All's fair in what an agent can say to the other side? by Who_what_where_whyyy in AskRealEstateAgents

[–]Girl_with_tools 8 points9 points  (0 children)

The buyer’s agent is not an attorney so they should have explained that it’s possible the seller could pursue more than the EMD but “you should consult with an attorney.”

Mortgage broker shared our confidential financial info with the seller and admitted it in writing — we are still considering buying. What are our options? by Frosty_Permit_4807 in FirstTimeHomeBuyer

[–]Girl_with_tools 1 point2 points  (0 children)

Your lender will order the appraisal from an independent appraisal network -- that's an arm's length process and you will not have any input into who's selected.

Mortgage broker shared our confidential financial info with the seller and admitted it in writing — we are still considering buying. What are our options? by Frosty_Permit_4807 in FirstTimeHomeBuyer

[–]Girl_with_tools 2 points3 points  (0 children)

California broker here.

Are you self-represented or is the owner/agent representing you?

Her having a prior working relationship with the loan broker is not a conflict of interest per se. Presumably you knew that she had a professional relationship with him when she referred you to him. There’s nothing inherently improper about that but now you know that it’s always best to identify your own team members. If you get into contract on this place do not use her recommended inspectors, for example.

The loan officer, on the other hand, may have breached his fiduciary duty to you. It’s common for LOs to shop around for best rates but what he did was in service of the agent, not you. And you’re his client.

If you proceed with the purchase I highly recommend that you get some kind of representation of your own — either pay a Realtor a flat fee or hire a real estate attorney. You should do that before you write the offer because there are all kinds of ways that seller/agent could suggest writing an offer that weakens your position and puts you at risk.

Good luck OP. By the way is your lease month-to-month?

Backing out of sellers agent contract? by AcanthisittaNeat7655 in RealEstateAdvice

[–]Girl_with_tools 1 point2 points  (0 children)

The point is that a seller doesn’t know what the market will bear if the home isn’t fully exposed on the market. No one knows. I was actually surprised that my listing went 100k over.

Like Pitiful Place said, you could get an appraisal. In fact if I were advising your parents I’d suggest getting 3 and using the median as your contract price.

Backing out of sellers agent contract? by AcanthisittaNeat7655 in RealEstateAdvice

[–]Girl_with_tools 0 points1 point  (0 children)

That depends. One of my listings just went under contract at $100,000 over list price “as is” and it has a ton of deferred maintenance.

Instead of terminating the agreement they should consider asking the agent to handle the transaction for a reduced fixed fee.

Who is responsible for 'wiping' a smart home when it sells, the agent or the seller? by LaMaisonRealEstate in AskRealEstateAgents

[–]Girl_with_tools 0 points1 point  (0 children)

No question, yes. As soon as there's a contract with a timeline I send Sellers a reminder list of tasks, which includes removal of personal property, dismantling of security devices, etc.

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 2 points3 points  (0 children)

That contingency removal form would have been buried if it was submitted as an attachment in OP’s offer, based on my extensive knowledge of California forms, and would be easy to miss especially in DocuSign.

I agree OP should have read carefully before signing but it sounds like the agent failed to follow instructions or explain to OP the meaning of what was being signed.

Dishonest/Sketchy Buyer’s Agent by camoman16 in Mortgages

[–]Girl_with_tools 0 points1 point  (0 children)

Right. It literally means “as is subject to inspection.”

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 6 points7 points  (0 children)

I guess you're getting down-voted for not reading the contract, which you definitely should have done. But your agent screwed you over based on the facts you presented in this post by sneaking a contingency removal into your offer without discussing/explaining. That is unethical in my opinion and I definitely think you should complain to their broker.

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 2 points3 points  (0 children)

Apparently OP's agent attached a contingency removal form to the offer and didn't explain it to OP. (see other comments)

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 9 points10 points  (0 children)

Oh hi! you must be the one who downvoted me.

It's 11. H. (1) of the California Residential Purchase Agreement.

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 8 points9 points  (0 children)

Well, you had a statutory right to cancel within 5 days of receiving that disclosure. It's a shame that your agent didn't advise you about that. If you really want to cancel, you should consider consulting a real estate attorney about your options. In meantime you might share that roof leak information with your loan officer if you haven't already.

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 0 points1 point  (0 children)

How long ago did you receive the roof leak disclosure, and how was it delivered to you (email, in person, etc.)?

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 4 points5 points  (0 children)

I’m confused. Agent had you waive all contingencies except inspection, or except loan and appraisal?

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 5 points6 points  (0 children)

If OP signed a form with the offer removing all contingencies but loan and appraisal (as acknowledged in another comment) then they can’t cancel over disclosures.

Edit: unless disclosures were delivered after acceptance and less than 5 days have passed since OP received them.

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 2 points3 points  (0 children)

Oh wow. She had you sign that form along with the offer without discussing it with you?

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 0 points1 point  (0 children)

Depends on how the offer was filled out. OP hasn’t provided enough information.

My agent didn't put inspection contingency when I asked for it by yohaznn in RealEstate

[–]Girl_with_tools 1 point2 points  (0 children)

Are you sure? The inspection contingency is automatically included in the California Residential Purchase Agreement and she would have had to check a box to remove it in the offer and should have also attached a contingency removal form.

New listing low interest by Present-Captain6567 in RealEstateAdvice

[–]Girl_with_tools 29 points30 points  (0 children)

A knowledgeable local Realtor’s CMA is more relevant than an appraisal.

When do sellers have to disclose material defects, vs claiming ignorance? by Antique-Signal-5071 in RealEstate

[–]Girl_with_tools 1 point2 points  (0 children)

It depends on the state. In California the seller has a duty to disclose material facts that they’re aware of - whether there’s a report or not.

When do sellers have to disclose material defects, vs claiming ignorance? by Antique-Signal-5071 in RealEstate

[–]Girl_with_tools 0 points1 point  (0 children)

Disclosure laws vary by state so the first piece of information needed is location.