Posted by Shawn J Dostie on July 10, 2007 at 16:30:33:
I would call the Broker, remove the sign, not allow potential buyers in when she is around. It is wrong, but… it would probably be effective. It would not be worth the effort to pursue for them. I would also threaten the better business bureau or other consumer groups. Negative publicity or the threat thereof is always motivational.
Good Luck,
Shawn(OH)
How much trouble will I be in if… - Posted by Amy
Posted by Amy on July 07, 2007 at 01:01:25:
I lease my primary residence with a lease option to buy? I have been paying on my empty home for 9 months to the tune of 925.00 per month. It just won’t sell. I have a VA loan on it. I’m listed with my 2nd realtor who states to me that I signed the contract stating I would NOT rent while she has it. I have until October with her. We can not make Aug payment. We have borrowed and stuggled for the past 6 months now.
I would like to lease option with a 1 year contract but my realtor tells me that not only did I agree to not rent while she has the home listed but my VA loan expressly states I will not sublet. She states that if I do lease option it I can be fined or jailed for bank fraud.
We’ve considered deed in lieu foreclosure since we are sure it will appraise for the owed amount (120K) if not a bit higher, but we know it will take forever to do that.
If I foreclose on the home will I owe anything? How can I prevent that (aside from not going to foreclosure?)
I know so many questions, I’m just at wits end. Thanks in advance.
Amy
Re: How much trouble will I be in if… - Posted by BTI
Posted by BTI on July 12, 2007 at 10:54:54:
I would send her broker a certified letter stating that you have advised the agent of your financial problems, and you feel his brokerage is violating their fiduciary duties to you, by his agent making false statements to you, and insisting on keeping conditions in the listing agreement that may lead to the foreclosure of the property.
And in the event that happens you will be suing him and his agent for any and all damages your attorney can think of, including the current emotional distress they are subjecting you to. I would also send a copy to the state licensing authority, and his real estate board.
BTI
Re: How much trouble will I be in if… - Posted by Dennis
Posted by Dennis on July 08, 2007 at 19:32:59:
I am not an attorney but have owned several properties and done many deals over the years. First, fire your realtor she is not looking after your best interest-only her commission. You need to save your credit and your home, not cower to her fear invoked statements. Although I am not familiar with the details regarding a VA loan I would have to say that as long as payments are made you are not in danger of defaulting.
Dennis
Re: How much trouble will I be in if… - Posted by Amy
Posted by Amy on July 13, 2007 at 21:52:21:
WOW!!! great feedback. Thank you so much. I think I will do exactly that. I got an email from her today (1 day before my open house) that says I CANNOT have an open house, nor will she do one for me as long as the electric is off. What can I say, I tried to be nice.
Amy
Re: How much trouble will I be in if… - Posted by Amy
Posted by Amy on July 08, 2007 at 20:16:17:
Thanks Dennis for the advice. I looked into VA loans and such, it just states that as long as I purchased the home with the intent to occupy and I do so for a “reasonable” amt of time I can lease the home. So it sounds like I will be ok in that regard.
I’m not sure how or if I can fire my realtor. We are 3 months into a 6 month contract. My plan is to ask her to take the home off the market for a year, lease option the home and have her complete the purchase after a year, of course giving her the commission. It’s the best idea I can come up with. Again thank you for your advice. I did have some time to think about her statements and realized that she was using some pretty nice scare tactics too.
Regards,
Amy
Re: How much trouble will I be in if… - Posted by Natalie-VA
Posted by Natalie-VA on July 10, 2007 at 05:42:40:
Amy,
You should be able to get out of that listing. Just call the agent’s broker and explain the situation. They shouldn’t force you to keep it on the market when you need to put a tenant in it. You might consider putting it on the rental market at the same time. Check your listing agreement and see if it really prevents that.
–Natalie
Re: How much trouble will I be in if… - Posted by Amy
Posted by Amy on July 10, 2007 at 07:13:25:
Natalie, yeah I did check the listing agreement, it states I will not lease the property. I’m willing to be fair as to not bilk anyone out of their money so I’ve asked the realtor to take it off the market once I find a LO buyer and then after the LO year have the realtor assist with the purchase and closing. I know not an ideal situation for either of us. She has to wait for a year or longer for a commission and I have to pay her one, but I think it’s a fair trade. Well see though as she sounded like she would try to stop me from being able to do it. If she plays like that I will have no choice but to be a pain and call her broker as you suggested. Thank you for the advice, I feel like I’m going nutso with all the options and what if’s. 