Real Estate

RealEstate Progress will bring up the economy rapidly, but the banks need to corporate,
especially the ones that took buyout. This should be a part of the deal.

I am not sure what your question is, but your statement is far more perceptive than most I see on Y!A. The bailout itself was heavily tilted by the power, wealth, and political influence of its benefactors solely in favor of those benefactors.

The callous greed of these benefactors is evidenced in their obdurate opposition to any contribution on their part to rebuilding our economy. We helped the wrong people.

We would have acted much more prudently had we bailed out most of the people who have lost their homes to foreclosure. The banks and other speculators holding questionable mortgages would have been paid off and thereby avoided bankruptcy without the hundreds of billions we poured directly into their coffers. Millions of homeowners would still have their homes; these houses would not be flooding the market depressing the value of residential estate.

With millions of people able to keep their homes and their equity, personal spending would not have fallen as precipitously as it did. Portfolios would not have lost their value; as a result, the big banks, insurance companies, etc., would have remained solvent and would have been able to keep all (or most of) their employees. With more people able to spend money, fewer businesses would have lost their customers. With more businesses solvent, fewer people would have lot their jobs.

The bailouts accomplished very little beyond quickly restoring to a few ultra-rich speculators and to monopolistic Corporate America the wealth (and much more) that they had lost in the early part of the recession. Now these corporations sit awash in $2 trillion, which they do not invest, their promises to do so notwithstanding.

We can still salvage our economy. Since the greedy elite will not invest this immense treasure without assurance of immediate profit, we should take much of that idle capital through taxation and spend it on rebuilding and modernizing our infrastructure. Doing so would not be MAKING work; it is doing work that is long overdue. In the process, we could put millions of Americans back to work–and back to spending and restarting our economy.

I’m interested in a home and it has a realtor sign out front. Recently a "sold" star was put on top of the sign. Does that mean the house is in escrow or does that mean the sale is complete and escrow has gone through? I can’t get a hold of the realty office today.
And when I look on the realty website it says "contingent". Does that mean I can still put in an offer and if escrow falls through my offer would be considered? Also, how often does escrow fall through?

Escrow has nothing to do with your question. Escrow is a holding place to keep monies needed in the future. "Sold" means it went to closing. You don’t see this often because most realtors take down their sign once it’s sold. If it says "contingent" then the sale will only go through IF something else happens – usually loan approval, inspection, title search, etc. Some states will allow a "contingent" offer, but if would only be considered if the contract fell through. Contracts falling through didn’t used to happen often, but now the banks are pickier and it’s happening a little more often, but still not to most contracts.

I’ve been looking for an apartment for a while. I found one in July but because of bedbugs I was able to get out of my lease right away. The realty place that I found that apartment through checked my credit and gave me the credit report. The place I called today is a direct affiliated with the first place so I just wanted to know if they would have to run my credit again. This woman was immediately upset by this asking me "How did you get your report?" I told her I didn’t understand the question since I had already stated they gave it to me because I paid for it. I didn’t see what the problem was since they only gave me a copy. It’s my report. She repeats her question slowly this time with more attitude "I said HOW…DID…YOU…GET…YOUR…REPORT? They were not supposed to give it to you. They can send it to people. I’ve done this for 30 years never had a problem. If a store checks your credit they won’t give you your report" So I usually have an issue with people walking all over me since I look and sound young but I decided to assert myself. After politely reminding her that you do not PAY for a credit check for an in store credit card I said "With all due respect, there really isn’t anything you can do about it now. I paid for it, it’s mine, they already gave it to me. I just wanted to know if you needed to check it again since one of your ‘partners’ checked it already. I’m sure you know every hard inquiry drops my score"

After this she was completely dismissive of me. She gave short uh-huh answers for everything else I asked which I found quite rude. I’m only 27 but I have looked extensively into the world of "credit". I know most of the rules and I do not see the problem with obtaining a copy of the credit report that I PAID FOR from a realty agency. I have to go there after work and normally I wouldn’t care but since she was dismissive of me I’m sure I will have to ask the same questions and that might jog her memory of me. Causing me some trouble. Do you think as a receptionist and probably the first person I have to see when I walk in she will cause me trouble? How do I avoid this lady?

