Real Estate

Ok so long story short ….I am getting screwed by my broker he is charging me over 4000.00 more then origanial quoted and then he didn’t give me my GFE till 3 days ago a month & 10 days after I signed it. I was going with another lender at first who now that I can compare was going to give me a way better deal. My realestate agent says she will take care of it but if she cant I want to change lenders. How far would I go passed closing? I already have had a Va inspection but she said we may not be able to transfer it to a new lender if the inspector is not on there list? What is involved with transfering this close to closing? Please help!!!!
Ok so my broker broke respa not giving me the GFE within 3 days. So I wouldn’t have been able to review the costs and espcially so I couldn’t compare it to the one I had had from my another lender. It is a long story but if my realestate agent doesn’t take care of it I want to change bokers/ lenders. I am asking how to do that and how bad it will mess everything up? F.Y.I. GFE is a good faith estatement
Also it will cost me 150.00 every day past the day of closing and the house is a forclosure and is owned by a bank not sure if that is important. Thanks for any help!

Tell the seller that you will release your entire earnest money today in return for a 15 day extension of the purchase contract. Then get your loan to a broker who won’t cheat you. Switch today..

The value of a feature that is present in the subject property but not in the comparable property.a: subtracted from sale price of the comparable B: added to sale price of comp C: not a valie variable in priceing the comp. D: none of these

An appraiser may substitute his own opinion in the place of reliable date A: if he has long experience. B: never. C: if requested by a supervisor. D: if it will increase the price of a property.

An appraiser needs A: realestate lisence. B: appraisal license. C: brokers license. D: affiliate brokers license

In the sales comparison approach the probable sales price of a building may be estimated by: A:considering sales of similar properties. B" determining accrued costs. C:determining construction costs. D: considering depreciatin

Which approach would be given the most weight in valuation of a "strip shopping center"? A:cost approch. B:income approach. C: cma D: none

A
B
B
A
A

Had accepted an offer to purchase on my home all conditions of sale were met and I recieved notice that the buyer no longer wishes to buy my house 4 business days before closing.no reasons given at this time. I have invested between 3 and 4 thousand dollars to meet buyers conditions what are my options?

I hope your contract had a good deal of money put down on it becuase you will probably be entitled to it. I have a bad feeling that if you put 3 to 4K into ‘meeting the buyer’s conditions’ that the buyer didn’t put a lot of money down in which case even if you sue, your chances of getting anything back are slim.

Talk with a lawyer to discuss your options. If there is some money down DO NOT sign a release of funds back to the buyer until you speak with a lawyer.

Jim Reske, Realtor
ERA Advantage Realty, Inc.
Port Charlotte, FL
http://www.flwaterhomes.com

Will a realtor be willing to sign a contract that states their commission is anything above a certain dollar. I need to clear $300,000 so I want the contract to say that their commission is anything above $300K. So if it sells for $320,000, they get $20,000…if it sells for $301,000 they get $1,000. Would a realtor do that? Can they do that? I spoke with realtors and they say they would list it for $319,000 and I should have no problem getting $315,000.

This is a net listing and is NOT legal.

The realtor has no way to effect the market value of your home. It will sell for what it’s worth. Just because you ‘need’ it to sell for 300k doesn’t mean that it will.

IAM JUST STARTING OUT AS A NEW realestate AND NOTE BUYER. I WOULD LIKE SOME HELP ON HOW TO DO THIS KIND OF JOB. IF SOMEONE CAN SHOW ME HOW TO BUY REALESTATE AND NOTES I WILL appreciate it thanks god bless.

Just ask people or companies who carry promissary notes to sell them to you at a discount, then have them legally assign the note to you and pay them for it.

we sent one e-mail stating that she could sign in our absense and that we would sign when we arrived. The lease in Jeff & Melissa’s XXXX name and we are not sure as to what it was signed like. We have not received a copy
Thank you all for your help I will see what happens

Technically, you would have had to sign a power of attorney for the real estate agent to sign for you. Sending an email would not qualify legally.

With that said, as long as you do want the property, whenever you return, you can sign the papers yourself and keep the deal. The real estate agent’s signature would be enough to hold the deal until you are back.

If you are trying to back out of the deal, you have a legal issue without the POA, but on the other hand, your agent has your email stating you told her to sign in your behalf. Now it becomes an issue for the court with her agent’s fees involved.

Best of luck and I hope this is useful to you

The new state telangana which is being formed bcos of decades of negligence by politions, expolitation by andhrites and backwardness should also loose hyderabad as its capital which is the only big city in the region and livelyhood for whole telangana? dont u think if it is made a U Territory, no one will profit except realestate brokers? The andhrites after exploiting and depriving the people of telangana of opportunities will also deprive them of the only city they are dependent on. There is not even a single city in telangana (other than hyd) which is as big as even vijawada. up on that they have Vizag a city much biger than vijawada. keeping all this in mind Don’t you think its wise to keep hyderabad in telangana?

Ideally Hyderbad will have to be with Telangana if at all it forms, because it is surrounded by the Ranga Reddy district which comes in the Telangana region.

The following points in your question needs to be debated:

1. Negligence of politicians: What were the MLAs and MPs elected from the Telangana region, irrespective of their party doing all this time? If development was a serious issue and if they were unable to address the issue, why did they not step down accepting incompetence?

2. Exploitation by Andhrites – I don’t agree to the concept of one group exploiting the other. India is a free country and please compete and prove yourselves. The same is the reason I object the MNS and SS ideology. Don’t blame others for ones drawbacks.

