I was going to buy this awesome house in Alberta, we agreed on a price, I got the home inspection, we settled on a new price, then the loan broker told me I couldn't get the loan without home insurance, and I couldn't get home insurance without the electrical upgrade. But I needed to loan to pay for the electrical upgrade. Catch 22. I was only $6000. short. Heartbreaking. That was 3 years ago, I still think about it.
As usual, it is very informative... a clean & cut video.... Your work ethics and procedures should be a standard in your industry. Love your presentations... 🌹⚘️🌹 Be Well....♦️
Excellent vid! We are in the first phases of our Escrow contract... we are the sellers (in AZ). Now awaiting buyer's demands (if any) from the inspection report, which is pretty clean...nothing major. We'll see....
Oh good...you're almost there!! Congrats on getting your home into escrow. Best of luck on the repair request negotiations. If your home is clean, you should be fine. Well done;)
Buyers should always get a licenced home inspector to do there home inspection and never use another persons home inspection for the same home.I agree with everything else that Audra said except having the sellers get there own home inspection and wanting the buyers to use it.
I recently used time of the essence to cancel a contract after 5 months of escrow. First, the buyer asked for concession . Next, they asked for a 10-day extension. After that, they removed one buyer and replaced them with a new buyer. Meanwhile, it was going on 4 months. Then, the attorney called to say they do not agree with the time of the essence. I was so angry and tired that I told my attorney that I'll give them back their downpayment. They finally agreed, and the contract was finally canceled because they could get the final closing from their bank. A week later, my listing agent called, stating that the bank called saying that there were some changes to the FHA deal that would allow the deal to close and if Im interested in opening the deal. Which would take about 7 days. I'm lost. Should I give them a second chance r just start all over.
We don't negotiate with terrorists. I'm not sure who said that, maybe Bush? I hate when buyers do dirty things to try to get a better deal. I'm glad Audra told that buyer no deal.
Yes, thank you...that was harder for me...but best for the seller. Glad we got it done and the seller won at the end. Not fun dealing with nasty buyers. Thanks for your comment.
Hi Audra...again invaluable advice!! Wish I could go back 41 years with your knowledge!! Have you ever thought of selling a course on Real Estate?? Any I did not realize that lis pendans was in town!!! How is she doing??? Have a wonderful, beautiful weekend my friend. Lawrie
Thank you so very much for sharing all your knowledge with us. You've helped answer so many questions. Can you recommend a lender to me? I live in Idaho. Thanks again!! 50,000 subscribers is going to be easy for you!!
If only we could clone you❤ In all my years, and in 55 years of marriage my husband and I have bought and sold many homes....we have never met anyone like you...never met a real estate agent on your level...with you level of ethics, NEVER 😢
I’ve recently subscribed to your channel and I’m hooked. I’m looking to sell my home at the end of this year/ beginning of next. I live in the Inland Empire and I have a couple of questions,(1) Do you know any trustworthy agents in this area?, (2) Do you recommend real estate attorneys to assist throughout the process? Thank you for what you’re doing and your time your time.
Ahh...you are so very welcome! Happy to help! Most agents don't know the "things" I am discussing on my channel. Just trying to help. If you hire the right agent, you won't be needing a real estate attorney. We do refer agents out in your area. If you're interested, here is the link: lambert.homes/referral. Best of luck!
Great advice. Question for you regarding the seller-side inspection report. What if any steps do you take to avoid buyer hesitation (aka trust) with the seller-side inspection report ? . . . . or do you suggest they do their own as a confirmation?
Good question! I always encourage the buyer to do their own due diligence. However, I use a very detailed, highly respected inspector (85-100 page report), they have a lot of reviews on line that are positive. I'd say its 50/50. Some buyers will use their own home inspector (my inspector usually finds more). Some will use my home inspection report and call the inspector directly to ask questions.
Do you have any thoughts on cross listing a property for sale and rent. With current rates holding at unfavorable levels seems like it might be more attractive to rent for less for a year or two then buy once the rates move.
Well, my biggest problem with making any suggestion is that no one knows where the market is going to go. Rents are really high and only getting higher in my area. Home insurance is really difficult to bind in my area as well. The nice thing about home ownership is most mortgage payments are fixed. Rents are often times renegotiated annually....and landlords can move back into their property where you have to move again (very costly). Its really hard to pick the right. poison renting vs higher mortgage rates. If rates do go down, then you are met with a buying feeding frenzy. Is a difficult decision.
I canceled my buyers contract because the seller proceeded to decrease their prices after they started my house. Three months later everybody else got their home for $50,000 less and an additional $5,000 in incentives. I asked if they could at least give me the $5,000 incentive everyone else got and they said no. So I walked. I’m not blind, I can clearly see what the same houses are selling for, no need to disrespect the buyer with that marry the house date the rate crap. Now they’ll have 8 houses just sitting there that they can’t sell instead of 7, but oh well, their choice.
Some sellers can be a bit reasonable. I think it hard for any seller to get an offer, then ask to have it decreased. Buyers are usually a lot more untuned to the market. The market will bear what the market will bear.
If a buyer cancels a contract due to the condition of the home. Does the buyer lose their down payment? Or can you transfer it towards another home? Thank you for your input
No, the buyer can cancel the contract due to the condition of the home, but it must be canceled before the due diligence deadline is past. You can get your money back or leave it with the title company if you’re planning to make an offer on another home.
@anitah2404 Thank you for that information. Our agent at that time said, "If we backed out that we would lose our deposit. I asked if we could put that money towards another home? Our agent said NO you guys will lose your deposit." Worst experience as a first-time home buyer.
