All Forum Posts by: Lynn McGeein

@Tana B. If you are currently licensed then you should disclose, even if not with a brokerage at this time. If your license has expired then you shouldn’t need to.

@Dennis Hill if the house meets standards of that size family, enough beds baths and room size for children, then follow your standard rules, like I make anyone 18+ years of age qualify on their own unless they are a dependent of main tenant (prove with current tax return). As for charging extra rent, check with state local landlord tenant laws as could be violating fair housing if charging more just because more members in family.

@Christopher Davis my property manager does an inspection about 30 days before lease end, verifies timeline with current tenant and potential turnover issues. If questionable or major items needed, we wait. They’ll advertise early and have turned it over in days before when it’s just cleaning and minor maintenance, but they don’t show until vacant so we plan on at least a month.

@Minerva Stewart just be very careful and read the buyer broker agreement in full before making any decision. You can get locked in to an unresponsive agent and still owe them thousands even if you have to find it on your own. Don't be afraid to ask for lower rate, especially if you find the house or FSBO, in writing in the agreement, and that additional fee they're charging would just make me angry. Before getting my license, I only worked with agents who agreed to charge for only the homes they showed me, no exclusive buyer broker, and I've walked on ones that tried to throw in an admin fee. As an agent, I never charge any extra admin fee, only homes I've sent or showed them, and have an easy termination clause if it's not working out, on either side.

@Allison Adams just wanted to add that any time you’re repair/replacing something like this think about “hardening” your unit … whatever you choose to do, make sure solution leads to less hassle in the future.

So if you're through inspection phase and you would still qualify for the loan, even at the higher rate, then wouldn't you be in default if you walk?  If you're still in inspection phase and can walk away for just the cost of a home inspection, that may be an easy decision.  If you'd be in default where seller can sue you for damages above earnest money and real estate agents can sue for commissions, then you may want to consider those potential costs before making your final decision.  I'd get at least 2 more estimates from other lenders before walking away, if you have the time.  Those closing costs sound very high.  

Not sure on legality or if Section 8 even allows these type of additional charges in their agreement, but my lease states no guest longer than 7 consecutive days or total of 14 days in any 12-month period without prior written consent of landlord. No "guest" pets or pet-sitting of any kind for any length of stay. I don't have a charge if it's not followed; I'd just send lease violation. It does say I have a right to a reasonable determination of violation of length of stay and guest may be barred from premises by notice from landlord if violating laws, HOA rules or lease terms (like smoking). Not sure how it would hold up if challenged, but it does let them know I'm serious about it.

Listing agreements used to have the total including buyer side commission, which they would also receive if it was sold by their own firm.  I imagine now that no buyer side commission will be there, they'll have a term in the listing where if they deal with an unrepresented buyer, there is an additional % or set fee to seller, as I doubt many listing firms will agree to handle work for both sides for just the listing fee.  So there will likely be a cushion built in where the seller knows they'd have to pay it to their guy, anyway, so why not agree to pay it to the other buyer broker if asked?   

I actually like the decision, although I'm sure I'm in the minority of agents. I got my license because I didn't like the high commission rates agents charged, and I found it surprisingly hard to find a broker who would let me charge less. So I'm looking forward to seeing how this shakes out. I hope it leads to far fewer, more efficient real estate firms that focus on full-time professional agents doing more business at a reasonable rate. Our MLS has already changed our standard purchase agreement so that the buyer asking seller to pay a buyer broker fee is a fully negotiable contract term just like closing cost assistance. I do think it may lead to more unrepresented buyers, but once the same problems start happening that led to buyer broker agency, they'll figure out a way to make it work. Maybe loan programs will start allowing a certain amount added to loan balance to cover buyer broker fees. Listing agreements will now likely add in terms for additional fees if handling an unrepresented buyer, so seller may be fine agreeing to buyer broker fees stated in an offer if they're similar to what the listing firm would be charging them to handle the buyer, anyway.

If it were my lease, I'd just add language in an addendum to clearly state it was under the month-to-month provision from dates x to y, now lease term is extended to ... and all other provisions still remain in effect.  Something that makes it clear that both parties understand they've been under the same lease the entire time.