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Buying or Selling a Home/Questions Answered by Expert Todd C. Menard
| Subject | Date Asked |
| Seller backing out of contract | 11/17/2011 |
| Q: My husband and I have a ratified contract on a house we are hoping to buy. Our home inspection ... A: seller disclosure, property construction codes, requirements to use licensed and bonded contractors, ... | |
| Contract | 11/14/2011 |
| Q: What is my obligation if I have someone who has made an offer on a short sale, but my original six ... A: The difference between an 'offer' and a 'contract' is whether you accepted the offer and signed it. ... | |
| Realtor on HOA Board receiving Builder referral fees | 9/1/2011 |
| Q: The Chair of my HOA's architectural review committee is a local realto and has a referral aggreement ... A: David - If the REALTOR was a member of the HOA itself then possibly based on the actions not the ... | |
| Fannie Mae | 7/19/2011 |
| Q: I am trying to purchase a fannie mae home. Per our appraiser it needs to be termite tented and ... A: which means that they perform the work prior to closing and send the escrow company the invoice for ... | |
| capital gains tax break | 5/6/2011 |
| Q: I own a home in new york for 35 years and purchased a home in florida where I am now a resident. ... A: The time that you live in the home annually may affect the definition, however the rule takes into ... | |
| pertinent info afforded to buyer | 5/5/2011 |
| Q: recently purchased a house in buckeye,az.The unsigned SPDS said No assessments.6 months later i get ... A: To begin, if the seller did not disclose anywhere within the contents of the transaction ... | |
| Buyer Representation | 3/22/2011 |
| Q: I am a NYC licensed Real Estate broker representing a buyer who is interested in purchasing a ... A: Article 3 of the NAR Code of Ethics indicates that "REALTORS® shall cooperate with other brokers ... | |
| house | 3/17/2011 |
| Q: How much incomes do one need to make to own a $350,000 house? A: I can let you know that each individual loan (source of funding) requires different 'guidelines' ... | |
| Disclose? | 2/24/2011 |
| Q: Menard: I'm a Realtor that will soon make an offer for a buyer on a short sale home in Gold Canyon, ... A: . not a window mounted ac system. Most of the time the square footage of a patio turned into Arizona ... | |
| down payment | 2/24/2011 |
| Q: Banks loan out 80% of a homes worth, correct? So, If a Home appraises for 200,000 but the Owner is ... A: Actually, it is the loan guidelines that determines the buyers investment (down payment) based ... | |
| Disclose? | 2/23/2011 |
| Q: Menard: I'm a Realtor that will soon make an offer for a buyer on a short sale home in Gold Canyon, ... A: This red flag immediately indicates that it was not part of the original square footage of the home. ... | |
| LSR | 2/7/2011 |
| Q: When purchasing a home you get pre-qualified for a loan. Now when you find the home you want, you ... A: In Arizona, the LSR Loan Status Report indicates the loan terms that you are "seeking" and if ... | |
| upside-down | 1/19/2011 |
| Q: We moved to AZ from GA in 2006 and bought our house a few months before the market declined. We ... A: The initial thought is be exceptionally careful of the advice you receive from family, friends, real ... | |
| HUD breach of contract | 12/29/2010 |
| Q: My boyfriend and I are in the process of trying to purchase a HUD owned home. The home is listed ... A: If you still desire the home I recommend that you remain diligent in identifying your position. If ... | |
| selling my home? | 12/28/2010 |
| Q: i am under contract selling my home. when the inspections were done the agent said they wanted the ... A: That said, in the AZ Residential Purchase Contract the buyer has the right to request that items of ... | |
| Terminating Contract | 11/2/2010 |
| Q: I listed my house with a large local firm in NJ in June, 2010. In 4 months, the agent has ... A: These are the individuals that are responsible for supervision of the agents and hopefully care ... | |
| Title Problem | 10/12/2010 |
| Q: I learned that my deceased husband had forgotten to put my name on the deed of a house I now need to ... A: You must seek an attorney to resolve your dilemma. One way to accomplish this is to file the court ... | |
| Commission for selling my MH in Santa Clarita, CA | 10/2/2010 |
| Q: I am trying to sell my late model MH in Canyon Country (Santa Clarita), CA, and I've had different ... A: Each broker decides what activities and services they will provide and for what fee. Therefore, it ... | |
| RE Dealers | 9/13/2010 |
| Q: What is the difference in real estate dealers? Or is there one? They all have the same info don't ... A: Usually when someone asks about dealers they are referring to manufactured homes that are not ... | |
| cancelling agreement to sell home | 8/28/2010 |