3. Hyderabad as UT- I guess Hyderabad has a cosmopolitan population with migrants from across the nation and if regionalism sets in, following division, none of them will be willing to forsake their hard earned money and property through decades. Making Hyderabad a UT gives some sense of security to these people.

4. Hyderabad with Telangana – Maybe Hyderabad can be with Telangana, provided there is an assurance on the security to the lives and property of other too.

5. Real estate brokers – Regarding the real estate group, I am not much aware, may be you are right.

The Aftermath Inc. – An Indian Citizen.

We placed a bid for house on a short sale but I want to know what the chances are that the bank will choose us to sell too. The house was listed at 350K and we bid $365K as that is what we can afford. Our credit is excellent, my husband and I have stable jobs, we are pre-approved and have 45K in the bank and are willing to put down 20%. This house has been listed since August. They did a drive by BPO (if anyone knows what this means, please let me know) and are waiting for the appraiser to come do the appraisal. What would be a sure way of securing this property? This is my dream home. I just couldn’t afford to pay anymore. It looks like the median price is about $360K in this are. Any short sale experts that want to give me some insider tips?

I am very experienced and knowledgeable in purchasing short sales and my clients get the best deals. Here’s the strategy you need to use (it might be too late on this one since you are paying too much and the bank already knows about your offer):

As a buyer, you will need to have your agent look at the lowest comparable sales and offer around 10% below that (for your area). For example, if in the last 1-6 months the low sold prices were 360, 355, 365 your offer will be for around 320k. You will also need to ask the seller to pay for all cost and 3% for your closing cost. If the home is owner occupied, then you, not your agent, can contact the owner and tell them that you will give them $1,500 if they use your purchase offer only after close of escrow/sale. The seller gets nothing from a short sale and offering them money will motivate them to use your purchase offer for the short sale. Plus it gives them money to move. Now, the only people who will get the house are people who will offer the owners the opportunity to rent it back or offer them more money (homeowners tend to catch on quick when they realize they can profit from a short sale). If the owners are out of state or nowhere to be found, be creative.

The second part is the BPO. The bank sends an appraiser to the home. It is very important that one of the agents meet the appraiser and give them 3 low sold and 3 low active comps. They should let the appraiser know that the house is in foreclosure and any value at or below 320k would be appreciated as it will help the owner out. Ask for a business card and say that when this is over and if it becomes a success, you will like to send the appraiser a special thank you. The business card will also let you know if this an appraiser or a real estate agent. The real estate agent doing BPOs is doing so in hopes that the short sale will fail and that they get the listing. So they purposely give the bank high numbers. So by knowing who you are dealing with, you know what to expect and what your next strategy is. There’s more, but these two points should help you out.

Also, DO NOT SPEND A DIME until you have an approval letter in hand from the foreclosing lenders. A verbal confirmation means nothing as the banks might counter the terms or ask the owner to sign a promissory note. Also, make multiple offers on every short sale you like and go with the first one that materializes first with the terms you like. No need to give an earnest money deposit or start the purchase (escrow or settlement) until you have a written approval letter.

A lot of real estate agents and buyers think that making and submitting high offers will ensure a purchase of a short sale. It is actually the opposite being true. As a listing agent of a short sale you want to negotiate a low ball offer with the lender in order to find motivated buyers and to easily flip it to another buyer should the original buyer decide to flake or their loan is no longer valid. Nothing worse to be sitting with an overpriced negotiated short sale where the buyer backed out and no one else wants it because the price is too high, so it goes into foreclosure. As a buyer, you want to make sure you are getting a good deal and to protect yourself in a downward market where prices drop, especially since short sales take anywhere from 1-5 months to negotiate.

Good Luck!

i am an independent employer, working to get people to buy or invest in realestate in Dubai. I need some kind of software that would organize my contacts/signed deals via the Net so that i don’t get scammed and keep track of my commisions for each project.

Outlook has a good contact manager, is ok for tracking billings.

Quickbooks is good for tracking billing, and ok for contacts.

A simple list in Excel or Word may be your best bet.

What type of information would you want to know pertaining to real estate as a local citizen, i was thinking:
how to sell your home
what to look for when buying
local agents and lawyers
local home inspectors’
Rates

Is there anything else people would want to know and or learn about, this is my first seminar ~Thanks~

Hi! I am a Broker so I think I can help you. First of all, to have any successful seminar, you need to bring in some experts to discuss these topics. I local Broker might be glad to talk about the do’s and don’ts of buying a home. How to select a Bank or Lender and what explain what the didn’t programs, 3-5 Fix ARM, vs. 30 year fix etc. You can not discuss rates as that changed weekly and only a qualified mortgage Broker should discuss this. Second,focus on what people can do. Too much facts and money issues bores people. Talk about what sells a home and what causes it to bomb. What is curb appeal. Discuss how every house has a smell. Normal, but some people find them offensive. How to solve this. Pets vs.fresh paint and new carpets to sell home. How to get smoke smell out of house. Change of colors? How neutral is neutral? Does clutter ruin a sale and what to do? How to make your house look like a home that will sell. Things like that. Make is fun. Give people a chance to participate with their own good and bad stories. And tell everyone, never short yourself on a home inspection. That can make or break a sale and also give the buyer more to bargain with or peace of mind. Good luck. Marie D~ Start will a funny or horror story when you begin you lecture. People like that.