All Forum Posts by: Susan W.

I'm a buyer. Seller needs to sell the house and buy the house at the same time. The seller's seller also needs to sell the house and buy the house at the same time.

The agent is the dual agent - when picking between the loan offer and cash offer, he picks my loan offer because I waived all contingencies, and the cash offer is a low offer with repair contingency. The agent can maximize the commission on both buyer and seller sides.

Under contract review, the agent demanded me to use the same loan agent as the seller's. The loan agent refused to provide load estimate, higher interest rate AND points, un-certain closing date - maybe 1 day gap, maybe 3 days, maybe 5 days. So Seller added a new term on rent back U&O for 5 days. What if they don't move-out after 5 days? They pay $100/day which is nothing but annoying.

Next, Seller demanded strict closing date - if you can't close on 9/10, you must close in cash. That's at most 30 days as the contract has not signed yet. Usually loan takes 35-45 days, with 10 business days extension.

How can I continue the purchase? 

Can I file complaint to the dual agent?

Thank you for your help!

Hi,

The 2-family house was owner-occupied till we bought as an investment. Today we got a letter from Rental Control board of West New York, NJ. We need to register the house as rental control. What's the base rent or rent cap for 3-bedroom under rental control in WNY?

Thank you!

Hi,

My friend and I bought a Short Sale house. When we signed contract one year ago, buyer has 2 people: my friend and I. When closed the deal, the Short Sale lender didn't allow to change buyer to a LLC, even though we had setup a 5-people LLC.

Now we had HUD-1 and deed. How can we change the owner to LLC?

1. Shall we use "quit deed" or "quit warranty"?

2. What's the sale price to LLC that won't trigger our personal tax?

If the sale price is the same as HUD-1 cost, will the new transaction go through transfer tax?

If the sale price is $1, is that the base for LLC?

Thank you for your help!

The contract is between the buyer and seller, pending lender approval. 

I'll file complaint to the broker tomorrow to request a true story.

Thank you @Wayne Brooks. The listing agent never contacted me after we signed the contract in March. I never signed anything to terminate the contract. 

Is this ethics issue for the agent?

In March, I signed a contract with the seller on SS. I contacted the listing agent directly, but he put his colleague as my buyer agent. We waited for bank approval till last month, I saw this house is back to market after 5 months.

I called the listing agent immediately, asking for the updates on my contract. In the phone call, he explained that the lender foreclosed the house, then he and the seller worked hard to get it back to short sale. The lender requested them to put it on an auction site. The agent said he doesn't know the auction date yet, but he'll keep me in the loop. I asked him if I shall join the action or not, he said NO. If there is any price change, he will let me know and honor my contract.

Today, the listing has changed the status to "under contract" with the same MLS# I had. The listing agent never contacted me. I can hardly trust this guy, but I still want to have my contract moving forward. Is there anything I can do? File complaint to the broker, the license department?

Thank you in advance for your help!

Thank you all for your tips, especially the link from @Larry Im of dallasnews.com.  While landlords are enjoying the increase of house values, easy to rent out, more headquarters to move into Dallas, wish everyone good luck in this year's property tax protest!

Hi,

With the May window to appeal property tax, could you please recommend property tax reduction company for Collin County at Dallas, TX?

Thanks!

I'm purchasing a 2-family house close to NYC. The town has re-development plan. Currently, there is a warehouse in front of the 2-family house. The warehouse will become a shopping mall or retail space on the ground and residential above. The road will also be expanded. 

Is the increasing traffic good or bad for this 2-family house?

Thank you in advance for your input!

The price is very dramatically -

Bank 5/1 approved for $70k, listing agent listed on MLS for $100k. My cash offer is $150k to stand out from 30 offers. Seller moved out to other state on 6/1.

When this was listed on MLS, only one line - pre-approved SS. Closing in 30 days.

The dual agent has done 2-3 SS every year. This one is his first time to deal with a small bank.

What lessons learned here for SS process?

1) After offer is accepted by the seller, sign the contract but hold on EM till bank approves in written?

No one will agree to process further w/o EM, right?

2) The contract is between buyer and seller, even though the price is pre-approved by the bank. Now that bank wants more $$$, how to get seller and dual agent on my side to have the closing asap? Their concern is time. Will the seller get benefit from higher price?