| Q: i LIVE IN CANADA AND AGREED TO LIST MY HOME YESTERDAY--------i WAS UNDER DURESS AND HAVE CHANGED MY ... A: Refer to your contract for terms regarding cancellation, temporarily off-market, or off-market. It ... | |
| Real Estate Agent Compensation | 8/18/2010 |
| Q: Are realtors allowed to form an LLC or Corp if they work under a broker so that when they are paid ... A: In Arizona, the type of entity must be a PC/PLLC - Personal Corporation/Personal Limited Liability ... | |
| realtor | 8/6/2010 |
| Q: I am having a hard time finding a realtor. The realtors I have contacted have not responded. How ... A: Anticipating you have already asked friends for a referral (the ultimate objective of networking for ... | |
| Insulation in 1960s home | 8/1/2010 |
| Q: To sell a house in Washington state that was built in the 1960s, do we have to update the insulation ... A: Although inspection companies must indicate that the code has changed and usually state the new code ... | |
| home buyer problems | 7/15/2010 |
| Q: I recently purchased a home had my inspector as well as an FHA inspector look over the home both ... A: The state licensing entities that govern Home Inspection are different in every state. In AZ, for ... | |
| Found out that Home not in our name just the Land | 6/30/2010 |
| Q: I've sold our manufactured home with own Land in B.C. Just 2 days before closing we were informed ... A: Helen - Please excuse my delay in replying. I would immediately seek legal assistance by an attorney ... | |
| home real estate listing | 6/2/2010 |
| Q: I've had my home for sale on the market for over a year and I'm taking it off the market for about ... A: Retirement and seasonal rentals in resort communities are over the winter months when winter ... | |
| Getting back hand money | 5/20/2010 |
| Q: I am an aspiring first-time home buyer, and made a good faith (hand money) payment at the beginning ... A: The answers you seek are provided in the terms of the contract. Since I am not aware of the state or ... | |
| Ethics | 5/8/2010 |
| Q: I moved to another state two years ago and rented out my existing home after an unsuccessful attempt ... A: Articles 1-9 cover an agents "Duties to Clients and Customers" ... | |
| Home builder referral fees | 4/28/2010 |
| Q: Is it legal for custom home builders in AZ to offer real estate agents referral fees or finder's ... A: .. and providing there is no other part of the offer that might be interpreted as a violation the ... | |
| Home builder referral fees | 4/28/2010 |
| Q: Is it legal for custom home builders in AZ to offer real estate agents referral fees or finder's ... A: A REALTOR may accept a referral fee paid by another Broker for the referral of potential business. ... | |
| Flooring Allowance New Construction | 4/21/2010 |
| Q: I am buying a new construction home where I have been given a flooring allowance. There is no ... A: When a builder offers an allowance usually, since the builder already anticipated the costs of ... | |
| enforcable purchase contract | 4/20/2010 |
| Q: I am the BUYER. I signed a Purchase Contract in AZ.It was to be an ALL Cash deal on a Condo that is ... A: .. so don't be too threatened by the ignorance of the other seller/representative. Having discovered ... | |
| Addendum on Short Sale: Conditionally Refundable Earnest Deposit | 4/13/2010 |
| Q: I'm a Realtor in Gilbert, AZ, and submitted an offer for some buyers on an MLS-listed short sale ... A: Many agents/brokers consider the buyers failure to deposit the earnest as breach in itself and ... | |
| 90 day title transfer law | 4/10/2010 |
| Q: I know lenders will not lend money to buyers if the title has changed hands in the last 90 days. Is ... A: "Waiver of Requirements of 24 CFR 203.37a (b)(2) Pursuant to §7(q) of the Department of Housing and ... | |
| Addendum on Short Sale: Conditionally Refundable Earnest Deposit | 4/7/2010 |
| Q: I'm a Realtor in Gilbert, AZ, and submitted an offer for some buyers on an MLS-listed short sale ... A: The buyer now has the obligation to deposit the earnest money within the two days. Failure to ... | |
| required documents | 4/3/2010 |
| Q: I am buying a home in Wisconsin and in the contract, it stated that I need to supply my financing ... A: therefore, you are not required to provide documents the contract does not require. Anticipating the ... | |
| Obligation | 3/25/2010 |
| Q: My buyer learned of a property for sale through family and I showed it to her. Then the listing ... A: For this to be unethical it would have to violate an Article of the NAR Code of Ethics. There is not ... | |
| lease with the option to buy | 3/13/2010 |
| Q: This pass august i entered into a lease with the option to buy agreement. The problem is the ... A: I found it when I was replying to another party. That said, there are a number of programs to assist ... | |
| Amendmants to HOA Convnants | 3/13/2010 |
| Q: When I purchased my new home in Delaware last Oct. 2009, I signed a form stating that I received a ... A: David - HOA can only enforce what the CC&R's indicate and only in accordance with their policy ... | |
