Buying or Selling a Home/contract

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Question
Hi,
  My wife and I are looking for a retirement home in PA for next year.  We got a Real Estate agent.  She is nice but only been in the business one year and doesn't seem to know a lot except she insisted we sign a contract with Northwood Agency that she is our only agent.  I knew enough to limit her to 3 counties in our area and only for a month.  
  We must have looked at over 50 homes, most of which were a waste of time, lots of mold.  The pictures sure don't tell the whole picture and the agent had not been at any of them before.  
  We finally found a house and put money down, filled out all the paperwork.  The seller counteroffered (orally) and we bid again and they countered and we bid again and they orally accepted.  It has been 2 weeks and we don't have a contract.  The agent said we were legally responsible and would lose our hand money if we backed out but the seller was under no responsibility and could back out.
   Today the agent called and said the house is an estate and the executor son is a lawyer and he wants contract changed from a regular deed to a Fiduciary deed.  The agent said she never heard of this before and took it to her boss and they are consulting the agency's attorney.
   We are getting discouraged and don't know what to do.  We are spending a whole lot more for this house than we originally planned and we are rather stretched.  Can you offer any advice?

Answer
Good afternoon Don,

I'm so sorry to hear about this frustrating situation.  I can't find any reason why you don't have a copy of the written ratified contract; you should have had that within 24 hours of finalization.  

As for the type of deed, I think your agent is right to have it looked at by their attorney. However, I would suggest you consider hiring an attorney that represents YOU ALONE to provide a legal opinion just to be on the safe side.  Honestly, I think it would be worth the $200-$300 dollars to have someone on your side in this.

When you're dealing with a situation such as an estate sale, this requires more patience than an ordinary real estate transaction might.  If you get a legal opinion and you're comfortable with moving forward with the deal, just sit tight until it's done and remember it will all be worth it in the end if it's the right house.

Good luck to you!  

Buying or Selling a Home

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Kerrin Kostelic, FL Broker Associate, GRI, AHWD

Expertise

Let me know if you need help with any of following type questions: How to choose a great agent? Why do I need to hire a Realtor? What does "agency representation" mean in Florida? How does a Realtor get paid? What do I need to do to get my house ready for sale? How important is pricing in getting my home sold? What if I'm under water in my current mortgage? How do I go about getting a loan? Please keep in mind that I cannot give legal nor financial advice as I am not licensed for either of these activities. In addition, real estate law changes from state to state; I am licensed in Florida only so that is specifically my area of expertise. If it is a more general real estate question, feel free to ask away!

Experience

I have been a full time real estate licensee in the State of Florida since 2000 and received my brokers license in 2005. I have helped 200+ clients and customers buy and/or sell a home, condo, or vacant property since that time. I continue to educate myself in my field taking numerous courses on financing, negotiating, contracts, Fair housing, construction, all in order to become a better professional.

Organizations
National Association of Realtors Florida Realtors Pensacola Assn of Realtors Leadership Pensacola class of 2008 Gulf Coast Search and Recovery, K-9 Inc -- volunteer, handler in training, & Secretary/Treasurer

Education/Credentials
BA in Social Sciences/Language Arts with Elem. Education certification--Univ of Michigan, 1993 Real Estate licensee in FL -- Oct 2000 to present Graduate, Realtor Institute, Nat'l Assn of Realtors -- 2004 Broker Associate, FL -- 2005 At Home with Diversity designation, Nat'l Assn of Realtors -- 2009

Awards and Honors
International Diamond and Sterling Societies, Coldwell Banker for high production and volume levels. CB United, 100% Customer Satisfaction rating Military Relocation 100% Satisfaction rating "Award of Excellence" from Realtor.com for Outstanding Internet Marketing

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