All Forum Posts by: William Coet

Thanks, point taken.   In this case the seller is Fannie Mae.  Just wondering, do they adjust their payment to listing agent if there is no buyer's agent?

@Kenny Dahill Thanks for the response.  In this case the contract has already been signed by both parties.  Could I just ask the realtor to cut me a check as a professional courtesy for 50% of what he would have to give away to a seller's agent.   This way he is still making more than if I had a seller's agent and I'm saving a little bit on the cost.   I don't think I signed a dual agent form, so I could still bring a listing agent in to see it through to closing and he would lose half of it if that happened.

For SFH transactions, when not using a buyers agent and using the listing agent as dual-agent who also happens to be the broker the agent is getting the full commission of the sale. They would be sharing it with a listing agent if there was one, so I am wondering if they are willing to give a portion of their commission back to the seller. If so, how does this happen (i.e., check at closing, check at some other point in time, etc.)?

Fannie Mae allows a 10 day inspection period after they have accepted the offer and an earnest money deposit has been provided.  Can anybody explain if the price can be negotiated if problems are found with the property that weren't expected?  If so, how can the price be negotiated?

Thanks!

Hello,

After a Fannie Mae property is under contract the buyer has a 10 day inspection period as per Fannie Mae rules (see text below from their website).  Does anybody know if they will allow pressure testing of boiler and domestic water during this inspection?  I ask because the house has not been heated and there have been freezing temperatures.  The realtor is uncertain if it has been winterized.  A frozen and cracked boiler, heat lines, and domestic water lines could set us back 5-10k depending on the severity of damage.    We would really like to pressure test the water systems during the inspection.

From Fannie Mae Website - "Once your contract has been executed, a 10-day inspection period is provided, allowing you to perform inspections and determine whether the property meets your needs. This inspection period begins on the "Effective Date" listed on the contract in the Fannie Mae REO purchase contract."

Greg,

What do homes in the area have to be selling for to justify a new build for a sfh?  

Below is from the NYS Attorney Generals Office:
"In New York State, there are several different laws governing this relationship, and they can be different depending upon the county or town you live in. This booklet explains many of the laws tenants need to know and provides resources for where you can find more information about landlord and tenant issues."

" Heating Season Heat must be supplied from October 1 through May 31 to tenants in multiple dwellings. If the outdoor temperature falls below 55°F between the hours of six a.m. and ten p.m., each apartment must be heated to a temperature of at least 68°F. If the outdoor temperature falls below 40°F between the hours of ten p.m. and six a.m., each apartment must be heated to a temperature of at least 55°F (Multiple Dwelling Law § 79; Multiple Residence Law § 173; NYC Admin. Code § 27-2029)."

What are the minimum temperature requirements?  You should find this out first.

What is the temperature requirement for New York State?  People on here are acting like 65 degrees is arctic, but when it's 60 degrees in NY in the spring time people are out in their t-shirts and shorts because it's "so nice".

Thanks for the reply! Are these numbers in Canadian currency?  Are you financing, and if so what is the length of the loan?