Again, there is zero credble evidence that these exist. You are jut in a dfferent reality than everybody else -- no, wait, you are a real estate agent, right?
Braec of fiduciary duty, breach o duty of undivided loyalty. Its a snap in this case
HuuH.....
There IS NO CONTRACT. What commission was earned?
There was a potential buyer's offer with contingincies. Seller has no obligation to accept that offer, and no obligation to dance to the buyer's tune by fixing every little item on what is, at best, a suspect inspction report.
Seller is free to tell buyer to take a hike and seller has no obligation to seller's agent for any comission.
You really do operate in a parallel universe don't you bub?
"Again, there is zero credble evidence that these exist. You are jut in a dfferent reality than everybody else -- no, wait, you are a real estate agent, right? "
You mean no credible evidence besides the OP stating:
I do have a contingent offer for the house I'm moving into. So I guess you could say that could fall apart if this house doesn't sell. So I am kind of in a hurry, but not THAT desparate!
"Braec of fiduciary duty, breach o duty of undivided loyalty. Its a snap in this case "
What breach of fiduciary duty? Are you for real? The realtor produced a buyer that made an offer which was accepted and that's a breach? What specifically do you claim was a breach of fiduciary duty?
"There IS NO CONTRACT. What commission was earned? "
You obviously have no experience with real estate. When you list your property, you sign a listing agreement which runs for a specified period. If you tell the broker to take a hike, as you suggest, you better have the right to do that without cause under the listing agreement. Because otherwise, if you read the listing agreement, you're likely gonna owe the broker a commission if you sell the house after you fire the broker before the listing agreement expires.
"There was a potential buyer's offer with contingincies. Seller has no obligation to accept that offer, and no obligation to dance to the buyer's tune by fixing every little item on what is, at best, a suspect inspction report. "
Again you appear to not understand the facts or how real estate transactions typically take place. The real estate agent produced a buyer. They made an offer, which THE SELLER ACCEPTED:
She and her son write up an offer that night. First off, she low balls me 5K off of the asking price, which is fine. I countered and met her halfway at 267K and she immediately accepted. She schedules her home inspection immediately, within 24 hours...
"Seller is free to tell buyer to take a hike and seller has no obligation to seller's agent for any comission. "
Sure they are. But first they better read the contract they signed with the buyer that was drawn up when the offer was made and accepted.
"You really do operate in a parallel universe don't you bub?
-- Jim McLaughlin "
No, I've just bought and sold enough properties to know how it works. And here's how it typically works and from all indications how it worked in this case. The seller signs a listing agreement with the broker that specifies under what terms and how long the seller is giving the real estate agent the listing to find a buyer. The real estate agent finds a buyer and the buyer makes an offer which the seller agrees to accept. A contract for sale is drawn up, in this case it appears it was done that night by the lady and her son. The contract specifies that there is to be an inspection, paid for by the buyer, the timeframe allowed, what happens if defects are found, etc. Both parties sign the contract. Then the buyer pays an inspector to look the place over. I guess you could be an idiot and do an inspection without a contract, but since the buyer's son who is a real estate agent was there , it's pretty likely they have a signed, valid contract.
The inspector typically finds some issues, which have to be resolved pursuant to the contract. That's exactly what appears to have happened here, yet for some reason, the buyer is supposed to be some nefarious, devious person, just because the inspector found common problems, the most signficant of which, the seller even knew about.
I have to agree with Ken's comments. I would have first got a professional estimate on price and needed repairs then you would know the right asking price. If indeed your asking price is below the norm considering the repairs needed, then stick with it. If not, then you'll be stuck to make at least the major repairs. All of these repairs are issues to deal with. We're only trying to be honest and up front with you.
