U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-28-2012, 07:47 PM
 
14 posts, read 33,378 times
Reputation: 11

Advertisements

Hello everyone, I need your advise again. So I got a highly recommended buyers agent from my bank (bank wanted me to have my own representative since this is my first time buying). I called her up and told her I had found a house on my own (saw an empty house, found out who owned it, asked..... and got a yes) and that my bank would like her to go and take me through the house to finalize the sale.
Here are my issues with her:
1. She called up the seller and told him the house is an "enviromental hazard" (leaky roof, wet basement)
2. She told the seller he has to pay her $2,500 - that is her "base fee", since hubby and I are not able to pay her (the house sells for 25K).
3. She finally met us at the house and handed us right away two other listings we should look at.
4. She asked us not to ask the owner any questions and not to say anything - period, nor should we call him.
5. She took us into the house on Friday (no mold whatsoever but a musty old smell from the house being totally closed up for 5 years) and told us that we shouldn't even look around, the house is worth nothing and literally asked us to leave after only 15 minutes. We weren't even allowed to look into the basement!
She told us we have no idea what we are getting into and that we should think it over and give her an answer on Monday via Telephone.
I was stunned and later I got angry. Is she trying to be an agressive person to reduce the price of the house and mussle the seller into defeat, or is she just a rude and arrogant person that likes to belittle people? She said, she has 30 years of realtor experience and attended many "Mold" Seminars. My husband and i on the other hand have combined 20 year of construction work under our belt - but she doesn't know that since my husband is disabled now. What do I make out of it? What do I do?
By the way, I haven't signed anything yet, neither sales contract nor buyer's agent contract. Can she ruin the sale with her behavior?

Last edited by LindaMaier; 10-28-2012 at 08:10 PM.. Reason: additional info
Reply With Quote Quick reply to this message

 
Old 10-28-2012, 08:35 PM
 
Location: Mostly in my head
19,247 posts, read 51,494,737 times
Reputation: 17554
Not if you didn't sign with her. She may well have ticked off the owner. Call the bank and tell them you want a different agent.

Sent from my SCH-I535 using Tapatalk 2
__________________
Moderator for Utah, Salt Lake City, Diabetes, Cancer, Pets forums
http://www.city-data.com/forumtos.html

Realtors are welcome here but do see our Realtor Advice to avoid infractions.
Reply With Quote Quick reply to this message
 
Old 10-28-2012, 10:21 PM
 
6,289 posts, read 6,792,362 times
Reputation: 10636
What do you mean you weren't "allowed" to look in the basement? Can't you speak up for yourself? If you wanted to inspect the basement, you should have--even if you needed to insist that you did.

Other than that, however, maybe she was really trying to save you from making a big mistake, especially since you have never bought a house before. If a house has been vacant for five years, there's probably a reason for that and it's very likely that it has numerous problems. Your "construction" experience may not be all that relevant unless you dealt with rehabbing long-vacant or dilapidated houses.

Obviously, you do not need to continue working with this agent, but you should think long and hard about trying to buy that particular house. You should definitely get a good real estate attorney to help review any offer you might make...and you need to make sure that you have adequate contingency clauses built into the contract so that you can back out after having a thorough inspection done of the house. Better yet, pay to have an inspector thoroughly look at the house before you make an offer and put down a deposit.

If the agent thought it was a terrible house for you, don't discount that she was possibly right. Don't let her demeanor blind you to the realities of the house.
Reply With Quote Quick reply to this message
 
Old 10-28-2012, 10:46 PM
 
4,390 posts, read 7,541,887 times
Reputation: 6203
Quote:
Originally Posted by LindaMaier View Post
I had found a house on my own (saw an empty house, found out who owned it, asked..... and got a yes) and that my bank would like her to go and take me through the house to finalize the sale.
Is this house even for sale? In MLS? Doesn't sound like it is.

Its possible she is upset because she will not make any money on this sale. She wants to sell you a house she will make a commission on. But if you signed a contract with her and that may mean you have to pay her commission, not the seller. Depends what the contract says, odd situation.
Reply With Quote Quick reply to this message
 
Old 10-29-2012, 01:57 AM
 
10,676 posts, read 11,036,306 times
Reputation: 4722
I agree it looks like the agent is trying to get the seller to sign with her so they can get their commission. I would tell her to shove it and continue by yourself.

If you've already found a home and can work out a deal, there is no need for a realtor.
Reply With Quote Quick reply to this message
 
Old 10-29-2012, 06:13 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,362,927 times
Reputation: 3807
Quote:
Originally Posted by LindaMaier View Post
...
1. She called up the seller and told him the house is an "enviromental hazard" (leaky roof, wet basement)
If it has a leaky roof and wet basement, there is a high probability that there is mold. It sounds like the agent was familiar with the home.

Quote:
LindaMaier.....2. She told the seller he has to pay her $2,500 - that is her "base fee", since hubby and I are not able to pay her (the house sells for 25K).
The agent has to be paid, and if you can't pay her then she has to have the seller agree to pay her. Obviously she's in the business to make money, like everyone else.

Quote:
LindaMaier.....3. She finally met us at the house and handed us right away two other listings we should look at.
She was doing her job by being pro-active and offering you some options.

