All Forum Posts by: Lydia S.

@Peter Morgan

Either the agent is just hunting for potential listings or they have an actual buyer.  They will represent the buyer and ask you to cover any commission typically.  My opinion is to list it with a Realtor to get the most exposure to the most buyers and get multiple competitive offers instead of working with just a single offer.  You can imagine how your net profits in a multiple offer situation will outweigh what this one buyer will net you, right?

@Susan Robinson

What does your Realtor or agent say and have they had a conversation with the listing agent yet?

@Michael Metz

Here’s hoping for a smooth transition!  I just messaged you with a fabulous Realtor who can help you and answer those questions as well.

My experience with online Lenders like Rocket is far from exemplary.  A local Mortgage Broker in Virginia is more likely to have some great programs for someone in your line of work and options that serve you best, as well as being available one on one for conversations with the same person each time.  Federal banks and online Lenders are much less personal.

@Cade Brown

Welcome to BP and Real Estate!  Wishing you much success.

@Vasundhara Ranjani

If you hired someone to fix your car, replace your roof or anything at all, and partway through you changed your mind and asked them to stop, don’t you think they’ll want compensation?

Your listing contract outlined the compensation requirements in advance and work has been done.  Your Realtor has already invested hours of work and expenses on your behalf.  Wouldn’t you ensure you will be paid for your work when you start a job?

@Jeffrey Lillie

Give Becky Torres a call.

Torres Law Firm

505-221-6709

@Ian Kisbert

Is your Realtor licensed in the State you found this property? If not, she can at least find a buyer Realtor there who can help you.

@Emily Jo Kester

I only have a quick minute right now and I suggest you search seller financing and owner financing here on BP for some information.

Essentially it involves offering a down payment, interest rate, payments amortized over 30 years and time frame  for a buy-out period, often 3 or 5 years.  At that time you then pay off the seller.

There are intricacies if the seller still has an existing mortgage so do a little research and maybe others will chime in.

@Emily Jo Kester

If the properties have separate legal descriptions, you would be purchasing 2 separate properties at the same time.

Since this is off market, the seller may refuse paying any compensation to a Realtor, in which case the Realtor will request compensation from you instead.

Regarding an FHA loan, that's an owner occupant loan program. Are you intending to live in the property? If they're on 2 separate parcels of land, I suspect you may have issues putting both on an FHA loan (even if living in one) because the other won't be owner occupied clearly.

When you describe them as 4 units and 2 garages, do you mean 2 duplexes which each have a garage?

Will the seller consider owner financing?

@Eric Asatryan

Whenever I see the question as stated in your post title, I ask what does the contract say?

What you described is a little unclear because some abbreviations aren’t standard where I am, and you say ‘I’ and ‘we’ interchangeably, so it’s unclear if you are the buyer or representing the buyer.  Assuming the second due to what you said, you better be discussing this with your Broker.

The language in the contract is ultimately what determines what happens in the scenario you mentioned and should have been addressed properly in the contract before coming to an agreement.  We need to protect our client’s earnest money in every scenario.

Questions- Does it say ‘up to $10K over’ or an actual $10K over- you can appreciate the concern if it appraises $5K low, right?

- why would you want to terminate if the appraisal is not as low as you expect?

- does EM become non refundable after a set number of days where you are?  Our contract outlines all contingencies and deadlines along with comments about whether EM is refunded in each circumstance.