All Forum Posts by: Lynn McGeein

@James McGovern if you're knowledgeable and comfortable enough to handle the many steps from list to close, then there are "deal direct with seller" firms that will list your house on the MLS for a fee and you do the rest. If you really feel that's all you need an agent for, this may be an option for you. A good listing agent provides a valuable service, most of which happens after the offers are received. The MLS is a powerful marketing tool, but good listing agents know how to enhance it, how to screen offers, negotiate offers and inspections to protect their clients, and help provide viable solutions for issues that arise.

@James Alderman you should reach out to your state’s real estate board to let them know this happened. Even if you’re now saying you’re fine with it, they should be aware it’s happening so they can reach out to agent and broker to ensure in the future they are not marketing other’s property without a contract in place.

In my state, seller must disclose material defects of actual property being sold, but not many adjacent issues. We have a required air installation noise zone disclosure, but no disclosure requirement for annoying noise like nearby bars with music, shopping centers, kennels -- it's up to buyer to do their due diligence. It makes sense, as what's annoying to you, others may not care about.  Maybe ask your neighbors if it's also a problem, and send a group email or letter to local emergency services asking if they'll tone down the siren use at night on that street?  They might not be aware that it's an issue.  Your purchase offer documents may have a list of required disclosures, so read through them to see if there may be one that applies, but I doubt it.  

Remember that with a purchase at these higher rates, you're paying mostly interest the first few years, plus you're taking on costs of all repairs and maintenance. So if you're only staying 2 years, you're basically paying the bank more than you would a landlord, only the bank doesn't have to repair anything like a landlord does.  I know many agents are saying "date the rate" but who knows how long rates can stay high. 6-7% used to be normal. Plus, if rates do drop enough to consider future refinance, it may be due to recession where home prices drop as well, so your equity might suffer. If it's a forever home, even 5+ years, likely worth the risk.  For two years, unless it was a great deal in a great neighborhood, or you can buy multi-family at a fair price, I'd tell my kids to just rent for 2 years and save their money, especially if renting is less than mortgage payment.   

If condition was already a factor when asking them to consider $40,000 less than list price, then I'd suggest focusing only on major surprises that weren't apparent at time of offer or that may be required by your lender, if any. Unless you weren't allowed to tour before making an offer, you had the chance to check age of systems, roof, trim, etc. Seller will assume you factored in readily apparent issues and age of systems, plus a bit extra, when making an offer that much lower than list, so it would be a hard sell to ask for further reductions unless it really was a major surprise where you'd be willing to walk away from the sale.

I am a licensed agent and Realtor in Virginia but also an investor/landlord, and my goal in becoming a licensed agent was to help myself and my clients save money off the high commissions that I found most brokerages charged. The recent lawsuits, rise in mortgage rates and low inventory should hopefully consolidate the industry so that the brokerages offering cost-efficient, effective services will prevail.  

Research local laws on occupancy standards as some require x sq ft per bedroom for 1 child, more for 2, and ages are a factor as well.  If unit meets requirements for occupancy with them living there, I'm not sure you can do much about it if they actually have legal custody of the children without risking potential fair housing issues.  

I love the "15-Minute Neighborhoods" idea, where localities evolve to choose a few common-sense areas within the community to alter zoning to allow more multi-function with a range of more affordable housing like apartments, multi-family, condos, townhomes, etc., side by side with medical offices, markets, salons, cafes, etc., where people can easily get to daily life activities without driving. When planning new development, localities should consider promoting this instead of constantly approving more single family detached with large yards further and further out, destroying agricultural areas and filling in wetlands just to accommodate more people.  

Respectfully, please don't assume I'm in a "very poor position." I do my research and know the landlord tenant laws very well in all states and localities where I've owned rentals, which is why I know tenants in MD can sue landlords for 3X amount in discrepancy and that a landlord can't just say a security deposit is forfeit but must provide timely notification of itemized actual damages, plus they have much stricter lead rules, required rental inspections/inspection fees, etc... So we focused on NC & VA, as we find both much more landlord friendly, translating to lower expenses and higher profits, much less headache and still within our preferred driving range.

12 years old should not be an issue. A buyer will likely get a home inspection, anyway, even if you get a certificate. Some home inspection companies now offer the buyer short warranty options that also cover roofs they've inspected, so maybe look up the ones that offer it in your area so you can suggest it if they have any reservations. In spring 2022, we replaced our 1985 original 3-tab shingle roof on a property we've owned since 1998, never repaired and it never leaked. We assumed 37 years was pushing our luck so just did it. Our others are all shingle roofs, 22+ years, some with minor repairs after storms; we're hoping to get at least 30 years out of each of them, certainly not just 15-22.