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The first thing agent did was to make me sign a contract
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2011 Jul 5, 6:34am 13,004 views 53 comments
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It is true about a "wet cold"; however, it also depends on your life style. If you like to bask out in the sun and heat, then no Half Moon Bay is not for you - but you will get maybe 10-20 days a year where you can do this. On the otherhand, if you like to surf (with a wetsuit) or run. Then the weather is great. You don't get overheated and I run there all of the time. Also keep in mind that the coast has microclimates. It is rumored that El Granada actually gets a little bit more sun than Moss Beach or Half Moon Bay. Pacifica gets a lot of sun in the back of Linda Mar where as the closer you are to the beach it is more fog. Again, I recommend renting for a year to see how you acclimate to the weather.
As far as agents go, this one sounds like a screwball. Keep your eye out, there are some really nice houses out here at good prices right now. Don't limit yourself to forclosures or REOs - I am seeing bargains on houses that the sellers reduced the price, understanding the market conditions, just to accelerate the sale so they can get on with their lives without dragging on keeping up two houses. I have seen prices come down by about 25% since 2007 when prices peaked. Look at the neighborhood, not just the house.
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I liked one of the houses in Half Moon Bay that I saw in MLS, contacted an agent (I will not disclose the agency name) and finally decided to make an offer.
The first thing she did was to make me sign a company-required contract (this is NOT a buyer's contract)to represent me just for this "particular" house. As the time went on, I had questions on financial issues such as loan contingencies, closing costs etc. since I was new in this game and would need a loan to finance this property. At the end, she probably must have been tired of my questioning and she suggested that I should look for a newer and cheaper property in a different area and "fired" me in her reply email. Thus, I went to another agent for representation. When the agents talked, the old one told the new one very unpleasant about me, which I would not repeat here. She also said that she would not release me from my contract for this property. Now, as a novice I am stuck with an agent that would not represent me fairly in short sale proceedings if I go back to her, and I cannot work with another agent to buy this house, because I have signed a document with company header.
My questions are as follows:
(1) What should you do if this is a property that you want to buy? What method do you follow to bypass a contract like this?
(2) If this property goes from short sale to foreclosure, would this contract still be valid?
Unfortunately, there are really no true real estate laws to protect the buyer in a scenerio like this.
However, some of you might have had a lot more exposure in real estate than I do and may suggest a potential way out of this. Please voice your opinion; because the same may happen to another novice :-)
Many thanks.
#housing