| Repairs needed after settlement | 3/2/2010 |
| Q: I recently bought a house in my neighborhood and rehabbed it and sold it. In the seller's ... A: From a real estate perspective, the question to consider is "did you know of the latent defect or ... | |
| Purchasing a home under a LLC | 2/21/2010 |
| Q: Can an LLC have title to a home even if the mortgage is in the name of someone separate from the ... A: I was out of town at a corporate convention. This is actually a very complicated question. Actually, ... | |
| house I was interested in de-listed | 2/17/2010 |
| Q: I am looking for a house to buy. One of the houses I was interested in has suddenly been de-listed ... A: Mark - I am sorry for the late reply. I was out of town for a corporate convention. Please accept my ... | |
| house I was interested in de-listed | 2/17/2010 |
| Q: I am looking for a house to buy. One of the houses I was interested in has suddenly been de-listed ... A: I would be happy to dig deeper and strategize although I am not certain why you would want to ... | |
| Calling the listing agent | 2/17/2010 |
| Q: I am a prospective first-time homebuyer. I have been working with an agent (Jim) and have seen ... A: If you have not signed a representation agreement #buyer broker agreement# then you are not ... | |
| house I was interested in de-listed | 2/16/2010 |
| Q: I am looking for a house to buy. One of the houses I was interested in has suddenly been de-listed ... A: .. timing of both the offer submissions and the sellers timing. Creativity can offer opportunity in ... | |
| buying land | 2/10/2010 |
| Q: I want to buy ten acres of land connected to my mother's property. the man who owns it is willing ... A: If the seller is willing to sell then the seller may be willing to remove or include the ... | |
| Loan Status Report | 2/9/2010 |
| Q: Todd, I'm a Realtor in the Phoenix Metro Area. I'm not new, but I've got a question that makes me ... A: The buyer/buyer agent has a duty to disclose to the seller/seller's agent any known issues that may ... | |
| Contruction loan to primary with no certificate of occupancy | 2/5/2010 |
| Q: Are there any laws binding a lender to have a C of O to convert a construction loan into a primary? ... A: A Construction-Permanent loan is a type of construction loan that converts directly into your ... | |
| use of term "house Trailer" | 1/31/2010 |
| Q: The CCRs in our subdivision state that no "house trailer" may be placed, parked, or stored on any ... A: Mike - I am so sorry I did not reply sooner. I just learned of your reply, please accept my apology ... | |
| use of "house trailer" in CCR | 1/29/2010 |
| Q: The CCRs in our subdivision state that no "house trailer" may be placed, parked, or stored on any ... A: Laws change and many times the homeowners association does not remain diligent in keeping abreast of ... | |
| closing delays | 1/16/2010 |
| Q: our closing was day after thanksgiving.we were the sellers. 3 days before realtor asked for delay ... A: I recommend you contact the agents Designated Broker. This person is the person responsible for ... | |
| Mobile Home loan default | 1/4/2010 |
| Q: I have defaulted on my mobile home loan in California and the home is going to foreclosure but its ... A: In providing appropriate direction the following question must be determined. The fundamental ... | |
| Funds Necessary to Close | 12/12/2009 |
| Q: I already made an offer and seller accepted. My financial needs for the down payment and closing ... A: and depending on the terms of the contract, it is highly likely that if you 'fail to have the ... | |
| selling home | 12/11/2009 |
| Q: My husband and I purchased a home from my parents over 20 years ago. My parents did not want a down ... A: your brothers rights to accelerate the loan. Your mother, provided she did not pre-decease your ... | |
| Racial "Steering" | 11/29/2009 |
| Q: I am concerned that my realtor might be steering me away from preferable housing because I am not ... A: I was out of town and returned today. Unfortunately, racial steering probably does still exist. To ... | |
| dishonest listing agent | 11/21/2009 |
| Q: my husband %26 I were supposed to purchase a home in AZ on 11/13/09. This is (for now) an investment ... A: This is where the property is still in the sellers "A" name, but they contracted with another party ... | |
| Short Sale Questions | 11/6/2009 |
| Q: I am hoping you can help me with some questions. We are currently trying to sell our house and we ... A: The first step is "do you qualify for a short sale"? To answer this I recommend going online to ... | |
| Liability to Seller | 10/7/2009 |
| Q: Does anyone know if a home inspector has any liability to a seller when performing an inspection for ... A: Jack - Got your message an ddid not anticipate the need to follow-up although I didn't want to leave ... | |
