All Forum Posts by: Account Closed

My buyers signed a contract to pay cash for the house, and we were to close Friday (verbal agreement), originally on the 30th by contract.
The agent just called to say now they want to finance part of the purchase because they need to do repairs and don't have the extra if they pay all cash. She said she thought they would get a conventional loan, but he is retired military, so my guess would be VA loan, or even FHA.

How will that affect me, and will I have to put any money in, therefore reducing my net? How much?
And since there is this financing change, what are my options? Can I reject this change? Is this considered a new offer? Can I reject the contract without penalty?

At this point, I really don't know what to do.
My house was listed at the very low end of comps, and I even agreed to a reduction to sell it to them. If this new financing costs me money, I think I want to reject it. I listed mine at 119K, agreed to 115. With her commission and closing costs, I get about 110K The next closest one is listed at 124,900. It’s a little smaller, but has a few things mine doesn’t, including no neighbors to the west or south.

Thoughts? Ideas?
Thanks,
Ofgift

Heard from the agent this afternoon. They want to close on Friday. I was concerned because the agent hinted twice they had a few things they want me to fix. I guess the inspection today changed their minds.

On a side note, the agent let me know they would take it as is, suggesting there were problems they'd deal with.
I had the same inspector 2 years ago, and still have the report, including the steps I took after it. They're the ones getting the deal. Why do (some) agents do that?
Thanks for the input. I figured that repair would be on me if they chose to not buy.

An agent showed my house on Wednesday. I saw it later, it was in same condition. We agreed on a contract Thursday AM, and that afternoon she showed it to the buyers and their (afaik, adult) sons. I don't think they have been back. No one else has been there. I saw it yesterday, Monday. A light socket in the fixture in the master bath was broken.

One of them broke the light fixture. It may be a matter or "shoving" it back into place, but if it were that easy, I think they would have done that.

When that happened several years ago, my repairman said it was easier to replace the unit than repair that one socket.
If they don't buy the house, who's responsibility is it to fix that? Is it on me to hire someone to repair/replace and pay for it myself, or do I contact the agency or agent?

Thanks.

This is from an email I received this morning, July 6, 2011. If it is not appropriate here, please delete it. Thanks. Ofgift

“The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government - lest it come to dominate our lives and interestsâ€.
- Patrick Henry -

I have totally cleaned this e-mail from all other names, sending it to you in hopes you will keep it going and keep it clean.

This is something I will fight for and I hope you all read it all the way through. You will be glad you did.

The 26th amendment (granting the right to vote for 18 year-olds) took only 3 months & 8 days to be ratified!

Why? Simple! The people demanded it. That was in 1971...before computers, before e-mail, before cell phones, etc.

Of the 27 amendments to the Constitution, seven (7) took 1 year or less to become the law of the land...all because of public pressure.

I'm asking each addressee to forward this email to a minimum of twenty people on their address list; in turn ask each of those to do likewise.

In three days, most people in The United States of America will have the message. This is one idea that really should be passed around.

Congressional Reform Act of 2011
1. No Tenure / No Pension
Congressmen collect salaries while in office and receive no pay when they are out of office.

2. Congress (past, present & future) participates in Social Security.
All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress

participates with the American people. It may not be used for any other purpose.

3. Congress can purchase their own retirement plan, just as all Americans do.

4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.

5. Congress loses their current health care system and participates in the same health care system as the American people.

6. Congress must equally abide by all laws they impose on the American people.

7. All contracts with past and present Congressmen are void effective 1/1/12.
The American people did not make this contract with Congressmen. Congressmen made all these contracts for themselves. Serving in Congress is an honor, not a

career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.

If each person contacts a minimum of twenty people then it will only take three days for most people (in the U.S. ) to receive the message. Maybe it is time.

THIS IS HOW YOU FIX CONGRESS!!!!!

If you agree with the above, pass it on. If not, just delete.

thanks

I posted an ad May 29. I just deleted it and tried to repost it. At the end of the posting siste, I got this page:

"Phone verified craigslist accounts may be required for posting.

After entering your phone number below, you should receive an automated call or text message containing an authorization code.

Enter this authorization code on the next page to verify your account.

U.S. and Canadian phone numbers only please. Terms of use violations are subject to account suspension and phone number blacklisting.

Questions? Check out the phone authentication help page. Problems? Let us know.

Phone Number+1 ()

Send me the code:
via voice via text message / SMS
in English in French "

I've never seen this, with all my ads on craigslist.

What's this about? I never signed up for a "phone verified" account.

You also need to check ALL the financial documents, including year end (fiscal) reports and Reserve Fund study and related information. How old is the reserve study? Have they done any of the updates?
Check numbers of people who are in arrears and the amounts, individually and total, and how they handle that, the repair and maintenance logs, and estimates for needed work, what still needs done that is not part of the reserve study.
The condo docs probably include articles of incorporation, bylaws, ccrs, financials, and a "rules" book. Many associations do not record, at the county level, changes in the ccrs because of cost, so the have a "rules" book. You really need to know about how the assessments are done, how often they are raised, everything about them.
You said you want to split those properties out of the condo group. Read state and local laws, and the articles of Incorporation and the ccrs. You may find info under headings such as terminating the association, amending the ccrs, dissolving the association. If you have common area with the others, it may not be possible. You may need an attorney if you choose to go through with this. Do NOT get one associated with Community Associations Institute (CAI) or any of its offshoots. They work for the associations.

Originally posted by Howard Salpeter:

There are 12 buildings, these are in 3. The rest are sold. Is it worth a low-price purchase & hold as rentals for 5-7 yrs, or does the condo aspect make it too difficult?Thanks

Absolutely not. First, a condo is (probably) a corporation, run as a corporation, under state and local law. Condo boards are generally run (as are hoa boards) by control freaks, and for THEIR good, not yours. Even if you were to get on the board, you would have almost no say, unless you were the biggest control freak of all, and well liked by the other board members. (Of course, maybe you are, and would be)
Second, that you can buy 12 units is a red flag.
Third, (it used to be, so maybe still is) a lot of condo owners did not pay the assessments, so major repairs and maintenance had to be deferred. Rentors really don't generally care about someone elses' property.
The mortgage holder may not permit all of them to be rented. Hoas and condos can generally have only a certain percentage of rentals, because beyond that number. people don't want to buy and live in it.
think PROJECTS.
Fourth-the price to purchase condos is usually fairly cheap, and even the dues advertised is probably fairly cheap--the first year. The dues are quickly raised, making owning condos very expensive, and one reason a lot of people won't buy them if they know that.

Fifth if the former owner couldn't sell the units, you probabaly won't be able to eitiher.

Good luck with this. I think it's a really bad thing to do.

Originally posted by Chris Calabrese:

There is nothing that a listing agent can do that the seller can't do themselves. The buyer's agent should expect the seller to perform the same tasks as a listing agent, as they are essentially providing that service for themselves.

What are those tasks that the seller has after he reaches agreement with buyer?
If I remember correctly,
The seller's agent provides the contract (I used the title company contract previously).
the buyer arranges for his financing, inspections, and title insurance.
Seller has house open at time of inspection
Then they work through whatever problems arise if any.

The title company guided me and my buyers if/when we had questions, kept in contact with the buyer's loan company, and set the time for signing of papers, transfer of money and keys.

What am I missing?

He can't sell what doesn't belong to him.