UPDATE 1/14: You know, after receiving all of this advice, I decided that certainly getting the plumbing fixed would be a very good idea. I called my Plumbing company and a journeyman plumber came out this morning. I paid $313.00 for him to come out, go down all over the crawl space and check each drain. The entire water system was pressurized to find NO PRESENT LEAKS!!! So I just paid out over $300 bucks to be told that there was no problem.......I'm pretty fried. The plumber told me that it wouldn't be ethical of him to suggest fixes when there aren't any. Despite this information, it looks like the buyer is going to walk because a: she doesn't belive the licensed journeyman plumber.....and b. I won't fix the foundation. Which, upon looking at the inspection report, the foundation was rated as "FAIR", with settling typical for a home this age!!! Go figure. But she wants it fixed. Well, take a hike quickly please so I can get my home back on the market...I had another showing today, despite the fact that the house is tied up in the contingency phase.
On 14 Jan 2006 14:46:27 -0800, "Shiba" scribbled this interesting note:
I suppose this clears up the supposed requirement to list the previously "known" problems to future potential buyers?
As to the foundation, if it ain't broke, don't fix it. You've openly disclosed the known information as well as the fact that, according to one source, that it isn't a real problem. So far as I'm concerned, one inch across the length of a foundation that old isn't a problem. If you need another opinion, go out and buy one from a foundation company or structural engineer. The expense is justified as other buyers may flag the same "problem" and you will then already be prepared.
-- John Willis snipped-for-privacy@airmail.net (Remove the Primes before e-mailing me)
home inspectors always find things wrong to justify their fee:(
I had one report gas leak in furnace and brand new hot water tank. both were checked by professional plumber and nothing wrong no leaks. sayd it happens all the time.
Tell her that her list of defects is substantially less than what you would have expected on a house this old. Further, that you'd already factored in an estimated repair burden on the part of the buyer, but since the anticipated repair costs are substantially less than you'd imagined, you are, reluctantly, raising the price by $17,000.
And you want to thank her for pointing all this out.
And yes, in a negotiation, you can raise the price.
It sounds like she is running away from the deal. Fine by me...because a seller like that will cause me nothing but headaches. And when something breaks, she'll probably try and drag me to court. If another inspector flags the foundation, I probably will pay for an opinion from a structural engineer.
I think we have a law that they can't increase values more than 10 percent a year.
I went in and contested value and they lowered my value 15% when I showed evidence of termite damage. I also have a spouse that is turning 65 this year so my value will be locked in for life. And on top of that, I get a homestead exemption. Shouldn't they be paying me?
Some folks are so insecure in their decisions that they expect to be cheated. And they are disappointed when they are not cheated.
I once sold a house with window air conditioners. After the last walk through, one of the small units died. I bought a new one and installed it. When I told the buyer, she threw a fit and wanted her unit back. She had me take out the new one and set the old one in the floor. I tried to give her the new one. No way. Some people you can't understand.
just some thoughts. the seller wants the buyer's money. who has any? do the people who are walking thru your house all have pre-approved mortgages and are ready to buy? is this an eager buyer or a price chopper with empty pockets? should you dropping your price on day 6 of a listing? should your agent ask the next buyer to demonstrate proof of cash? in the absence of this cash the buyer may be buying time while shopping for financing. in the same way your sale is conditional on whatever, the buyer has their conditional on whatever. reread the purchase offer.
our friend al ryer in buffalo ny sells houses, see his tips below or at:
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"In order for you to make a good decision all your real estate questions must be answered. Learn the "full circle" process of real estate to better understand your needs & obligations. Don't overprice your home! This attracts the wrong prospects, eliminates offers & helps sell the competition. Properties that are priced right sell faster & at a higher price. The 5 factors that control price are; Location, time, terms, condition of property & the agent you select.
20% of the buyers for your home come from the "for sale" sign.
60% of the buyers for a home come from referrals from the firms sale staff or firm name recognition. Only 1% of the buyers actually bought from an open house that they saw!