| Liability to Seller | 10/7/2009 |
| Q: Does anyone know if a home inspector has any liability to a seller when performing an inspection for ... A: all Home Inspectors must be licensed. Each state has specific laws that govern the area of expertise ... | |
| Selling & Buying In This Market (10/09) | 10/4/2009 |
| Q: I think that this is a great market for buyers, which means not so great for sellers. I can afford ... A: Lets first talk about the concept of investing. Buy Low, Sell _______, correct "high". But the this ... | |
| Lower appraisal | 9/27/2009 |
| Q: I have a bid in for a house for $220k.I had a apparisal done and it came in at $220k My lender I am ... A: As you have just experienced, in this market, appraisal standards, and HVCC, are causing significant ... | |
| Can the Dead own a home? | 9/20/2009 |
| Q: Strange question, but true. My mother owns 2 properties in Pittsburgh, PA. 1)The residence she ... A: Michael - I am so sorry for the delay, I was not electronically notified of your reply. This is ... | |
| Can the Dead own a home? | 9/20/2009 |
| Q: Strange question, but true. My mother owns 2 properties in Pittsburgh, PA. 1)The residence she ... A: Deeds are handled differently depending on whether PA is a "lien theory" or "title theory" state. In ... | |
| House | 9/18/2009 |
| Q: Can you tell me everything about buying a house? How does it all works? A: In this reply, lets consider the general process. If you desire more information with regard to a ... | |
| 2009 Housing Tax Credit | 9/11/2009 |
| Q: I am hoping to get some help with a question about purchasing a house in 2009 and getting the $8000 ... A: This is the date that is considered your settlement date AKA Closing date. If you have any other ... | |
| Joint tenancy | 8/31/2009 |
| Q: We signed a contract (actually 2 contracts) on a piece of real estate in Chicago IL. There are ... A: On the other hand, I have been in the situation where only one of the sellers signed the listing ... | |
| AS IS | 8/31/2009 |
| Q: Is it a violation (legal or otherwise) for an agent to list a property and not have in the listing ... A: The issue for the REALTOR is the National Association of REALTORS Code of Ethics. Article 12 ... | |
| "As Is" Listing | 8/30/2009 |
| Q: Is it a violation (legal or otherwise) for an agent to list a property and not have in the listing ... A: Basically the inspection period is your protection to investigate the property. Each contract states ... | |
| delemma | 8/29/2009 |
| Q: My daughter and her husband found a house. Becuase they have 'contracted' with a agent (this agent ... A: Contract law indicates that if they signed the contract they will be held to the contract, unless ... | |
| Transfer ownership of Real Estate to a sibling | 8/16/2009 |
| Q: What is the best way to transfer ownership of some real estate (apt, condo) from one sister to ... A: Any excrow company will complete the form for you, with your direction, and have the document ... | |
| First-Home Worries | 8/11/2009 |
| Q: my husband and I just bought our first home in Florida. It was a foreclosure and got a great deal on ... A: My recommendation is to immediately contact a real estate attorney. (1) There is a requirement for ... | |
| HOA Failure to disclose | 8/10/2009 |
| Q: Just purchased a large custom bank-owned home in AZ. The sale closed June 30. We paid the HOA $75 ... A: Of course, I would imagine your desire is to hold the appropriate party accountable for the costs ... | |
| Arizona nightmare | 8/7/2009 |
| Q: I opened my mail a few days ago to find a notice from the Pima County tax 'police' that my house ... A: You may find the issue is with the Pima County Assessor and not title. Then again, if it is an ... | |
| $8000 tax credit | 8/6/2009 |
| Q: My wife and I were recently denied for a home loan. We are a bit disappointed because we really ... A: *************************************************** Hector (UPDATE) - This is a revised answer to ... | |
| buying a house | 8/4/2009 |
| Q: Todd, I am looking for some neutral advice about a home purchase my wife and I are attempting in ... A: As a seller or a buyer the strength of your representation will determine your interpretation of the ... | |
| buying a house | 8/4/2009 |
| Q: Todd, I am looking for some neutral advice about a home purchase my wife and I are attempting in ... A: The median sales price has actually increased $20,000 in the last three months as reported by ... | |
| Q | 8/3/2009 |
| Q: I never owned property before. I just have been using master card for over 15 years. I know I have ... A: a financial planner or possibly even an attorney. Short of investigating these different areas of ... | |
| Earnest Money | 7/23/2009 |
| Q: I recently put an offer in on a house that did not work out, now I am working with my realestate ... A: Simply yes, if your offer was not accepted then the check should not have been deposited in escrow ... | |
