OT - Anyone realtors or mortgage lenders on the board?

bomber89

Offensive Coordinator
Oct 12, 2004
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So I have been transferred to a different state. Housing market is nuts in this state. We saw a home online and liked it; Realtor did a video chat with us as he went through the home. Its a nice home, nothing wrong with it. I asked him about the neighboorhood and he said its a good neigborhood , the crime rate is middle ground. We put a bid on it and won the house and then put $2K down as earnest money. I flew to the state to start work tomorrow and decided to drive by our new home. House looks like advertised but the neighboorhood is awful. Not anywhere close to what I would call acceptable. So here is my question. Am I screwed and have to purchase this home in a bad neighborhood or can I back out and let them keep the 2K? The realtor had 5 star reviews but I feel lied too. Whats my options?
 
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GBRforLife1

All-American
Feb 18, 2020
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Neither of the above, but you can back out any time and lose the earnest money.

Might be able to get the earnest money back if you explain your difference of opinion on the neighborhood - but that's likely gone.
 
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drubendall

All-American
Apr 18, 2004
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So I have been transferred to a different state. Housing market is nuts in this state. We saw a home online and liked it; Realtor did a video chat with us as he went through the home. Its a nice home, nothing wrong with it. I asked him about the neighboorhood and he said its a good neigborhood , the crime rate is middle ground. We put a bid on it and won the house and then put $2K down as earnest money. I flew to the state to start work tomorrow and decided to drive by our new home. House looks like advertised but the neighboorhood is awful. Not anywhere close to what I would call acceptable. So here is my question. Am I screwed and have to purchase this home in a bad neighborhood or can I back out and let them keep the 2K? The realtor had 5 star reviews but I feel lied too. Whats my options?
You can forfeit the earnest money, or a cheaper way would be to go ahead and order your inspection for about 500 bucks and when it comes back, you can rescind your offer based on that. Better to lose $500 than $2000. You don't have to really give any reasons. Just say that you're not comfortable with the condition of the house. You say there's nothing wrong with it but the inspector will find issues. It's their job. Plus, your realtor cannot technically say it is a good neighborhood. That is subjective and can run afoul of the fair housing act as a form of discrimination. He should have dodged that question
 

bit tatanka

Newbie
Sep 27, 2002
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Realtor shouldn't have said anything opinion based about neighborhood and you absolutely don't have to purchase.
 

TampaBaySkers

First Team All-Big Ten
Oct 30, 2010
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You can forfeit the earnest money, or a cheaper way would be to go ahead and order your inspection for about 500 bucks and when it comes back, you can rescind your offer based on that. Better to lose $500 than $2000. You don't have to really give any reasons. Just say that you're not comfortable with the condition of the house. You say there's nothing wrong with it but the inspector will find issues. It's their job. Plus, your realtor cannot technically say it is a good neighborhood. That is subjective and can run afoul of the fair housing act as a form of discrimination. He should have dodged that question

You can usually back out at anytime during inspection period without forfeiting your Ernest money.
 

SomedayHusker

Redshirt Freshman
Oct 26, 2019
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Omaha
Realtor shouldn't have said anything opinion based about neighborhood and you absolutely don't have to purchase.

I’ve always despised the stupid legal red tape of realtors. What in the hell would be the point of a realtor if this person “should not” give him an accurate description of what he’s trying to buy remotely? That is literally their only job. Realtors are completely useless in my opinion, especially in 2021.

Get on Zillow, look at all houses in a neighborhood, in all price ranges. Get on Google street view if it’s available (it probably is). Rely on the mooching blood sucking realtors as little as possible. Rant over.
 
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huskerfan66

Athletic Director
Dec 8, 2004
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Agree with most said above. You DEFINITELY don't have to buy the house. Earnest$$ may very from state to state.

How long ago did you do this. Alot of them will let you completely back out with no forfeiture if done within a reasonable amount of time AND based upon financing approval. IF crime is that bad bank may not finance.

IF crime was a big deal to you, " middle of the road" would have been a red flag for me.

I would talk to your realtor and explain. As mentioned, please let us know how this turns out for you.
 

LightningJack

Sophomore
Gold Member
Mar 19, 2002
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So I have been transferred to a different state. Housing market is nuts in this state. We saw a home online and liked it; Realtor did a video chat with us as he went through the home. Its a nice home, nothing wrong with it. I asked him about the neighboorhood and he said its a good neigborhood , the crime rate is middle ground. We put a bid on it and won the house and then put $2K down as earnest money. I flew to the state to start work tomorrow and decided to drive by our new home. House looks like advertised but the neighboorhood is awful. Not anywhere close to what I would call acceptable. So here is my question. Am I screwed and have to purchase this home in a bad neighborhood or can I back out and let them keep the 2K? The realtor had 5 star reviews but I feel lied too. Whats my options?
Was it Wisconsin?

This happened to a Co-workers son & his wife. He helped his son move to a house in Wisconsin and everything looked great from the description & pics online. Realtor said it was a Gem!

They got there & it was a Fing nightmare. They left the furniture in the U-haul, cleaned for three days, then painted, replaced carpet, couple new appliances next 4 days.