@@r.and.s.23 That’s terrible! There are a lot of incompetent real estate agents out there. It’s probably only going to get worse after August 17 when the new rules go into effect.
So if seller has made repairs according to the list and either the buyer is not satisfied with the result or if they’re asking for repairs that are not on the list, what can sellers do, force them to go through the contract?
If a buyer is not satisfied with the repairs, they can refuse to not close on the property. The seller can give the buyer a demand to close. If the seller still won't close after 48 hours, the seller can back out because the buyer didn't perform. The seller then can go after the buyer for liquidated damages. Repairs are not a stipulation of the purchase contract. The only proper recourse for the buyer is to close and go after the seller in small claims court. This is kind of a grey area. Great question.
@@AudraLambert Thank you! This is a touchy subject from my past experience. We lost $35k when the buyer refused to show up on closing day and later told us they were not satisfied with some small things on the repair list and another not on the list.
Best to do a general inspection and also hire a pest company to do a termite inspection. If anything concerning is discovered in the general inspection, the inspector should note in the report that further investigation is recommended. Up to buyer if they want to hire other contractors to inspect items of concern that were noted in general inspection.
Hello there, I provide a general inspection and a termite inspection. No sewer or pipe inspections. I let the buyer do their own due diligence on that one.
screw arbutation. Put escrow money into YOUR attorney escrow account with contigent on attorneys approval. On canceling a contract put in liquid dated damages only
Laughing. I wish that's how it worked out here in California. We are required to put earnest money into escrow. I have even tried to write in the contract that the earnest money is to be released without the approval of the seller if all contingencies are not removed. Escrow companies won't adhere to that statement I wrote into the contract because they say they have their own guidelines they abide by. I am so baffled by how you can write in stipulations in a contract, but they don't apply because there are other governing bodies that disagree. Blows my mind. A contract is a contract in my world.
Anyone would be so lucky to have you in their corner during an extremely huge process of buying or selling a home. There are many consumers getting great information from your videos.
Hi Audra: Thank you for your very helpful content. You have helped me understand the process of buying a home and mitigated considerable stress along the way. I wonder if you can provide general guidance about a situation in which sellers did not disclose three pending litigation suits against contractors, builders and municipality? Offer of well above asking was accepted. Status investigation reveals that large lump sum payment and much higher monthly condo fees will be required of the buyers in the imminent near term. Buyers love the home but find the unexpected expenses overwhelming. May you suggest a fair next step to resolve without breaking the deal? ❤With appreciation!!
Dear Audra! - From far, far away - thank you for all the good advice!! ❤ I just sold a property about 3000 km away, and was about to undertake a 4-day journey to its location (Europe) when I got an email asking if I could meet the buyers in the apartment before the contract and payment. I just said NO. That would be an error of procedure, I said expertly (thinking: Thank you Ms Audra!), and I said I would meet them the day after that meeting, and after the payment has been settled. I am so glad to have stumbled upon your channel. It helped me decide quickly upon the course of action!
@@AudraLambert Thank you! It was quite unnerving until it was over. I listen to your every video whenever I find time, and really appreciate you sharing!
How do you compensate the cross-qualifying lender if the first one pans out? It takes time, like you said, and if they start the process just as early as original one, seems like a waste of their time.
Great questions...the lender who is cross qualifying does not charge a dime until you decide to go with them...its a great service. Highly recommend you find a lender you trust to do the cross qualifying. It's saved several of my deals.
@@AudraLambert I've got a guy who rocks. Every deal I've sent him, even last minute, when the buyers lender can't close, he makes it happen and in the time frame on the original contract. I call him Ray Donovan of home loans. He is amazing and that's why he will always have a job. His motto is "There is always more than one way to do things. If this way doesn't work, we will find another way." He's knows every nook and cranny of his job and makes shit happen and the borrowers love him. He wants people to ask questions and he wants people to understand the process and use him as a resource. He's just incredible. I wish buyers realized how valuable a good local lender can be. It's always the online ones from another state that botch the deal last minute over something they should have known from day one. . Local lenders always make it happen.
Because a lot can go wrong during the process...Murphy's law. I had 3 properties under contract, then Covid hit. All 3 properties backed out of the contract days before closing. Nightmare. Sellers had already moved out of the property...very inconvenient. There are also holding costs for the seller. The seller may be committed on another property. In my area, a 30 day closing is typical. That's a long time. No too many items you purchase out there take 30 days. Just saying.
Hi! Can you do a video about removing property with too many days on market and relisting in current market, including pros/cons? How can this be accomplished with the least pros and effectively bring new life to the listing.
Well, they didn't qualify because of one of the 2 appraisals didn't come in at value. I will sell it to another buyer..however, I do feel badly for buyers who are at the mercy of the appraisal process. Not fun for them. Thanks for the compliment
You're not being quite truthful about the earnest money deposit. If the buyer backs out and the seller doesn't agree to refund the earnest money deposit back to the buyer, then the property is in limbo and cannot be sold. If that's OK with the seller, and they're not in a hurry to sell, then cool. Otherwise, the seller pretty much has to return all of the earnest money deposit in order to sell the property to somebody else.
Well, that's not quite truthful either...the seller can sell the property unless the buyer puts a lis pendens on the property. Typically, the buyer will go the arbitration/mediation route which is expensive/time consuming....and even filling a lis pendens is time consuming and costly (depending on your representation). Some sellers get so worked up over their experience with the buyer that they don't care what means they have to go through to get "EVEN" with the buyer. Its a good idea to keep emotions low and both the buyer and seller on track. My point: Beware! Its a good idea to be respectful on both sides. You want to avoid this.