| bidding on a home | 7/9/2009 |
| Q: i bid on a house 11 months ago while it was listed with a realtor. Now it is for sale by owner, can ... A: The answer to your question is 'Probably but it depends'. This depends not on you but the sellers ... | |
| selling and buying a home | 7/5/2009 |
| Q: I own a home with a lot of equity...say it is worth 100,000 and I have 75,000 in equity. I plan to ... A: the disclaimer! This question should be asked also of a financial planner, tax CPA, and possibly a ... | |
| Closing Delay By Purchaser...leading to Additional Seller Costs | 6/27/2009 |
| Q: Todd: I have an issue and want to know if I have any recourse. My purchasers of my home were very ... A: You are correct. First, you have the right to consider the terms under which you would be willing to ... | |
| title insurance | 6/25/2009 |
| Q: I own a piece of property and I have a " policy of title insurance ". Should I get an abstract for ... A: Margaret - I apologize for the delay. Discussion of title policy is considered practicing law and ... | |
| Seller can back out of contract with amendment? | 6/19/2009 |
| Q: I am at 21 days of a 45 day escrow. I will need to issue an amendment to the original contract ... A: modifications or alterations to the contract' rather than assignment since you are remaining on the ... | |
| selling to a family member | 6/18/2009 |
| Q: I would like to sell my house to my brother. It's current value is approx. $450,000, but I would ... A: The least expensive way is to use an Escrow/Title Company and tell the escrow officer your terms and ... | |
| Real Estate Ethics - Buyers | 6/17/2009 |
| Q: Is it legal to represent more than one buyer (agent is not listing agent) and put in offers on the ... A: com) does not reference this issue. Article 1 however does indicate that the REALTOR must always ... | |
| mineral lease bonus | 6/15/2009 |
| Q: I closed on my home on 3/5/2007. In the contract, I leased the property to the previous owner until ... A: and prior to, during or after you entered into contract and subsequently closed, the seller entered ... | |
| Buying a house with boyfriend, contract details? | 6/11/2009 |
| Q: My boyfriend and I (and our son) are closing on a house in a month. We have asked our attorney to ... A: When selecting an attorney it is imperative that they specialize in real estate. It is reasonable ... | |
| selling price | 5/14/2009 |
| Q: We put our Ahwatukee home on the market April21 for 210k. It was worth maybe 225 2 months before ... A: rather quite the contrary. The market could be interpreted as improving with the understanding the ... | |
| Changing Realtors | 5/14/2009 |
| Q: My Realtor's contract expired at the end of April and I have been extremely unhappy with her. If I ... A: R.S. 32-2151 must include a beginning date and an ending date as well as an amount of compensation ... | |
| Septic Tank Issue | 5/14/2009 |
| Q: I purchased a previously owned home in Wayne Illinois with a septic tank about a year ago. recently ... A: . maybe its just so you know its their property... maybe they want you to remove it... verify the ... | |
| Changing Realtors | 5/8/2009 |
| Q: My Realtor's contract expired at the end of April and I have been extremely unhappy with her. If I ... A: You would no longer be responsible under the terms of the contract. However, there is a term called ... | |
| home buying | 5/4/2009 |
| Q: I entered a contract with a seller who is not the legal owner on record. I found this out the day ... A: First, it could be no problem, second, it could be a major crisis. The first, it could be this was ... | |
| Compensation to buyer's agent | 5/1/2009 |
| Q: I am looking to purchase my first home and have a few questions concerning my relationship with my ... A: Answering this from another perspective... you could say that the listing agent charges a fee for ... | |
| Compensation to buyer's agent | 5/1/2009 |
| Q: I am looking to purchase my first home and have a few questions concerning my relationship with my ... A: In this case, buyer broker services should be paid by the buyer. When two brokerages that both ... | |
| Suggestions please? | 4/25/2009 |
| Q: "Hello, I have lived in a home for 20 years, we refinanced a couple times. My brother and ... A: First, contact the lender and tell the lender the situation and ask about your options. One option ... | |
| purchasing a tenant-occupied house in short sale- tenant refuses to vacate | 4/24/2009 |
| Q: I made an offer on a home in short sale on January 18,2009. Settlement, after being stalled by the ... A: There are a couple of issues. First, usually the new owner must honor any existing lease on the ... | |
| Breaking a lease | 3/23/2009 |
| Q: I have heard that there is a law that states that you can break a lease in Florida if you are ... A: I am not aware of any law stating this. The 'term' that would allow a tenant to 'break' a lease ... | |
| release of deposit money | 3/22/2009 |