Quote:
LindaMaier.....4. She asked us not to ask the owner any questions and not to say anything - period, nor should we call him.
Buyers need to be instructed to not get into a conversation with the sellers because sellers can get information from the buyers that will hurt the buyer during negotiations. Again she was doing her job to protect you.

Quote:
LindaMaier.....5. She took us into the house on Friday (no mold whatsoever but a musty old smell from the house being totally closed up for 5 years) and told us that we shouldn't even look around, the house is worth nothing and literally asked us to leave after only 15 minutes. We weren't even allowed to look into the basement!
While she cannot prevent you from looking in the basement, she apparently was doing you a huge favor. The house has been vacant for 5 years with a leaky roof and wet basement, and has a musty smell. All of this sounds like the house is worth nothing.

Just from what I'm reading, the agent was telling you what you need to hear, but it wasn't what you wanted to hear. Good agents will tell you what you "need" to hear.


Quote:
LindaMaier......She told us we have no idea what we are getting into and that we should think it over and give her an answer on Monday via Telephone.
From the way I'm looking at this, she is doing the right thing. She is not pressuring you to buy this property, she is trying to save you from a lot of headaches. You said you can't afford to pay her a commission, then how are you going to afford to remediate the mold that is probably all throughout this property (vacant 5-years with leaky roof and wet basement?)

You probably should thank this agent for telling you the harsh reality about this house.
Reply With Quote Quick reply to this message
 
Old 10-29-2012, 06:23 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,362,927 times
Reputation: 3807
Quote:
LindaMaier..... To buy or not to buy: Cheap house with mold in basement

Hello there, can anyone help me out there? I found a house very inexpensive that has mold in the basement. The owner thinks it will cost about $10,000 to fix. What has your experience been? Have you gotten rid of a mold problem? How was your result? What were the challenges, frustrations?
thank you for your input!
On this post in another thread, you state that there is mold in the house and the owner has already told you that he thinks it will cost about $10,000 to remediate. You can probably double that. However, you will need a firm quote from a mold remediation company.

After reading this post, I am convinced that the agent was doing her job properly and trying to save you from a huge problem. You really should sit down and listen to her because she is being honest with you.

Also, will the bank loan you money on a $25k home that requires at least $10,000 to remediate?

I would run, not walk, from this house; and would have given you the same advice your agent has given.
Reply With Quote Quick reply to this message
 
Old 10-29-2012, 06:39 AM
 
14 posts, read 33,378 times
Reputation: 11
Quote:
Originally Posted by Captain Bill View Post
On this post in another thread, you state that there is mold in the house and the owner has already told you that he thinks it will cost about $10,000 to remediate. You can probably double that. However, you will need a firm quote from a mold remediation company.

After reading this post, I am convinced that the agent was doing her job properly and trying to save you from a huge problem. You really should sit down and listen to her because she is being honest with you.

Also, will the bank loan you money on a $25k home that requires at least $10,000 to remediate?

I would run, not walk, from this house; and would have given you the same advice your agent has given.
We are getting a $25K rehab loan from the county interest free
Reply With Quote Quick reply to this message
 
Old 10-29-2012, 06:47 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,362,927 times
Reputation: 3807
Quote:
Originally Posted by LindaMaier View Post
We are getting a $25K rehab loan from the county interest free
That may be a good deal. However, if they are like other rehab loans, they are going to require a detailed quote from a licensed contractor, and in this case a mold remedial contractor, so if you're going to buy this home you'll need to get those quotes.

As I said, your agent appears to be working to protect you, so sit down with her and discuss the loan, and make a plan to proceed with an offer. You'll need an inspection contingency period to allow sufficient time to get these quotes to the bank and the county and get their ok. I would begin lining up contractors to get 3 bids early. Good luck.
Reply With Quote Quick reply to this message
 
Old 10-29-2012, 07:27 AM
 
14 posts, read 33,378 times
Reputation: 11
Default LindaMaier says....

Quote:
Originally Posted by Captain Bill View Post
That may be a good deal. However, if they are like other rehab loans, they are going to require a detailed quote from a licensed contractor, and in this case a mold remedial contractor, so if you're going to buy this home you'll need to get those quotes.

As I said, your agent appears to be working to protect you, so sit down with her and discuss the loan, and make a plan to proceed with an offer. You'll need an inspection contingency period to allow sufficient time to get these quotes to the bank and the county and get their ok. I would begin lining up contractors to get 3 bids early. Good luck.
Captain Bill - Thank you so much for your input! My husband and I talked it over and based on your thoughts we decided to keep the realtor. After all, we want an honest person. We have a contractor lined up to go with us on Friday to look at the house again. We will also do a mold test (if it's toxic we walk, we know that). Because we are getting a rehab loan from the county, they will supply us a housing inspector of their choice to make sure the house is "worth it" . The bids to fix up the house can not succeed $25K otherwise we will not get the loan. All of that is in the sales contract as contingencies. It's nearly a "dummy proof" system to get the county repopulated. We'll see how it goes. Thank you so much again for smoothing over my ill feelings. I understand her point of view much better now
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top