All Forum Posts by: Naveen Kolagatla

@Steve Smithy Looking into the contract I have a unique case, Agent A and Agent B are wife and husband respectively. Agent A is my agent and broker for this property as per contract and Agent B was involved in day to day and I am not happy with Agent B conduct as constantly lied/act as if he is not aware of my financial contingency end date and never willing to talk to builders to increase my financial contingency period to save my earnest money. He went to the extent to make me to feel bad everyday by saying I waver by financial contingency and I will lose by earnest money if I don't go ahead. In any case I want to understand what are my options to set this straight.

1. Ideal if I can fire him and not let him get the full commission. Willing to provide compensation for work done so far.

2. Get him out of the deal he will get his commission, find a real estate attorney/agent to help me continue the process to vet the contract.

3. I already provided him a constructive feedback saying he was unethical and manipulative and didn't have my best interest in hard for the past 1 week and hope he understand his mistakes and give clear agreement on how we should work moving forward with terms to terminate the contact if we disagree on anything in the future.

Let me know what you all think.

@Arlen Chou @Brian Garlington @Steve Smithy

Thanks you for all your help. I was able to talk to higher up in builders chain. They agreed to extend financial contingency and include covid19 addendum. My question now is I am not happy with my real estate agent representation. Can I switch?

Also will you advice to hire an attorney to vet the contract so I don't have to face these issues again.

@Arlen Chou I am outside my loan contingency period. But I did not receive loan decision before that. The real estate agent is buyer/my agent and he is sided with the builder. I think he is greedy for his 3% commission. Can a escrow agent mediate the deal? Or Should I contact CAR Ombudsman Hotline. How should I approach this. Can I fire my real estate agent if I feel he doesn't not have my best interest.

Thank you. My real estate agent has sided with builder (he wants his 3% commission badly) I have no one to guide me at this point. I am going to talk to builder VP of California directly. Do you suggest to write a letter before I start the dialogue with him.

Hi,

I am currently in contract with a new development builder in Bay area, CA. My loan got rejected after 21days financial contingency period. To be exact on 22nd day. The reason my loan delayed (generally it takes 7 days in our case it took 18 days) is due to Covid-19/refinance issues for lender and the reason my loan denied is due to change in lending terms for Jumbo Loan they requested 20% down and 15 months of reserve (Lender Estimate is for 15% down and 6 months reserve). I contacted my real estate agent he insisted to look for another loan as he feels I will jeopardize my earnest money. Both the real estate agent and Builder sales person is insisting on applying for another loan, but I am requesting them to extend the financial contingency so I can feel safe. Currently builder in extended the closing date without increasing the financial contingency period or adding the new Covid-19 addendum. Any advice is really appreciated.

- Naveen

Hi Bhargava,

I am planning to invest on a property around Tracy. How do you feel the market is now.

Regards,

Naveen