All Forum Posts by: Da Deep

Just wondering. In what circumstances can an agent represent both the buyer and the seller, and is the agent required to disclose this information to both parties?

If I (buyer) work with an agent with whom I have NOT signed any contract, is the agent free to approach the seller and work out some arrangement....in other words, the agent makes money from me (buyer) AND the seller?

TIA

I got some stuff removed. Some more that's "up in the air" right now:

1. Administrative fee charged by my (buyer) agent's office $275
2. Endorsements, under 'Title charges' - $200.
3. Closing Service Letter under 'Title charges' - $35

Folks, I have received a "settlement statement" that lists estimated closing costs that the buyer has to pay. I questioned some of these charges and got the lender (loan officer) to agree that they should be removed. I asked my RE agent to get the settlement company to submit a revised settlement statement.

My agent says this can't be done. According to her, "The closing title clerk should receive her final loan documents either the morning of settlement or sometimes the day before" and therefore she can't revise the settlement statement.

Does this sound legit? There's a good $2000 in extraneous fees/charges that should come off that statement.

TIA

Her lender probably won't agree to a short sale unless she misses a few mortgage payments FIRST. I mean, if she's making mortgage payments on time, why would the bank agree to a short sale?

Howdy Abhay. I bought a 2500 sq foot apartment here:
http://www.dlfnewtownheights.com/

Delivery is 2010. I bought last yr and since then, prices have been coming down. Oh well.

She had an open house last weekend. Everything in the house had a FOR SALE sign on it. She was selling clothing for $5 apiece. Who the heck is going to come to see a 750k house (purchase price 2 yrs ago) and buy $5 used clothes? Can't make this up...

David, Others,
Let's say the seller's agent finds a qualified buyer who offers to pay a price that sounds like a sum the bank will accept. Paperwork goes into the bank. They take 2 months to review. At some point, the buyer backs out. What happens now? Does the house go to auction or does the agent submit another offer and the process starts all over again while the owner sits in the house rent-free month after month?

Update to an old thread. The home owner now has a realtor. I offered 550k for the realtor to submit to the bank as an offer. Realtor says the offer is too low, even though the last house in the development sold for 590k last yr in June. Since then, prices have been coming down every month. Realtor says she already has another 600k offer. I'm going to step away from this, and hope it goes to auction - which it probably will.

1. Why does Countrywide take 2 months to review an offer when they are losing money every day?

2. Is it true that an agent/realtor can't submit more than one offer to the bank, for the same property?

She either doesn't care about her credit or wants to give me an impression that she doesn't care. I was wondering if I could "loan" her 30k? Write up a note saying that I'm loaning her money, payable back over ten yrs or something? Would that be legit?

Thanks Yoshio. This deal is "on hold", not dead. My problem is not funds/finance. My problem is getting the seller to NOT ask for 30k "on the side" for being willing to do a short sale. I'm going to wait and hope she comes around....