"First impressions" help sell your home. Prepare your home by making it as appealing as possible. Keep your home neutral. Neutral colors & simple d=E9cor help someone visualize their own belongings in a room. Showtime! When preparing to show your home put away any toys, clothes, food or other "left out" items. Kitchen remodeling brings 60-100% return on your investment, unless you really go overboard. Realistic pricing of your home results in added exposure & a higher sale price. Make sure your home compares favorably with the "competition". The "asking price" for your home must deliver the highest financial return in a reasonable period of time with the least inconvenience. When selling keep your home uncluttered. It will be neater & look larger. You want to convey a spacious feeling. Keep your home clean. This creates the impression that your home has been well cared for. Keep your home dynamic! Make your home memorable! From fresh flowers to fresh clean smells, your house should be inviting. Basement - It is very important to clean & deodorize areas where pets sleep or spend time. Straighten tool, shop & laundry areas. Sweep floors; cleanup grease spots. Central air conditioning & fireplaces do bring additional value to your home. Choose a real estate agent that's willing to work long, hard & smart for you. This should be based on the agents integrity, skill & marketing plan - NOT because he or she told you a PRICE you wanted to hear. Selecting a good real estate attorney to complete your transaction is extremely important. As a buyer, find the best possible financing to suit your needs. This will depend on your available cash, credit & other items. There are many different mortgages & programs available. A good real estate agent should be able to direct you the proper way. Making one extra principle & interest payment a year towards your existing mortgage can save you thousands of dollars. Be careful of home equity loans, especially if you plan on selling your home in the near future. As a buyer, it is highly recommended for you to have a professional home inspection done. This is typically done a few days after executed contracts. A professional home inspection will help prioritize the homes needs & familiarize you with the home. If you have any questions left prior to buying or selling a home, then you are not ready to move forward. Get the answers first! Buying a home is one of the biggest investments in your lifetime. Be prepared to make the right decisions. Have all the information you need in hand before doing so! The national average time to own a home is only 5 years.
97% of overpriced homes end up selling below market value. Pricing your home is extremely important. Testing for radon, water contaminates & lead levels are now more common. Addressing these will assure you a safer environment. Remodeling your kitchen or bathroom will give you a greater return on your investment. Negotiating a sales price can be challenging. For example, if the seller is anxious to move, they may be more flexible. But if the seller is firm, offering a much lower price may deter them from negotiating at all. When selling your home, it's important to set a competitive price without it being too high which could turn off potential buyers. Many buyers go on first impressions so the outside home maintenance is crucial. Keep the lawn cut & the bushes pruned. Perform needed repairs to enhance the outside appearance. "
I thought there was an offer and agreement on the offer. Be pretty unethical to say I know I said I would sell to you for $267K and you agreed and we both signed the offer (a contract?). Now it's $285K despite our signed agreement?
UPDATE 1/18: Well, as expected, the buyer is backing out. Fine by me...The woman sounded like a basket case anyway, so it is for the better. I'm irritated about the inspection though. It's apparent to me that the guy really didn't know what he was doing. I swore that I wouldn't do it unless I absolutely had to but.......I ventured down into the crawl space for the first time last weekend. That's just something us girls don't like to do :) So after I got cozy with the resident spiders, I crawled around to put eyes on the problems that this inspector supposedly found. I did find some large electrical wires that had been incorrectly spliced together, a hazard. They were underneath the remodel jetted tub. I know that the prior homeowner did that job himself. I ended up hiring an electrician to put the wires in junction boxes, so it is not an issue at the next inspection. I also went to see where all of this "insulation" was that had come loose and was hanging...that I was told should be taken down. Upon closer inspection, it was apparent that this "insulation" had been tacked up around the interior of the foundation only, with plastic covering the floor, and that it had been deliberately placed there, not just "hanging". Upon closer inspection, I find that it is vapor block! and that it is SUPPOSED to be there since it is protecting the house!
Now there are two new offers on the table. I accepted one where they are paying all closing costs and are paying me above my asking price. It's a really clean offer, 5K earnest money and their financing is ready to go. Inspection is on Friday....
Does this include posting your homes for sale on web sites? I've been doing some research, and I've noticed the big sites are annoying because its often hard to get a good idea of exactly where the home is located and what the prices in that area are. The best I've seen so far is
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and it looks like they are just starting out. Good thing is that its free, so I don't see any risk in just posting there.
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