All Forum Posts by: Russell Brazil
Russell Brazil has started 177 posts and replied 16824 times.
Post: Seller refusing to release earnest money
- Real Estate Agent
- Washington, D.C.
- Posts 17,651
- Votes 30,539
Quote from @Account Closed:
Quote from @Russell Brazil:
Quote from @Account Closed:
Quote from @James Thomas:
We were under contract for a property and the seller went into arbitrage due to an unknown lien on the house. We filed an extension for the inspection so they could figure it out. When that cleared, we completed the inspection. The house had some significant electrical issues, so we decided not to move forward. After we cancelled the contract, we found out the seller had never signed the inspection extension and are now refusing to release the earnest money. Do we have any recourse here? They still allowed the inspection past the original date. Would that be considered implied consent?
Who filed the extension? I assume the attorney sent it to the seller's attorney (In New York and Connecticut, the extensions are filed by attorneys, not real estate agents.
Real estate agents are not usually lawyers, so they would most likely not review the legal documents outside of the offer/acceptance submitted to the other party). Therefore, the error seems to be on the attorneys, not the agents.
In theory, you CAN sue the brokers, but this is a contract law issue. So, it wouldn't go far through their EO. It would most likely be denied and thrown back on the attorneys for not handling the paperwork correctly.
TLDR: Attorney error, not agent error (it seems after re-reading).
Attorney states are the exception, not the rule. The majority of states do not have attorneys involved in the transaction in the sense you are used to. Most attorney states are in the northeast. In the majority of states, agents are handling contracts, and they are standardized forms provided either by Realtor associations or state real estate commissions.
Fair enough and good to know. With that said, there could be a claim against the agents AND possibly the title company.
I dont see any claim against the title company. Looks like his buyers agent, if he used one was incompetent, so maybe against them.
Post: Seller refusing to release earnest money
- Real Estate Agent
- Washington, D.C.
- Posts 17,651
- Votes 30,539
Quote from @Account Closed:
Quote from @James Thomas:
We were under contract for a property and the seller went into arbitrage due to an unknown lien on the house. We filed an extension for the inspection so they could figure it out. When that cleared, we completed the inspection. The house had some significant electrical issues, so we decided not to move forward. After we cancelled the contract, we found out the seller had never signed the inspection extension and are now refusing to release the earnest money. Do we have any recourse here? They still allowed the inspection past the original date. Would that be considered implied consent?
Who filed the extension? I assume the attorney sent it to the seller's attorney (In New York and Connecticut, the extensions are filed by attorneys, not real estate agents.
Real estate agents are not usually lawyers, so they would most likely not review the legal documents outside of the offer/acceptance submitted to the other party). Therefore, the error seems to be on the attorneys, not the agents.
In theory, you CAN sue the brokers, but this is a contract law issue. So, it wouldn't go far through their EO. It would most likely be denied and thrown back on the attorneys for not handling the paperwork correctly.
TLDR: Attorney error, not agent error (it seems after re-reading).
Attorney states are the exception, not the rule. The majority of states do not have attorneys involved in the transaction in the sense you are used to. Most attorney states are in the northeast. In the majority of states, agents are handling contracts, and they are standardized forms provided either by Realtor associations or state real estate commissions.
Post: Seller refusing to release earnest money
- Real Estate Agent
- Washington, D.C.
- Posts 17,651
- Votes 30,539
Quote from @James Thomas:
We were under contract for a property and the seller went into arbitrage due to an unknown lien on the house. We filed an extension for the inspection so they could figure it out. When that cleared, we completed the inspection. The house had some significant electrical issues, so we decided not to move forward. After we cancelled the contract, we found out the seller had never signed the inspection extension and are now refusing to release the earnest money. Do we have any recourse here? They still allowed the inspection past the original date. Would that be considered implied consent?
There is no such thing as implied consent in real estate. The Statute of Frauds, which exists in all states, and eminates from thr 1677 English Act, requires that contracts for real estate must be in writing.
So there was no extension of your inspection contingency because there was no written agreement extending it. So you missed your deadline.
Post: Contractor Needed For DC Property
- Real Estate Agent
- Washington, D.C.
