Q: My wife and I have had our offer to purchase a home accepted buy the seller and the selling agent. We just had the home inspection and had a few concerns and presented them to the seller’s agent. While there were a few concerns, there was nothing major that should hold us up and have indicated we would like to move forward. 1) We just found out that they have scheduled a few showings over the next few days even though we are moving forward and our agent has asked the selling agent to ‘flag’ the listing in MLS. Can they still show it while we are moving forward towards the PnS? 2) What happens if these “showings” come in with a higher offer, are they considered a ‘back-up’ offer? What do we have as a recourse, etc.?
–Anonymous, West Roxbury, MA

A: Once the contract is fully executed (i.e. both seller and you signed) and you put down earnest money deposit with the escrow company or attorney you are set. You now need to arrange financing and close. Can they show it? Sure. They can show it to President Obama if they want but that doesn’t mean at the expense your contractrual rights. If it blows up, worst case scenario you probably could sue for “specific performance” and make them sell it to you if they try to back out.
Aram Shah is a Realtor® with Florida Capital Realty in Doral, FL.

A: I am not a MA attorney, but in most states, if you have a signed agreement of sale, the sellers can show the house as many times as they want but they cannot accept another offer. They are just trying to put pressure on you to accept the issues you found in the inspection. Ignore them. If you have a valid agreement, you can enforce it through a remedy called specific performance. Good luck!!
Linda Walters is a Realtor® with Sage Realty LLC in Wayne, PA.

A: Are there any other contingencies (i.e. approval of subdivision documents, if financing then loan commitment letter) that still need to be addressed? From my experience, agents will change the status to Pending – Do Not Show (or something similar, depending on location) when all major contingencies have been met. Any other offers received while you are in escrow do NOT supersede your own.
Alex Cortez is a Realtor® with Wailea Village Properties LLC dba/Island Sotheby’s in Kihei, HI.

A: Perhaps you have a mortgage contingency? Most agents will continue to market their seller’s home until you have a written mortgage approval. What if they stopped marketing and showing the property and you didnt qualify for a loan? Once you have written mortgage approval, have the other agent change it to under contract, not under contract-continue to show.
Sheri Longstaff is a Realtor® with Century 21 Alliance – Medford in Ocean City, NJ.

A: Assuming your offer has been accepted in writing, it would appear that things are still contingent….including financing and inspections, for examples. Check with your agent and/or attorney regarding your contract, and how it addresses removal of any such contingencies….as well as any language pertaining to your status and rights as the in-contract buyer. Assuming it is currently sale-pending-contingent, the normal procedure is to list (or “flag”) it as such in the MLS. if that’s the case, then it’s not uncommon for the home to be available for “backup” showings….in case a buyer’s financing doesn’t go through, or those other concerns you mentioned become an issue. Again, full review of your contract with an attorney is advised; the MLS contracts we work with specifically state that….
Doug Parker is a Realtor® with Prudential Calhoon Company Realtors® in Hilliard, OH.

A: If you already have a written agreement where the seller has accepted your offer, then anything after that would be considered a back-up offer. It is normal for houses that are in escrow to continue to be shown. These days, many escrows fall through for one reason or another so it’s a normal practice to continue showing it. Don’t panic, you are in position #1, congratulations!
Maria Jeantet is a Realtor® with Coldwell Banker C & C Properties in Redding, CA

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Q: Can a Realtor let me know the other offers that were made on a house I’m interested in. it is on the market for $167,000 I offered $130,000 it has been on the market for two years with no one else looking at it. my realtor told me another offer went in the exact same day mine did. I find it very interesting. I think she’s trying to up my offer. She won’t give me any information on the other offer. so I am questioning that there even was one.
–Michele, Altoona, PA

A: Offers can get very, very muddy. In my book, REO BOOM I coin the offer process as “multiple offer monster.” Mainly because many agents do shady things such as not present offers, take properties off the MLS for a couple of days if they have their own customers (then put them back on as ‘pending sale’) and a lot more shady tactics. Managing this process can be cumbersome but feasible with the right listing agent. Usually, agent duties are to present all offers to their sellers but not required to disclose numbers as that is against ethics/code/law (but ofcourse depending on what state). Keep following up and stay in front of the agent. Learn as much as you can about the offer process so you know how the handle the strenuous rigamorole for the future if this deal doesnt work out. Take care.
Aram Shah is a Realtor® with Florida Capital Realty in Doral, FL.

