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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home?
Posted by mom2b
I had a HORRIBLE experience when I bought my house. It was also a fixer upper and was uninhabitable but we were approved for a mortgage b/c the asking price was About 75K less than what the house was worth at the time bascially b/c of the neighborhood.
I had a really bad feeling about the realtor but went with him b/c the house was "exclusive" to his real estate.
Do you want to know why it was exclusive? Because it was an estate sale and HE BOUGHT THE HOUSE AND NEVER TOLD US HE WAS THE OWNER!!! It was in the transition period where his name did not appear on the paperwork yet so about 1wk prior to our closing my lawyer told me the name of seller and I said wait thats the name of my realtor. He owned the house for 1 day prior to selling it to me. We were already in contract, was approved for the loan, we were obligated to purchase it anyway. But my lawyer had a fit and advised us to report him for unethical conduct and have his real estate license revoked.
Here we are first time homebuyers we're trying to negotiate a price and he kept referring to the owner as "she" saying "she's not going to take a penny less than x" when all along he was the owner. DH did not want to persue anything b/c he said we still got a good deal on the house, and he's obviously a crazy person and is afraid of what he is capable of doing if he loses hs license b/c of us especially since he knows where we live. I was so upset and felt violated and lied to.
Moral of my long story is trust your instinct.
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Posted 3/30/10 1:51 PM  |
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Prudential Douglas Elliman Real Estate
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home?
Posted by mom2b
I had a HORRIBLE experience when I bought my house. It was also a fixer upper and was uninhabitable but we were approved for a mortgage b/c the asking price was About 75K less than what the house was worth at the time bascially b/c of the neighborhood.
I had a really bad feeling about the realtor but went with him b/c the house was "exclusive" to his real estate.
Do you want to know why it was exclusive? Because it was an estate sale and HE BOUGHT THE HOUSE AND NEVER TOLD US HE WAS THE OWNER!!! It was in the transition period where his name did not appear on the paperwork yet so about 1wk prior to our closing my lawyer told me the name of seller and I said wait thats the name of my realtor. He owned the house for 1 day prior to selling it to me. We were already in contract, was approved for the loan, we were obligated to purchase it anyway. But my lawyer had a fit and advised us to report him for unethical conduct and have his real estate license revoked.
Here we are first time homebuyers we're trying to negotiate a price and he kept referring to the owner as "she" saying "she's not going to take a penny less than x" when all along he was the owner. DH did not want to persue anything b/c he said we still got a good deal on the house, and he's obviously a crazy person and is afraid of what he is capable of doing if he loses hs license b/c of us especially since he knows where we live. I was so upset and felt violated and lied to.
Moral of my long story is trust your instinct.
wow that is so illegal.....
by law he had to inform you that he was the seller and the agent
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| Posted 3/30/10 1:52 PM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home?
Posted by mom2b
I had a HORRIBLE experience when I bought my house. It was also a fixer upper and was uninhabitable but we were approved for a mortgage b/c the asking price was About 75K less than what the house was worth at the time bascially b/c of the neighborhood.
I had a really bad feeling about the realtor but went with him b/c the house was "exclusive" to his real estate.
Do you want to know why it was exclusive? Because it was an estate sale and HE BOUGHT THE HOUSE AND NEVER TOLD US HE WAS THE OWNER!!! It was in the transition period where his name did not appear on the paperwork yet so about 1wk prior to our closing my lawyer told me the name of seller and I said wait thats the name of my realtor. He owned the house for 1 day prior to selling it to me. We were already in contract, was approved for the loan, we were obligated to purchase it anyway. But my lawyer had a fit and advised us to report him for unethical conduct and have his real estate license revoked.
Here we are first time homebuyers we're trying to negotiate a price and he kept referring to the owner as "she" saying "she's not going to take a penny less than x" when all along he was the owner. DH did not want to persue anything b/c he said we still got a good deal on the house, and he's obviously a crazy person and is afraid of what he is capable of doing if he loses hs license b/c of us especially since he knows where we live. I was so upset and felt violated and lied to.
Moral of my long story is trust your instinct.
omg thats horrible- so sorry that happened to you- that is absolutely a breach of ethics and against real estate code- the attorney actually should have reported him- I can understand why you would have been nervous to report it since he knew where you lived- crazy!
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| Posted 3/30/10 1:56 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
BUMP for update
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| Posted 3/31/10 7:46 AM |
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MrsJ
I love my Katie Bug
Member since 5/05 11357 total posts
Name:
Kathy
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
Wow - sounds like you should switch realtors. The realtor works for you...if you arent happy with them I'm sure you can find some one you feel more comfortable with. What area are you looking in?
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| Posted 3/31/10 8:50 AM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
Posted by MrsJ
Wow - sounds like you should switch realtors. The realtor works for you...if you arent happy with them I'm sure you can find some one you feel more comfortable with. What area are you looking in?
It's the sellers realtor. I should have clarified that, so technically he's working for them...so I get that, but I honestly in my heart really think he's being ridiculous to think this house will not be able to get a conventional mortgage
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| Posted 3/31/10 8:57 AM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
oh no! I'm sorry it didnt work out 
but that realtor is not that smart- doesnt he realize that he only gets paid when he gets the deal- he is severly limiting the pool by demanding cash offers only
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| Posted 3/31/10 9:30 AM |
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laurabora
LIF Adult
Member since 4/07 2712 total posts
Name:
Laura
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
Give it some time. There aren't many people walking around with that much cash or who would ever sign such a contract. Maybe they'll come back to you.
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| Posted 3/31/10 10:06 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
No one will buy that place.
Move on..there's a house out there for you.
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| Posted 3/31/10 10:10 AM |
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
Like I said prior he is a cockroach!!!!!!!!!!
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| Posted 3/31/10 10:17 AM |
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JessT
LIF Infant
Member since 6/08 323 total posts
Name:
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
The houses that are usually cash only are in such bad shape, and so cheap that they are only bought by investors/contractors. i doubt anyone would pay a reasonable price for a house cash. i did a 203k loan and even though it was a disaster to get rolling it was great in the end. we couldnt have afforded closing costs and all the money it would take to fix it. the house was a disaster and it still qualified for a fha loan.
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| Posted 3/31/10 11:33 AM |
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avamamma
My Girl
Member since 7/06 3395 total posts
Name:
Tara
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
We jus went through this. We had a $25,000 deposit on a house and were in contract. The house under-appraised by $20,000. What is common practice, is that the seller should drop selling price down to appraised price. Ours did not, so we got out of the contract. We asked for it Thursday and got the check on Tuesday.
If you sign a contract for this home, make sure that your attorney puts it in the contract that if it does not appraise, that you have the right to cancel and get a full refund.
Where do you live? Our attorney has been great. Let me know if you want his info. Good Luck!
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| Posted 3/31/10 12:10 PM |
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pickles16
Real Estate Professional
Member since 11/07 17227 total posts
Name:
Jen
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Re: Has anyone on here ever heard of this: re: losing your full deposit on a home? UPDATED
thanks everyone...we had a great lawyer working on it...the sellers agent is just a moron honestly, it's this really really old lady selling the house who probably has never sold a house before and he's scaring the daylights out of her...I think the ONLY possibly scenario is that the house may not appraise for what we offered...although I also think those chances are slim since what they're asking and our offer, bc all the other houses around that area are at least 150K more so they have to take that into affect..I honestly don't know...DH is sooooo upset, bc he's soooo cautious with things like this and he was 100 percent in this..and now he's even freaked out...he says if the guy calls us back he doesn't know now, bc maybe this house is doomed...LOL
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| Posted 3/31/10 12:36 PM |
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