José July 4, 2008 Real Estate , Info-Buyers Visits: 27 View Comments Print this post Send this post Copyright Jose Ramirez

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Via the Phoenix Real Estate Guy came to us a post titled, Just One Reason You May Need an Agent of which reinterpret freely as a reference to my letter by Agent 1.

Attached is a query that I made recently Anonymous, homebuyer. Next is my answer, please let me know your opinion.

The letter

Dear Agent 1:

I'm buying a home for my account to a person selling on their own. We are both pleased and happy because we're going to save paying a hefty commission. You agree the selling price and the buy the property "as is." However, after that inspection to be done I decided that I do not want to pay the amount required by the inspector. "I can send an addendum to adjust the sales price or I can cancel the contract and then send another with a lower price to take into account the results of the inspection?

Thank you in advance.

Anonymous, homebuyer

The answer

My dearest Anonymous:

Your case is a typical in-representation "or, should I call it anti-representation? Anyway, you both sides of a transaction is as important as buying a home, have preferred to save a money and take the risk of carrying it out without the intervention of an estate agent. That happens often.

Anonymous friend I must tell you that I find interesting, you request my opinion as proud proclamations that you've saved the "juicy commission." It appears you need my help, but even then presume that you do not. It makes it difficult to admit that real estate agents are experts in real estate transactions, we possess the knowledge needed to run them without problems and for that reason I write.

For the contents of your letter I see that you understand clearly that the agreed upon sales that led you to a situation where you do not know what to do. I ask for help and want to show you how to proceed in your situation. However, if you'll be responsible, I have to admit I can not answer your question.

To help you should see the contract and review with you the details. Also I am bound by law to visit the property, make sure your ownership, tax status and check with the owner that is not encumbered by legal charges, debts or construction defects. It's something a little more complicated than you think ...

On the other hand, if I assume you used the standard contract of a bank or one you downloaded online or one that got some real estate agent or perhaps a friend who wrote you in a napkin or paper, you could have amended and me impossible to responsibly provide you the help that I urgently request.

Yes, I can tell you this:

1. A used home always needs repairs. The inspection results should therefore not surprise you. Property Inspectors are also detailed and it may seem exaggerated is perhaps the product of the sum of many small expenses. Or do you feel more concealed a defect?
2. You're considering rescind a contract. Remember that a contract is an agreement between two and not something you can, unilaterally, on a whim and win, reretirarte without sufficient cause.
3. Consider sending a new contract with a new sale price. To send a new contract would have to dissolve first. Assuming you agree to dissolve it, you could then send the owner a new offer but did want him to trade with you after cancellation of a previous contract?

Actually Anonymous, you feel worried because you're afraid to see you have to buy a property under terms that do not satisfy you. This should not be so and not have to be. The truth is that if you had sought help before you could have avoided this whole situation.

Do not know what to tell you, Anonymous. Buying a home is a long and tedious process full of uncertainty and full of surprises. Real estate agents try to minimize the difficulties well informed before starting the sale. For that we have studied and possess a license. In a moment of such volatility in the housing sector is essential before buying CGS.

I do not understand is why you get into this mess in your own. Obviously you know who are the real estate agents and acknowledge that we have some useful knowledge. Otherwise I would have written.

A big hug,

Agent 1

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