All Forum Posts by: Charles Morgan

@Silvestre M.I could not say that it doesn't happen but I would think that it is rare because usually the agent is usually too busy to sit down with the seller and go over offers with him. Also it could be seen as trying to influence the seller, similar to steering a seller to your 'friend' the investor over another buyer. The "ethics" thing again.

In Texas if the agent is acting as both sellers agent and buyers agent there is a specific disclosure form that has to be signed by the parties, and specific rules that have to be followed.

@Colleen F. is correct. I bought a three bedroom once, it was listed on the tax rolls that way. Two of the bedrooms were 7 feet wide; one had a light, heater, a window and a closet, the other had an outside door and a window. I tore out the wall between them and made them into one bedroom. By the way, to get to the only bathroom, you had to pass through all 3 "bedrooms"!

@Silvestre M. The listing agent does not make the decision on the sale, the owner does. The listing agent in Texas is obligated to present all offers to the owner regardless of where they came from or what the offered price is. If the agent gets an offer at $100,000 without a buyers agent and one at $50,000 with a buyers agent, he has to present both to the owner.

Of course the owner has the option of telling the listing agent not to present anything lower than a certain price, but an offer from a buyers agent cannot be rejected just because there is a buyers agent.

Or you could tear out the walls and make it into your own McMansion!

Normally an expired listing is open game. But it may have been given to another agent.

The listing agent will make your offer to the seller, you also have the option of finding an agent to represent you. This does not cost you anything as your agent gets paid from the listing agent's commission.

as @Mark Ferguson said, since you did find it on the MLS you should use the agent. Ethics, ya know.

In Texas it is possible for the owner to find his/her own buyers IF they setup the listing agreement that way. Most agents will try to get you to go exclusive, the owner should be able to tell you if he can deal with you directly or not.

@Dawn Anastasi is right, do not lie. I had a similar problem, had to get a hard money loan to purchase the home. It sounds like you may be able to up the down payment to 30% or so and make the qualification. Or purchase cash and refi to get cash out.

@Paul Tschetter Thanks, as Ken mentioned it my be hard for someone to get financing for only $6-$14K but leaving it as Vehicle means I can sell it separately from the land if necessary.

@Ken Rishel Agreed on financing. It does meet NM code for conversion, just wondering if it would be desirable. I think it is currently being taxed as RE which is common in NM even if it has not been converted. They love to get those taxes, but then property tax in NM is cheap, taxes on a $27K home are about $230/year.