The first thing agent did was to make me sign a contract
2011 Jul 5, 6:34am 13,599 views 53 comments
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Don't buy anything in Half Moon Bay!!!
Houses here are way overpriced and still bubbly. Look at this house as an example:
http://www.redfin.com/CA/Half-Moon-Bay/652-Filbert-St-94019/home/1916374
They tried to sell the place a few months ago for 100k over what they are asking now, but it didn't sell. And it's still not selling.
What sane person would pay 369k for a 60 year old 1 bedroom 1 bath house?!?
Consider yourself lucky that the agent 'fired' you before you were 'burned'.
BTW, I paid 430k for a 2200 sq ft 4 bedroom/ 2.5 bath new home in Fremont 12 years ago. It kind of gives some perspective on how high prices still are.
finding the right house is kind of like finding the right girl (assuming you're a straight guy). it's a numbers game. don't waste time on any one house. don't fall in love right away - don't get one-itis. if the house is not perfect, move on. there are lots of houses out there.
bubblesitter
@
2011 Jul 5, 10:36am
Consider yourself lucky that the agent 'fired' you before you were 'burned'.
+1. You should be happy that agent indirectly helped you make a good decision.
Comments 1 - 4 of 53 Next » Last » Search these comments
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