AboutJim Root Expertise How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
Question Last year I made a business in Orlando Florida. I rented a house with the option to buy. I gave a $6,000 deposit for the house. We went to an attorney and agreed that If I do not buy a year after (this next July) I loose the deposit. If the owner do not want to sell then I keep the money. As the year approached we just learned that the owners are in a lawsuit against the goverment because the area used to be a practice area for the army and there could be mercury and bombs on the area. People is getting very tough times in that area to re-finance and to sell. Prices had drop to more than half. The investigator told me that I have the right to get my money back if I decide not to buy because of this. The lawsuit started well after I got into the business. What do you think about this? I was told by the attorney that I do not qualify for the lawsuit since I am renting.
Thank you
Answer HECTOR--
You have received information from an Investigator AND an Attorney on this matter and aren't feeling comfortable with what they are telling you? I wouldn't be comfortable either, unless I had hired these two professionals myself. Both are working for someone other than you--and have a fiduciary responsibility to their employers. Not to you!
The situation you are in constitutes a "Legal Issue," that would require a "legal opinion" and/or "legal advice!" And one must be licensed to provide such information! As I am not a licensed Real Estate Agent, Private Investigator or Lawyer, for me to speak to your problem would be "practicing _________without a license."
You need an Attorney of your own to determine whether or not you can "back out" of the purchase without losing your $6000,whether or not you are eligible to participate in the lawsuit against the government and/or if such participation by you would be in your best interests!Or maybe whether or not you should sue the Seller who perhaps has known about this "health & safety" issue and failed to warn you(?)
A Lawyer working for you must look at this situation and provide you with an opinion on your status and advice on the best thing for you to do! I urge you to pay for one or two hours of an Attorneys' time to get specific answers to the questions you've posed here. Even at from $50 to $250 per hour, it's cheap enough when considering the possible loss of a $6000 deposit! If you can't afford an Attorney, contact the local Chapter of the State Bar Association and ask about "Pro Bono" (Free) legal assistance!
I hope this works out well for you, Hector. GOOD LUCK!