| Q: I am a Fl. resident with a signed sales contract for my home. This is a failed cash transaction ... A: this language would indicate that the buyers failure to provide the funds along with failure to ... | |
| release of deposit money | 3/21/2009 |
| Q: I am a Fl. resident with a signed sales contract for my home. This is a failed cash transaction ... A: What does the contract say the terms of breach or failure to close are? Does this breach provide for ... | |
| Filing a Complaint | 3/20/2009 |
| Q: My sister called a listing realtor to show us a home that we were interested in. My sister let the ... A: There is more than one potential violation in your question. Article 16 "interfering with another ... | |
| getting my deposit back | 3/17/2009 |
| Q: We put a deposit on a house but did the broker who was the owner of the house, could not get us ... A: In Arizona there is a finance contingency built into the contract which in the event a buyer is ... | |
| adding name to home title | 3/16/2009 |
| Q: I recently moved to AZ and bought a house. My wife had not relocated at the time so her name isn't ... A: Contact the Escrow Agent at the title/escrow company you used to buy your home. Tell them the ... | |
| telling purchaser the appraised value | 3/15/2009 |
| Q: My parents have decided to try and sell their home themselves. They got the appraisal and would ... A: First, your parents are not obligated to disclose the appraisal exists or the appraised value unless ... | |
| Listing agreement | 2/26/2009 |
| Q: We listed our home for sale on 8/29/08 with an agent who seemed very agreeable to handling our ... A: First, you must determine if she is a member, and you can determine this by visiting Realtor.com. If ... | |
| loan officer uses her dad to steal 1/2 comission | 2/16/2009 |
| Q: Sir, I need to ask a ethic question. A realestate agent used a new loan officer to complete a sale ... A: This is a great question! It raises a number of issues... but let me answer the question, then I ... | |
| Disclosures | 1/31/2009 |
| Q: I want to sell my house. However, it is "haunted." I've lived here for nearly 10 years and it hasn't ... A: In AZ as a seller you DO NOT have to disclose violent crimes, AIDS, sex-offenders, etc as this ... | |
| contracts | 1/28/2009 |
| Q: I wanted to buy a 1948 home but I did not want to buy it without a home inspection. The realtor ... A: PERIOD. This is the key ingredient of a buyers opportunity, and due diligence, to ensure the ... | |
| Getting our money back out of escrow | 12/18/2008 |
| Q: We are in Southern California and are trying to buy a home. We found a house we thought would work ... A: There are so many issues here that this reply will be exceptionally long. Let me state two obvious ... | |
| Buying out ex's interest in marital property | 12/17/2008 |
| Q: As part of divorce, (6/14/07) my ex was awarded physical residence of the marital property, and I ... A: Good Morning Norman - Thank you for the follow-up. I am glad to learn that the 'original' judgement ... | |
| Buying out ex's interest in marital property | 12/17/2008 |
| Q: As part of divorce, (6/14/07) my ex was awarded physical residence of the marital property, and I ... A: Also, your possession concern is well warranted. If there are no additional requirements established ... | |
| Good time to buy | 12/15/2008 |
| Q: .please help is it a good time to buy now or will it get better ?? I want to buy but I am hearing it ... A: and whether the acquisition is for personal or investment reasons. Prices are low, this is true. ... | |
| turns out our inspection was not good | 12/14/2008 |
| Q: We live in CA. Almost two years ago we bought a home that had some renovations done to it. We had ... A: buyer diligence, building code, and home inspection. As a result there may be "potential" and ... | |
| Preventing neighbor's disclosure fraud | 12/5/2008 |
| Q: Neighbor bought house 6 years ago. He was not properly informed about a creek running through his ... A: .. the first is the right to install the sign and second, the potential for risk reduction by ... | |
| real estate | 12/4/2008 |
| Q: I own a rental row house in baltimore md, do I have to buy hazard insurance for it? A: Liability and hazard insurance is usually required on properties which have been financed as a ... | |
| Due-dilegence sewer/septic | 12/1/2008 |
| Q: What is the easiest way to determine if a property is on the public sewer system or a private septic ... A: Good Morning David - Normally there is no fee as sewer/septic is pertinent information to the ... | |
| Due-dilegence sewer/septic | 11/30/2008 |
| Q: What is the easiest way to determine if a property is on the public sewer system or a private septic ... A: They will flush the dye in a toilet and check for the dye remnants in the sewer in front of the ... | |
| Right to represnt | 11/17/2008 |
