...... 'the buyer' and your interests. Many agents sell their own listings and lead buyers to believe they represent them. They do not. I personally do not sell my own listings. I represent the seller when listing. period.

Posted by Carol McAlister on September 18th, 2009 11:24 PMPost a Comment (0)

My New Blog

Should a land survey be provided in closing costs? Do you have to "order" a land survey from your Realtor?

Buyer2009Home BuyerProspect, CT

Is this possible...realtor and appraiser numbers ...way offffff!!

As a prospect buyer, how to prove that the agent is not lying to me about the highest offer she got?

how to deal with my agent?

is it a bad idea to use the seller's realtor to buy a piece of property?

Buyer2009
Home Buyer
Prospect, CT