All Forum Posts by: Stan Jackson

Dave,

I asked you, in a colleague request, to give me a call because I believed I could have helped you a lot easier than typing, but... you never called.

The information you are asking an agent to do is not difficult to provide. However, I would be concerned with how often you are requesting? How many requests you are making? And, has anything resulted in a transaction for yourself and/or compensation for my work; which could be nominal considerations.

That is an example of NOT being GREEDY. There's enough spread for everyone to be happy. Great job!

I agree. I do not know why, but some banks do not want to close a file when the borrower has such a large downpayment. A client of mine was rejected by two big banks just recently and she was putting down 67%.

Again, I'm not sure but it could have something to do with unjust enrichment. IMO!

Try going with a lower down payment, then make additional payments after closing to help satisfying the loan.

Would the purchase still be a good deal, if you increased the purchase price to an amount to cover your buyers' agent as I stated before? I suspect that there is a listing agent or brokerage involved considering the property is in MLS and the purchase price would have to be increased to cover the listing agents' commission.

If the bank officer is saying the property could be purchased directly through him and you can avoid paying commission to a buyers' agent and perhaps even the listing agent. If the bank officer says he will broker the deal and this would make it a great deal, a smoother transaction, go for it!

If that is the case, like others have said, get a real estate attorney to draft a purchase agreement using your state standard contract.

I'm not an attorney, nor is this legal advice.

On a side note:

Bank Holding Company Act (1956) and Omnibus Approprations Act (2009); I believe banks are prohibited from brokering real estate. Any opinions?

This is sooo funny! And, sadly, probably true!

Wait, hold on!

First, if the seller is an institution (bank), the commission generally is based on the net to the seller.

Now, ask the seller specifically if the problem is with paying their agent an additional $1,200. And, suggest to the seller to speak with their agent about an reduction of the same amount.

I know money is money, but come on $18,000 instead of $19,200!

Is the bank officer implying that if you bring in a realtor the purchase price has to increase to cover the realtors' fees?

If so, then suggest using a realtor and paying the agent $500 or the $1,000. Depending on the purchase price, this may be a windfall for some buyers' agent!

On another note, is the property currently listed or recently listed with an agency and the officer is trying to circumvent paying commission? Just curious!

I understand your question, but I would like to know why you have paid an attorney $28k? At a dollar figure far less than that, this attorney should have known there was not chance for recovering your monies.

Geez, $28k for $35k, am I missing something?

And, since he is an attorney, I better had "this is not legal advice".

So, you are going to be his mentor? For 50% of the profits? Not responsible for liabilities?

Just a thought, run a CL ad for painters. Put up the terms that you are looking for and see how many responses that you get.

High number of responses would generally mean painter hungry market, if low, then you can get an idea why a painter would ask for such a thing.

BTW, I've never heard of a deposit to hold the calendar date.