A: Real estate can be very funny when it comes to timing, with properties sitting on the market for months and all a sudden several offers come in simultaneously. With that said, the competing offer could be from a buyer who had been on the fence for a while but was motivated when they knew other offers could potentially be submitted. If your Realtor is also the seller’s agent, then it would be unethical to disclose what the other offer is. If your Realtor only represents you, then they would be aware of other offers but not the specifics. Best of luck.
Alex Cortez is a Realtor® with Wailea Village Properties LLC dba/Island Sotheby’s in Kihei, HI.

A: Hello! While it’s unfortunate that there is doubt in this situation as to whether there is truly another offer on the table, the listing agent has a sole duty to the seller. If, and only if, the seller allows the listing agent to divulge information regarding the other offer, then the listing agent can pass that information along. However, the listing agent has no authority or responsibility to share any detail of another offer, or even if there is another offer that had been submitted/presented, unless given that consent. Hopefully there isn’t any misinformation being shared, as you might suspect. But, unless the seller gives consent to the release of information, specific to that offer, the listing agent has no responsibility or duty to share information regarding the other offer with any other party. Hope that helps!
Kevin Van Eck is a Realtor® with @Properties in Chicago, IL.

A: Your questions here appear to relate to the legal concept of agency, who is representing whom in the offer and transaction. Where we live and work, agents are required to fully disclose agency information, verbally and in written form…including whether or not they are representing the seller, and whether they can also represent the buyer (dual agency). The agent here might not be able to disclose any other offer, especially if representing the seller exclusively…confidentiality may apply. The best advice is to consult an attorney to review and clarify things for you.
Doug Parker is a Realtor® with Prudential Calhoon Company Realtors® in Hilliard, OH.

A: It happens all the time. A house sits on the market forever and suddenly multiple offers come in at once. The Realtor is abiding by the rules in not disclosing information about the other offer. Keep in mind that a licensed agent can lose their license (their job) or get it suspended for breaking the rules or doing something illegal, I strongly doubt that this Realtor would intentionally do something like this. Share your concerns with the agent and ask if they’ll provide you with enough information to ease your concerns.
Maria Jeantet is a Realtor® with Coldwell Banker C & C Properties in Redding, CA

A: Stranger things have happened. All you can do is take their word for it. By law, they have to tell you about a multiple offer. They cannot show you the other offer as that would be breaking the law. The market has heated up in the last few months, so I wouldnt be surprised by this.
Matt Laricy is a Realtor® with Americorp Real Estate in Chicago, IL.

A: The listing agent will not likely give you the answer as to other offers because then you would know what is the maximum you should offer. Even if there was no offer, the agent should not tell you what the offer should be or make any suggestions thereof.
Adam Aguilar is a Realtor® with Reliantra in West Toluca Lake, CA.

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Q: We excepted a contingent offer on our property and want to place a contingent offer ourselves on a house we want to buy , but the Realtor for that house we want to buy, will not accept our offer. Is that legal?
–Meg, Austin, TX

A: Once it’s already under contract the deal is closed. If the seller instructed their listing agent to “accept back up offers” then yes they would have to present yours but he or she could have easily told them once my home is under contract I do not want to waste further time with anyone else. So it all depends on the listing agreement between the seller and their agent. Take care.
Aram Shah is a Realtor® with Florida Capital Realty in Doral, FL.

A: It is not the Realtor that is not accepting your offer, it is the seller. An agent must present all offers to a seller. The seller has the option to accept, reject or counter the offer. Many sellers are afraid to accept a contingent offer because once the status of their home is changed from active to contract with a kick out the chances that their home will be shown by other agents is greatly reduced.
Roxanne Calloway is a Realtor® with Long & Foster Real Estate Inc in Crofton, MD.

A: Please check the laws in the state where this is occurring, or contact your Real Estate Commission. In CO all offers must be presented to the sellers, it might vary by state.
Joan Rogliano is a Realtor® with Rogliano Real Estate Group in Littleton,CO.

A: IN CA….no. We would have an obligation to present all offers. If the property is already under contract…then yes….the seller may not be solicitating any further offers. If it is still an active listing….contact a buyer’s Realtor to present your offer on your behalf.

Good luck!
Tesa Noonan is a Realtor® with Coldwell Banker Best Realty in Tehachapi, CA.

A: Dear Austin, TX

Let me see if I have this correctly. You have your home on the market, received and accepted an offer which makes it contingent. You now want to make an offer on another home, contingent upon the closing of your home. If this is so, your offer must be present to the owners of that home. The homeowner can refuse your offer, but, by law, all offers must be in writing and must be presented.

JoyceM
Joyce Mitchell is a Realtor® with Mitchell & Associates Real Estate in Bigfork, MT.