Luckily there was 3 of them total, they stayed in a Hotel cause it was Nasty! They moved up there and had jobs lined up so they stayed. They joked, they should get into flipping houses but they don't have the Gag reflex for it.

Good luck getting out of it.
 

SuperBigFan

Redshirt Freshman
Jun 10, 2021
797
814
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I’ve always despised the stupid legal red tape of realtors. What in the hell would be the point of a realtor if this person “should not” give him an accurate description of what he’s trying to buy remotely? That is literally their only job. Realtors are completely useless in my opinion, especially in 2021.

Get on Zillow, look at all houses in a neighborhood, in all price ranges. Get on Google street view if it’s available (it probably is). Rely on the mooching blood sucking realtors as little as possible. Rant over.
Is there a job that has been changed more by the internet than real estate agent?

They used to find the houses, line up 4-5 to show you, drive you around, take you to lunch, shit like that.

Now, you find the house, send them the link, they show up to open the door and want 3-6% commission.

I guess it is not really their fault, it is the industry, but it is so stupid.
 

litespeedhuskerfan

Nebraska Football Hall of Fame
Aug 27, 2006
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Is there a job that has been changed more by the internet than real estate agent?

They used to find the houses, line up 4-5 to show you, drive you around, take you to lunch, shit like that.

Now, you find the house, send them the link, they show up to open the door and want 3-6% commission.

I guess it is not really their fault, it is the industry, but it is so stupid.

You just described a lot of industries, and the answer to your first sentence is yes. ...lots of industries have been turned on their head.
 

Husker.Wed.

Athletic Director
Feb 13, 2004
15,069
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Omaha Metro
Is there a job that has been changed more by the internet than real estate agent?

They used to find the houses, line up 4-5 to show you, drive you around, take you to lunch, shit like that.

Now, you find the house, send them the link, they show up to open the door and want 3-6% commission.

I guess it is not really their fault, it is the industry, but it is so stupid.
We sold our house a couple years ago in California. Our realtor charged 2% and put the house on MLS with a note that I would pay the buyer agent only 2.5%. So when I sold it I was out 4.5%. But for what houses sell for in California, that was still a chunk of change. They had three open houses and it ended up selling to people whose agent was known to my agent (good ole boy). The thing is a home sale in California is very complicated (I had to pay to have a signed form notarized informing they buyers there are earthquakes in California-duh). Plus we were selling somewhat "as-is" where we would make only repairs for safety because the roof was starting to lose shingles.

i probably could have saved a lot of money selling it myself, but in my case using a realtor made us more comfortable as far as finding a buyer and handling the reams of legal stuff. My realtor unfortunately never bought me lunch.
 

drubendall

All-American
Apr 18, 2004
4,745
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I laugh at all of the for sale by owners out there. If you're not on the MLS your house is not technically on the market and you won't get s*** for exposure. Without exposure, you won't get multiple interested parties and offers at the highest price. The real work doesn't even begin until the house goes into escrow
 

SuperBigFan

Redshirt Freshman
Jun 10, 2021
797
814
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We sold our house a couple years ago in California. Our realtor charged 2% and put the house on MLS with a note that I would pay the buyer agent only 2.5%. So when I sold it I was out 4.5%. But for what houses sell for in California, that was still a chunk of change. They had three open houses and it ended up selling to people whose agent was known to my agent (good ole boy). The thing is a home sale in California is very complicated (I had to pay to have a signed form notarized informing they buyers there are earthquakes in California-duh). Plus we were selling somewhat "as-is" where we would make only repairs for safety because the roof was starting to lose shingles.

i probably could have saved a lot of money selling it myself, but in my case using a realtor made us more comfortable as far as finding a buyer and handling the reams of legal stuff. My realtor unfortunately never bought me lunch.
Dude, they all do the good ole boy thing.
 

NikkiSixx

Recruiting Coordinator
Sep 14, 2013
6,696
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Is there a job that has been changed more by the internet than real estate agent?

They used to find the houses, line up 4-5 to show you, drive you around, take you to lunch, shit like that.

Now, you find the house, send them the link, they show up to open the door and want 3-6% commission.

I guess it is not really their fault, it is the industry, but it is so stupid.
down in florida, many offer 0.5-1% commission, but then it's crazy competitive too.. but I agree.. I always felt they didn't earn that 5-6%
 
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huskerfan66

Athletic Director
Dec 8, 2004
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was able to get out of it and all it cost me was my earnest money. well worth it.
Glad you're glad. I knew you could get out but under the circumstances I thought you had a better than 50/50 getting your Ernest money back.

They would more than likely say you should have done your own crime research.

Hope you find something you like better. Cheers
 
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Trumplestiltskin

Redshirt Freshman
Sep 7, 2018
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So I have been transferred to a different state. Housing market is nuts in this state. We saw a home online and liked it; Realtor did a video chat with us as he went through the home. Its a nice home, nothing wrong with it. I asked him about the neighboorhood and he said its a good neigborhood , the crime rate is middle ground. We put a bid on it and won the house and then put $2K down as earnest money. I flew to the state to start work tomorrow and decided to drive by our new home. House looks like advertised but the neighboorhood is awful. Not anywhere close to what I would call acceptable. So here is my question. Am I screwed and have to purchase this home in a bad neighborhood or can I back out and let them keep the 2K? The realtor had 5 star reviews but I feel lied too. Whats my options?

