All Forum Posts by: Megan Mcclung
Megan Mcclung has started 1 posts and replied 2 times.
Post: Which agent is at fault?
- Realtor
- Detroit, MI
- Posts 2
- Votes 2
1. attorney and realtor here. seller should keep the deposit here bc buyer breached contract (assuming there was no home sale contingency in the contract, which it sounds like there wasn't).
2. it'll be hard to go after buyer agent for damages bc seller would have to prove that buyer agent knowingly withheld info. honestly, just keep buyer's deposit and re-list (the deposit is essentially "liquidated damages" which are damages everyone agrees to upfront to avoid costly fighting when sh*t goes down).
3. definitely seller agent should have closely reviewed buyer's preapproval/POF. when i represent sellers, i even call the buyer's lender to discuss their offer (i do this before my seller accepts the offer). that typically ferrets out any problems my seller should be aware of as far as buyer's financing is concerned. honestly, i think if the listing agent had vetted the preapproval and/or called buyer's lender, you'd have avoided this situation completely.
4. to protect yourself going forward, make sure you always review buyer's preapproval/POF. preapprovals give so much info to sellers, like what type of loan buyer is using (for instance, FHA should make your spidey senses tingle bc you're being put on notice that buyer does not have a bunch of cash available for the deal, so you'll likely get squeezed for some $$$ during the inspection period). preapprovals will also note whether there are contingencies that need to be taken care of before buyer can close (like a home sale contingency). i'm big on picking up the phone and calling buyer's lender before having my sellers accept an offer. that might be something to ask of your agent moving forward as well.
Post: connecting with detroit investors
- Realtor
- Detroit, MI
- Posts 2
- Votes 2
hey everyone. are there any investors here with eyes for detroit? i'm direct-to-seller on the east side (i'm a realtor) and would love to connect. i like the east side (48215 and 48224) bc the communities around grosse pointe sell/rent well (grosse pointe is an affluent surburb that borders detroit on the east side). i've lived in both zips and personally like 48215 best, but 48224 is def one of the zips most popular with investors. it's got lots of quaint 1920s brick that move pretty quickly. would love to connect with y'all who're investing in detroit.