| Q: We bought our first house 7 years ago in a very different market. Our agent worked vary hard for ... A: First of all, if you did not sign an 'Exclusive' buyer broker agreement with her to represent you on ... | |
| Giving a house as a gift | 11/11/2008 |
| Q: What is the procedure if I want to give a house with a paid up mortgage to my grandson as a gift. ... A: Good Morning Sid - I will anticipate 'paid up' mortgage means you own the property Free and Clear. ... | |
| Landlord being foreclosed REaltor Getting People Into The Property | 11/7/2008 |
| Q: I had been renting a property in Orlando Florida. I was paying the rent on time every month. My ... A: in the event that there is visible damage or act of waste the landlord may enter without notice. You ... | |
| Preventing neighbor's disclosure fraud | 10/11/2008 |
| Q: Neighbor bought house 6 years ago. He was not properly informed about a creek running through his ... A: seller disclosure is a mandatory requirement promoting the disclosure of known latent defects, ... | |
| HOA Disclosure | 10/8/2008 |
| Q: My son bought a house in a HOA and he never received the Disclosure package. At the time of closing ... A: he should seek legal counsel. Specifically from an attorney with HOA/real estate experience. ... | |
| covenants | 9/29/2008 |
| Q: I purchased a home in a subdivision that has an hoa. When I was looking at this house I informed the ... A: In addition, each state has a governing agency that real estate sales requirements including notice ... | |
| realtor lied | 9/24/2008 |
| Q: Our realtor told us we had reached a deal on our purchase. After asking for a copy of the contract ... A: In general, you always want to get everything in writing. 'Normal procedure' is when the agreements ... | |
| house i bought | 9/11/2008 |
| Q: I recently found out that the house i bought was sold to me on the terms that it was on sewer but i ... A: There are multiple levels of repsonsibility in disclosure issues. First, were you represented by an ... | |
| Seller bought pre-construction | 9/5/2008 |
| Q: My husband and I are U.S. citizens negotiating a contract on a condominium in Puerto Aventuras, ... A: my area of expertise does not include property laws and real estate governance in Mexico. I ... | |
| Joint ownership | 8/30/2008 |
| Q: My husband and I and my son and his wife purchased a home together 3 years ago as an investment with ... A: If not, this will complicate the 'fairness' to buying out their interest and we can discuss this ... | |
| Disclosure | 8/27/2008 |
| Q: I'm going to skip alot of details. A '83 doublewide was bought & paid for 12,000 from a friend in ... A: I discussed this with my firms legal counsel and since I am not an attorney, and he does not ... | |
| Builder-delayed closing | 8/26/2008 |
| Q: Our closing was delayed 4 business days by the builder or lender because few homes in the $600,000 ... A: In addition, the assessors value usually does not take into consideration the land unless separately ... | |
| BackUp Offer | 8/24/2008 |
| Q: I submitted a contract after the property was in "contingent" status. Buyer 1 has a home sale ... A: laws, administrative codes, and procedures. Obviously, I specialize in N.A.R. Code of Ethics and ... | |
| real estate inspection | 8/18/2008 |
| Q: we are buying a home and the inspection is scheduled for this Wednesday. the listing agent said ... A: To answer you question you would have to look at your contract. If you are in AZ the contract ... | |
| First time Home buyer? Lots of questions... | 8/16/2008 |
| Q: This is the first home we are buying, and I have a few questions and you might know some inside ... A: I would not have recommended using the seller as your loan originator. Depending on your contract ... | |
| Obtaining earnest deposit back from builder | 8/15/2008 |
| Q: My husband and I paid $15,000 for an earnest deposit on a new build home with Keystone American in ... A: You must obtain an attorney. The problem is that you have already moved out of your existing home. ... | |
| buying now? | 7/28/2008 |
| Q: I live in east Bay and I am trying to buy a single fam residency. Should I wait for a couple of ... A: When prices are low and the interest rates are low then typically that make housing more affordable ... | |
| House not appraised high enough | 7/22/2008 |
| Q: Is there anything that can be done, in this bad market for saleing a home, if you owe more then what ... A: I have never heard of a quick-sale... she may mean a short sale or she was possibly speaking of a ... | |
| getting out of a contract | 7/19/2008 |
| Q: we are under contract to buy a home in NJ and are supposed to close the second week in august. ... A: .. mutually and contractually. First you should always talk directly to the builder to arrive at ... | |
| buying repo home | 7/10/2008 |
| Q: The home that I plan on purchasing is only $35,000 is it necessary to find an agent? Do I have to ... A: You do not need to obtain a loan if you have the money to pay cash in the bank, or the money is ... | |