You can get out any time based on dates in the Contract. I’m a Mortgage guy. Loom for the Poan Terms deadline. Loan type? Conventional, FHA or VA?
 

Wasker77

Junior
Dec 23, 2014
1,510
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Eastern Washington
So I have been transferred to a different state. Housing market is nuts in this state. We saw a home online and liked it; Realtor did a video chat with us as he went through the home. Its a nice home, nothing wrong with it. I asked him about the neighboorhood and he said its a good neigborhood , the crime rate is middle ground. We put a bid on it and won the house and then put $2K down as earnest money. I flew to the state to start work tomorrow and decided to drive by our new home. House looks like advertised but the neighboorhood is awful. Not anywhere close to what I would call acceptable. So here is my question. Am I screwed and have to purchase this home in a bad neighborhood or can I back out and let them keep the 2K? The realtor had 5 star reviews but I feel lied too. Whats my options?
I am surprised the realtor gave you his own assessment of the neighborhood. I always refer a client to the local police department when they ask about crime. ( I am not a cop nor am I an educator. Schools. Never advise anything you are not 100% sure of.). In the state you are buying the house is there a property disclosure form provided by the Seller? Here in Washington it is required even by houses sold by the owner without a realtor. In some cases you can get out of the contract based on that form. Did you include any addendums to the Purchase and Sale Agreement that you can use? I like to throw in a Title Report addendum. Often the listing realtor doesn’t pay attention to it, but I have used it to get out of a contract. Someone already mentioned getting out of the contract based on the home inspection. Lastly I would gladly forfeit $2000 before I would buy a house I am not comfortable living in.

You might want to call his managing broker as well if your realtor has no answers. I would definitely hire another realtor as well if this isn’t fixed. Do better research. This one is counting his dollars before the deal is done.

PS This type of thing is only going to become more common. With electronic signings and virtual home showings people are buying properties all over the country without meeting their agent or seeing the property in person.
 

Husker.Wed.

Athletic Director
Feb 13, 2004
15,069
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Omaha Metro
I am surprised the realtor gave you his own assessment of the neighborhood. I always refer a client to the local police department when they ask about crime. ( I am not a cop nor am I an educator. Schools. Never advise anything you are not 100% sure of.). In the state you are buying the house is there a property disclosure form provided by the Seller? Here in Washington it is required even by houses sold by the owner without a realtor. In some cases you can get out of the contract based on that form. Did you include any addendums to the Purchase and Sale Agreement that you can use? I like to throw in a Title Report addendum. Often the listing realtor doesn’t pay attention to it, but I have used it to get out of a contract. Someone already mentioned getting out of the contract based on the home inspection. Lastly I would gladly forfeit $2000 before I would buy a house I am not comfortable living in.

You might want to call his managing broker as well if your realtor has no answers. I would definitely hire another realtor as well if this isn’t fixed. Do better research. This one is counting his dollars before the deal is done.

PS This type of thing is only going to become more common. With electronic signings and virtual home showings people are buying properties all over the country without meeting their agent or seeing the property in person.
We found our dream home online, but wouldn't pull the trigger until we flew out to see it. Boy, are we glad we did because we hated the house in person. The listing agent's photographer was a master at making a bedroom the size of a closet look like it was 20 X 20, hats off to him. I have a friend who bought a house online and was disappointed when he and his wife saw it the first time. I don't understand how people can buy a primary residence without walking through it, but maybe it is the way of the future and I'm an old foggey.
 
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HuskerO

Recruiting Coordinator
Sep 11, 2006
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was able to get out of it and all it cost me was my earnest money. well worth it.
Since you were misled I feel like you deserve your earnest money back. Maybe it doesn't work that way?
 

grayhairedfreak

Redshirt Freshman
Aug 21, 2010
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We found our dream home online, but wouldn't pull the trigger until we flew out to see it. Boy, are we glad we did because we hated the house in person. The listing agent's photographer was a master at making a bedroom the size of a closet look like it was 20 X 20, hats off to him. I have a friend who bought a house online and was disappointed when he and his wife saw it the first time. I don't understand how people can buy a primary residence without walking through it, but maybe it is the way of the future and I'm an old foggey.
I must be a fogey too because I'm with you 100%. I think it's mainly a function of the white-hot seller's market. Things always swing back eventually and hopefully sanity will return to home prices and the buying process.
 
Jun 5, 2020
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I also agree that before buying a house you must at least once see it with your own eyes. My wife and I bought our house after we got married in 2019. It was my first purchase, the home where I will live with my family, where I will spend half my life. Because of this, I wanted everything to be perfect. I turned to a company known as maplemortgage.ca, many of my acquaintances recommended it to me. They show me all the offers, and my wife and I chose the house of our dreams, which we can afford. But I decided I wouldn't pay anything until I saw the house, and I was with my wife and saw our future house. Everything was perfect, and I was delighted with the services of our realtor.
 
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