Real Estate

My mother received a certified letter from the buyer of her home requesting money because he put in a French drain due to water coming in the basement after he purchased it. In case we go to court or mediation I would like the seller’s disclosure, inspection report and sales agreement. I have asked her realtor for it but she does not answer my emails or return my phone calls. Is there another way I can obtain these papers since my mother can not find her copies?

A nice email to the Broker on record should get you copies of the sales agreement and seller’s disclosure sheet but at this point highly unlikely you are going to get the buyers inspection report

If you where to go to trial then in discovery phase you would be legally entitled to any and all documents relevant to the suit

If the buyer is seeking serious cash, or seems on the verge of filing suit then best bet is to at least consult an experienced real estate lawyer

In general for the buyer to prevail they must not only produce admissible “proof” that you mother knew of the flooding basement, she took steps to hide this material defect , the fact the sellers disclosure sheet does not address flooding in the basement does not mean your mother knew and attempted to hide the fact

If the buyer files suit in small claims court it may be in your best interest to hire a lawyer, to move the suit to real civil, in that case unless the buyer is an experienced contractor his lay opinion on what is the problem with the basement would not be admissible “proof” in a court of law

How can I buy a condo from someone without a realtor?

I am thinking to buy a condo from my friend’s classmate’s girlfriend. She owns the condo. Can we handle the whole purchase process all by ourselves without a realtor? How can we do that? What should we do ? what’s the procedure ? Or we have to find a realtor ?

Thanks a lot! Praying for Haiti!

No, you don’t have to have a realtor to make this transaction happen. You can have an attorney assist you with the property purchase. Be sure to hire an attorney that has extensive experience with property transfers, as this area of law can be rather complex, and you want to be sure that everything goes smoothly.

I’m a realtor, and I sold a house to a client a few weeks ago. It will close in another 2 weeks from now. Suppose I die between now and scheduled closing. Would the sale fall through, or would my employing broker be re-assigned as the buyer’s agent?

The sale is really with the broker, you are jusst an agent of his.

He would have to finish the transaction himself, he can not legally delay it because of this.

There is no re-assign here, it was always the brokers deal.

I purchased an older home a few years ago and now am having mold issues due to excess water damage, this is obviously a problem that date’s back to before I owned the home. Is the realtor legally binded to tell the buyer before purchase of any kind of water damage/mold issues?
Thank You Thank You!!!!

The seller would have to fill out a disclosure statement that should list any items that *they* are aware of. Unless you could prove that the agent was in cohoots to hide something, your beef *would have been* with the seller. But, then, comes your next problem: Proving the seller *knew* there was a water issue. This is going to cost you money to prove… and add to that the court costs of suing the former owner… Another problem you may have is the fact you state you bought this home *a few years ago*. Did you have an inspection at the time of sale?

In my opinion, a *few* years means more than 2, and I would say you may be dead on arrival proving that this former owner knew and prevailing in court.

Also, what is the difference between a real estate agent, realtor, buyers agent, and listing agent?? Cant a real estate agent and realtor be a listing agent and buyers agent? I am SOOO confused?

A real estate agent is a person who list and sells houses
and a realtor is basically the same thing, But when contact a realtor, its an office and you usually ask a question about real estate, You ask I am calling about a house I am interested in looking at and I need to speak to an agent. The receptionist will pass you to an agent which is a realtor, Now it mostly one in the same. Now this agent works for a Real estate Broker. Which has a different kind of license than an
a real estate agent. In other words when you walk into a real estate office and you see several desk with
a person behind each one you just walked into room of realtors.

Speaks for itself. What are some important agencies or clubs that its important or beneficial to be a part of, if your a Realtor or real estate agent?

Other than the standard associations that come with being a Realtor (NAR/your local and state associations), I recommend joining networking groups. Some agents are members of country clubs and chambers of commerce, which help circulate their name. Being a Realtor is about promoting yourself – not your business – so any way you can find to get your name out there, the better off you’ll be.

I know there is a substantial out of pocket start up fees and evenings and weekend work. What other pluses and minuses are there? I am very interested in becoming a realtor.

The pay is commission which can vary each month like crazy. One month you make $6000 and the next lucky to make $2500. Getting clients to sign with you is the first hurdle, second is actually selling their property (or finding one for them). How creative you are, how much time and effort you can donate to each client will determine your numbers and success. One problem for many realtors is they fail to talk to their selling clients about making the house saleable. This means getting rid of junk, cleaning, fixing problems, painting and then staging (even if using their furniture) for the open houses and all showings. It is a lot of work and at times you’ll wonder why you bother (some clients can be frustrating).
Have fun and enjoy.

I am looking to buy a home (my first). My sister just said something about "signing a contract with the realtor" however the realtor I’ve been in communication with hasn’t brought that up. Does one always sign a contract with a realtor? What does it cover? For whose benefit is this, mine or the realtor’s? Is this common practice?

I’d like to get some background information on it before discussing it with my realtor, if I can ascertain that this is a valid, common practice,

Why would he not have mentioned this contract to me before?

It is more and more common, but not at all typical for a buyer’s agent to have a buyer sign a "Buyer’s Broker Agreement". The contract basically says that if you buy real estate in the next "X" months you agree to do it through thte agent so they can make a commission. Since you are committing to them then they will commit to you and spend hours and hours running around and showing you all kinds of property.

I have been working with buyers for over 10 years and have never asked someone to sign one. I think that it suits me better to develop a relationship with my clients. I have not had a problem with clients leaving me – but that may be an issue for other agents. Some agents use these agreements only for those clients they "get a feeling about" in order to avoid getting taken advantage of.

What is the difference between a realtor salesperson and a realtor broker?

An agent/salesperson/Realtor requires a licensed broker to supervise his real estate activities. A broker doesn’t require such supervision A broker’s license is harder to get vs. an agent’s license. A broker’s license requires the person to pass a more difficult test and to have years of experience in selling real estate. Basically a broker supervises agent/salepeople.

All a Realtor is, a member of National Association Realtors. Both an agent and broker can be members of the NEA. If the agent or broker is not a member of the NEA he can’t use the copyrighted term "Realtor".

The National Association of Realtor’s has a strict Code of Ethics that each member must adhere to. If a member doesn’t follow these rules they can be fined, censured, and possibly lose their real estate license.

If a bank seizes a house and gives a title of bank owned, how does it get assigned to a realtor?
Does has to ask the bank to get the listing or bank picks a realtor or?

I am guessing you are a RE agent. And you seek listings. Waste of time. If I am correct
re your query. I suggest you become a buyer’s agent and never ever do dual agency.

I can guide you

tons of buyers if you look in the "right places."