A: Where we live and work, agents are required to present all offers. If you don’t have an agent representing you on purchase of your next home, you should certainly consider doing so, and/or an attorney regarding contractual law. Your agent should know what the law does or does not require regarding presentation of contracts. Of course, the concept of contingency might also come into play here.
Doug Parker is a Realtor® with Prudential Calhoon Company Realtors® in Hilliard, OH.

A: It is legal if the agents principal told them to not accept your offer or if your offer is frivolous (way too low). The agent can not make that decision on their own accord and must submit all fair offers to the seller. If you feel the agent is being unethical in avoiding your offer, you can file a complaint with the local Board of Realtors.
Adam Aguilar is a Realtor® with Reliantra in West Toluca Lake, CA.

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Q: I know I want to buy a home in Florida but I need help deciding what city to call home. What kind of Realtor can provide me with information to help me decide?
–Anonymous, San Diego, CA

A:

Well, it depends on what part of Florida. If you want to be in the “action” such as South Beach (sobe) or anywhere in South Florida, check out Florida Capital Realty. they list bargain basement bank repos (REOs) and can help you find a great deal.
Aram Shah is a Realtor® with Florida Capital Realty in Doral, FL.

A: I would suggest you try to find an exclusive buyers agent. They act in your interest and try to find the right home for YOU. Since they never take listings, they focus only on buyer’s issues. Figuring out where to live is one of the biggest buyer issues. Most folks decide based on location of employment, proximity to family, love of natural elements such as the shore or a lake and rural vs. urban preferences.
Linda Walters is a Realtor® with Sage Realty LLC in Wayne, PA.

A: If you decide you would like to live in Orlando, I would love to help you personally. Until you decide, here are some things to consider. Florida is a pretty big state, and quite diverse in may ways. There are four major cities: Miami, Tampa, Orlando and Jacksonville. Miami and Jacksonville are both on the Atlantic, Tampa is on the Gulf of Mexico, and Orlando sits in the middle of the state. I think you will find South Florida to run at a slightly faster pace with the exception of the Keys. Also to the South you will find more marshes, swamps and prairie type landscapes. To the North there are a lot more forests, and a somewhat hilly terrain. Orlando is pretty much in the middle of everything, and offers easy access to either coast. I think you will also find that Orlando has quite a vibrant economy with plenty of growth in high tech, and medical fields. The Burnham Institute for Biomedical Research in San Diego chose Orlando as the location for their East coast facility. We have one of the top international airports in the world, the second largest university in the country, UCF, and of course all the attractions and resorts for which we are so famous.
David Welch is a Realtor® with RE/MAX 200 Realty in Winter Park, FL.

A: It sounds like you are starting the process broadly until you define where you want to live. You can do a lot of research on line to check out communities that offer what you are looking for. Google is the perfect search engine for this. Regarding homes, use realtor.com to look into values and areas.Once you have an idea of where you would like to buy a house its always a good idea to get a referral for a Realtor. If you know of someone in that area ask their advice. If you don’t have any connections searching for a Realtor through Council or Residential Specialist is a good idea as these agents tend to have more experience and education http://crs.com/. Only 4% of Realtors hold this designation. Good luck!
Joan Rogliano is a Realtor® with Rogliano Real Estate Group in Littleton,CO.

A: Do as much research on Florida agents as you can. You’ll soon connect with a couple that you can contact and decide whether or not they have the knowledge to guide you through this long distance purchase.
Maria Jeantet is a Realtor® with Coldwell Banker C & C Properties in Redding, CA

A: No Realtor can tell you what city to call home because of federal law restrictions to do so. Do an Internet search and review demographic information about cities you are contemplating to help you make a decision. Google Maps street view also helps in viewing what a neighborhood looks like too.
Adam Aguilar is a Realtor® with Reliantra in West Toluca Lake, CA.

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Q: How long do I have to own my home to avoid repayment of the $8,000 tax credit?
–Mark, Olathe, KS

A: One of the requirements of getting the 2009 – 2010 Homebuyer Tax Credit is that you have to maintain the home as a primary residence for 36 months. So if you move out — even if you still own the property — you’ll have to repay the credit. Additionally, if you sell the home you have to pay back the credit. The good news is that you only have to repay up to the home’s gain, so you may not have to repay the entire credit. There are some exceptions to the requirement to repay the credit immediately on your next tax return:

• If the spouse of a deceased homeowner continues to live in the house. If the spouse sells the home, though, before the time is up he or she must repay half the credit.
• Spouse remains in home to finish the 36 months after a divorce.
• Military or other personnel required to move more than 50 miles away.
• If your home is involuntarily damaged and you are forced to move. However, you have to buy a new home within two years.
Lee Dworshak is a Realtor® with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.