- Posts 17,651
- Votes 30,539
Quote from @Chris Seveney:
Quote from @Kwanza P.:
I found a fixer upper on n DC. What advice do people have for vetting a contractor ? And what do you advise to try to ensure the work is quality and on time ? Thanks !
I believe permits are a bear to get in DC. @russell brazil may know someone
Yup need to get a permit expediator. I've heard some rumors that with Councilmember Trayon Whites arrest, things are a little harder w the expediators.
Post: Are email agreements legally binding?
- Real Estate Agent
- Washington, D.C.
- Posts 17,651
- Votes 30,539
Quote from @Benjamin Cho:
If I told someone "yes, I will rent my house to you" via email, but nothing has been signed, am I legally stuck with that person as a tenant? Or can I rent out to someone else? Getting conflicting answers.
Hi guys, new to renting out my property. I have 3 candidates.
Candidate A was the first person to ask about renting. Wants the whole place (2 bed/2ba) at a discount from Jan-May 2026. I wasn't getting a lot of bites at the time, so I said "yes, I can rent to you for x amount for 5 months." Figured something is better than nothing.
Candidate B and C both reached out shortly after and said they need a place ASAP because they are starting their first year of medical school next week. Full rent for a year.
Sent them all applications, candidates B & C completed everything right away and passed background/credit check. It's been 3 days and candidate A has not completed anything.
I would really like to move forward and send lease agreements to B & C and let A know that the house is no longer available. But since I previously did say "yes", could there be any legal repercussions for changing my mind? Help!
Post: Uncapped Property Tax
- Real Estate Agent
- Washington, D.C.
- Posts 17,651
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I mean, arnt property taxes uncapped like everywhere for investors? Property tax caps are pretty rare in general, California primary residence, some states for disabled veterans primary residences.
Post: "Falsified Bank Documents And Property Records" Criminal Investigation For Loan Fraud
- Real Estate Agent
- Washington, D.C.
- Posts 17,651
- Votes 30,539
Quote from @Ken M.:
Quote from @Russell Brazil:
He's buying his third property in D.C. this week. This is how they decide who gets the property.
I was in your "nice little town" last week It was 94 degrees and about 1,000 on the humidity scale. It was 109 here today and dry. I like dry better. ;-)
It's been a particularly brutal summer. Its never nice here in the summer, but its worse this year for sure.
Every now and then the Washington Post does an article on all the members of Congress that illegally claim homesteads in DC. Typically there are about 50-100 members of Congress that end up getting caught. Mitch Mcconell got caught with this one year, and sold his house to wife, so she could claim the homestead/primary residence in DC, and he could claim it in Kentucky.
It's kind of fun looking at the info on the public records, because its so easy to see who is committing real estate fraud in Congress.
Post: "Falsified Bank Documents And Property Records" Criminal Investigation For Loan Fraud
- Real Estate Agent
- Washington, D.C.
- Posts 17,651
- Votes 30,539
Not sure I trust an article written by Tyler Durden
Post: When an ARM Isn’t What It Seems: $21,000 Surprise in My 10/30-Year Interest-Only Loan
- Real Estate Agent
- Washington, D.C.
- Posts 17,651
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Quote from @Andrew Zee:
Patrick, thanks for weighing in, but your take feels like you’re blaming me for breaking your window.
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The Term Sheet never said “interest-only.” It said "ARM."
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My actual payment is $1,145/month (interest + escrow). That’s the number I budgeted.
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I’ve run the numbers: if I add $900/year toward principal, I’ll pay this off in 25 years, exactly as expected for a 30-year loan with that extra.
The core issue is the lender didn’t disclose the IO feature on the Term Sheet. I’m looking for practical advice on how to resolve this—whether it’s pushing the lender to amend the structure or negotiating a modification—so I can get the loan I thought I was signing. Any thoughts?
Fix the loan structure yourself. Pretend it was a fully amortized loan, and pay the amount to principle you would have been paying in that situation. Problem solved.
Post: Newbie - Negotiating buyer's agreement with real estate agent
- Real Estate Agent
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I dont know where youre looking (PA is one of the largest states), but their minimum is lower than my teams minimum. Minimum is always going to be an issue that comes up on a low priced property. On low priced properties, if agents didnt set a minumum theyd actually lose money to service the properties.