I’m sure she has a boss, you might want to report her. If they weren’t supposed to give the report to you, then she should be addressing them instead of giving you grief about it. Especially since you paid for it.

Whats required to become a realtor in the state of NC. Are there any classes I have to take?
Rose, I don’t understand what you just wrote.

Here is everything you need to answer the question:
http://www.ncrec.state.nc.us/
You have to take classes and state exam to become licensed.
Check out the website for all pertinent information.
Good luck!

The complex has a sign that says no soliciting… but someone said that just meant people going door to door selling stuff. This was just a flyer for another realtor promoting themselves, wouldnt an apartment complex get ticked off at this?

No it is not illegal for anyone to leave a flyer for their services, Now if they were to knock on your door and want to try to sell you something and your neighborhood or apt complex has a no solicitation sign,then that is another matter. You really couldn’t do much but complain to the apt complex and let them notify whoever it was who left the flyer.

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!

Two things:

1) Why would you not want to use a realtor? There’s no charge to you, the buyer. All costs are paid by the seller. You will need a real estate attorney otherwise, if doing a transaction by owner. The seller should definitely pay those costs, because they will be far less than real estate commission if using a realtor.

2) More importantly, why in the world would you want a condo? Do you have any idea what you’re buying (or not buying) when you buy a condo? In a nutshell, you’re just buying air. You don’t own one wall or any part of your unit of the building. You only own the space inside the unit. Yet you will still be liable for property taxes. That’s right, you’re paying property taxes when you don’t own any real property or anything tangible. In addition, you’re paying a monthly association fee that can be as much as $200 a month, something you wouldn’t have if you bought a house. That $200 a month is much more than it would cost you to hire lawn/snow maintenance for your house. I would advise you to reconsider any condo purchase, and seriously look into buying a house. There are plenty of good deals on houses out there in this market.

I’m super anxious to sell my house (By Owner) and was thinking of upping the flat commission rate to about $7,000.00 – $8,000.00 to the agent that can sell my home. Do you think this would cause a frenzy thoughout the agent world to sell my house?

Ill sell your house for that commission.lol
But yes money talks.

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 saw a specific foreclosed home that I was very interested in on multiple foreclosed websites. I found the Realtor selling the home, then when I checked the website for the Realtor’s listing of the home she had the price $60k higher then on the foreclosed websites that I had seen.

The agent does not set the price, the bank does. His listing is the most up to date one.

Case in point: my fiance and I are preapproved for a mortgage of "X-amount". I’m pretty savvy when it comes to finances, but I’m having a hard time finding homes which are suitable for our needs. Should I bite the bullet and pay a realtor to help me find our dream home? Or just keep searching on my own and save the realtor fees?
Case in point: my fiance and I are preapproved for a mortgage of "X-amount". I’m pretty savvy when it comes to finances, but I’m having a hard time finding homes which are suitable for our needs. Should I bite the bullet and pay a realtor to help me find our dream home? Or just keep searching on my own and save the realtor fees?

As for the cost of inspection, I’m not sure if the seller pays for it or not. I know that the third party fees include: appraisal, title, inspection, recording fees, taxes, and I think surveys too. I’m not 100% sure who pays for all of these, I’m just going to assume the buyer does so that I’m not guessing my cost too low.

Unless you plan to build, I’d use a Realtor. Fees can always be negotiated, and a good realtor can take care of negotiating away some of the detail fees you mention above.

You need to interview realtors to find out if they WANT the job – many will simply go through the motions. Since I’m not in the biz, and don’t know where you live, let me put an ethical, hardworking realtor’s email below – he’ll take the time to answer your concerns, and if you like, he can refer you to someone in your area – for you to audit. Always stay in control, and NEVER sign agreements with realtors – you can always find another one, and eventually, you’ll find a good one that won’t push you for contracts.

If you want to build, skip the realtor and get a lawyer instead.