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After cleaning house with a designer garage sale, Paula Abdul is prepared to bid adieu to her Sherman Oaks, California home. The 90’s pop star and general all-around entertainer parted ways with her very own clothing, shoes, accessories and other fine trinkets back in December, and now looks to do the same with her estate after listing the two-story Mediterranean-styled property for $1.899 million.

Situated on a prime quarter-acre lot in-between Deervale-Stone Canyon Park and Fossil Ridge Park, the Abdul estate offers some 4,679-square-feet of living space, with a total of five bedrooms and four-and-a-half baths. The home opens to a foyer and grand double staircase with elaborate wrought-iron balusters. Downstairs offerings include an oversized great room that features hardwood floors, fireplace and a row of French doors, which connect to a private patio area, along with a gourmet kitchen and a separate bedroom suite that connects directly to the garage. Four other bedrooms can be found upstairs, of which includes a master suite that boasts its own fireplace, spacious walk-in closet, “spa-like” master bath and a private balcony with views of the surrounding canyon area.

A former Los Angeles Lakers cheerleader, Abdul had already made a name for herself in the 80’s as one of the premier choreographers in the entertainment industry before she hit pop music pay dirt with her debut album, “Forever Your Girl.” She would go on to release three studio albums – which, in turn, spawned a total of six No.1 singles – and later transitioned to television in the early 2000’s, most notably as a judge on FOX’s “American Idol” and as a reporter for Entertainment Tonight. Following her departure from Idol, Abdul signed on to be a judge alongside Simon Cowell & Co. on the “X Factor,” but recently indicated she will not be returning to the show for its second season.

The listing is presented by Michael Collins of Coldwell Banker – Beverly Hills North.

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Check out the official listing at REALTOR.com

Q: My husband recently lost his job. We need to be out of our current housing soon. Is it possible to rent a house with no job? We have about six-seven months worth of savings in the bank and a good credit rating.
–Anonymous, Leavenworth, KS

A: Good question. It depends on owner if he/she feels comfortable with your situation. He or she may ask for a larger down payment or for someone else to co-sign. Use these 2 options as a “counter” if they say no initially.
Aram Shah is a Realtor® with Florida Capital Realty in Doral, FL.

A: It certainly is possible, but highly unlikely. You may be able to locate a landlord who does not do their due diligence and allow you to move in without any employment.
Adam Aguilar is a Realtor® with Reliantra in West Toluca Lake, CA.

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Q:Can a investor sell a home that is still under short sale approval? I’m a buyer occupant trying to purchase a home. My family fell in love with a house, and a cash offer investor came in and got the house with his offer. This was a short sale. Come to find out, not even a week later, he posted this house for sale, with videos and pics that was not in the MLS. He went in and recorded a full walk through of the house, but does not even own it yet, nor does he have the keys. The next day, he states the house is sold when I called to inquire. Is this legal?
–bigarn777, Avondale, CO

A: No, he can not sell a home he does not own. He could take offers and hold on to them until he records his new deed to the property. He would then be free to sell the property, but he MUST OWN IT to sell it. Also…be wary of scams where an individual will say he owns a property and wants to sell or rent it to you. Scammers have been known to take the money and run…..leaving potential buyers or renters out of luck and out of cash too…. you should be able to contact a Realtor to inquire about the short sale status for this property.

Good luck!
Tesa Noonan is a Realtor® with Coldwell Banker Best Realty in Tehachapi, CA.

A: It is legal if the investor has disclosed this to the bank and the seller. If not, it is likely the bank would not approve the short sale. What the investor is doing is the “classic flip”. Full disclosure is required to avoid legal recourse. Does the bank, agents and seller know what is going on?Adam Aguilar is a Realtor® with Reliantra in West Toluca Lake, CA.

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Q: I want to buy a foreclosure and I want to get a fixed rate, My credit is bad and I have enough money to pay half of the loan amount. The property is for $44,000. I also am still working and can put down $5000 as down payment and I just want the loan for five years. I know that this house is the one for me and the area is nice. Can you give me the name of someone who can help me?
–Helpless, McDonough, GA

A: What you would be looking for is a hard money lender. I dont have any contacts in GA to give you.
Paola Martinsen is a Realtor® with Equity Real Estate – Premiere Elite Branch in Murray, UT.

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Q: Hi, I would like to know if we can use our 401k to purchase a mobile home in a 55+ park outright without having a mortgage payment?
–Maggie, Kerby, OR

A: You would have to consult with your 401(K) plan administrator as there are rules as to how your money can be used and what percent of your 401(k) can be borrowed. Keep in mind you still have to pay yourself back.
Roxanne Calloway is a Realtor® with Long & Foster Real Estate Inc in Crofton, MD.

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