| real estate | 7/9/2008 |
| Q: If I sell my rental home through a realtor and by the time we close the mortgage is one month late ... A: There is really two situations here. If you are in escrow and the closing takes longer than ... | |
| House not appraised high enough | 7/8/2008 |
| Q: Is there anything that can be done, in this bad market for saleing a home, if you owe more then what ... A: homeowners are suffering from increased mortgage payments as a result of a recalculation which was ... | |
| Questions regarding buying a home | 6/25/2008 |
| Q: I live in the Chandler area. I have already been pre-approved by several banks for FHA loans and ... A: First, short sales require patience by the buyer. The term 'pre-approved' means a prospective ... | |
| RE classes online | 6/25/2008 |
| Q: I wasn't sure where to ask this question so forgive me if it's posted in the wrong area. I am ... A: the State portion; and the federal portion. Obviously, the state controls the education necessary to ... | |
| Disclosure | 6/18/2008 |
| Q: We purchased our home in Jan 2007. Shortly after we moved in our next door neighbors began ... A: There are many potential HOA, local and state law, administrative code, common law, zoning and ... | |
| real estate contract time limit | 6/8/2008 |
| Q: We saw a house in Illinois through a realtor that was for sale by a real estate company. The house ... A: I replied the day after your posting. I do not know what happened. Please accept my apology for any ... | |
| New Home Construction - Different from Model | 5/28/2008 |
| Q: I'm about 3 weeks away from closing on a newly constructed home (Taylor Morrison)and, after doing ... A: .. he is the guy that controls the subcontractors... usually he is willing to assist in the little ... | |
| Escrow deposts | 5/26/2008 |
| Q: We are FSBO's that signed a P&S with the contingency that the appraisal price of our home was ... A: Robert - It is difficult to determine the reality without documentation. The transaction is usually ... | |
| Escrow deposts | 5/23/2008 |
| Q: We are FSBO's that signed a P&S with the contingency that the appraisal price of our home was ... A: in many parts of the country the real estate markets inventory is has leveled off and the decline in ... | |
| Escrow deposts | 5/23/2008 |
| Q: We are FSBO's that signed a P&S with the contingency that the appraisal price of our home was ... A: I would imagine there are cancellation provisions of the contract including such wording and ... | |
| new home contract | 5/23/2008 |
| Q: We purchased a new home last June, and our builder's home warranty is about to expire. When we ... A: The grass, and the language used in the contract. Usually, if there is a contingency, the builder ... | |
| Buying a home/hit a snag | 5/19/2008 |
| Q: My fiance and I are in the process of buying a home. 8 days ago the seller accepted our offer and we ... A: what is it you are trying to accomplish? Condition of the premises, more inspection time, to cancel, ... | |
| buying a foreclosed property | 5/13/2008 |
| Q: I have decided to help my son with his first purchase. He lives in the Tempe area and has asked the ... A: OK- Now let me answer each of your questions. 1-Seller Contributions: Whether or not the ... | |
| Awards? | 5/9/2008 |
| Q: My property manager advertises himself to be an award-winning, nationally recognized real estate ... A: True professionals work hard to achieve additional education to provide a higher-fiduciary service ... | |
| purchase agreement cancelation | 5/8/2008 |
| Q: I am a Seller of a home and my wife and I have signed a purchase agreemnt. If we have decided to get ... A: The negative side is your potential liability for damages to the builder. Sometimes it is loss of ... | |
| family investment | 5/5/2008 |
| Q: my parents own land about 2 acres. They have 4 adult children all with incomes above 60,000 a year. ... A: Inquire about taking title as tenants-in-common (TIC). This means each tenant would own an undivided ... | |
| breaking a lease option to buy | 4/23/2008 |
| Q: about 9 months ago i signed a lease option to buy on a 1375 sq. ft. home. now i find that my family ... A: I would recommend that you go online and review the Florida Landlord Tenant laws. A quick search ... | |
| Home contract cancelled upon mutual agreement, but builder not returning deposit | 4/22/2008 |
| Q: We live in California and we entered into a preliminary home buying contract for a town home in Utah ... A: contact the REALTOR and the Firms Broker and ask for their assistance. If not remember, the on-site ... | |
| Wholesaling Real Estate to Distant Investors | 4/14/2008 |
| Q: I'm in the Metro Detroit, MI area and I wholesale real estate. I recently learned that there are ... A: They will have links to other state investor associations. In addition you may want to try online ... | |
| Breach of Contract | 4/4/2008 |
| Q: We purchased a lot and built a home located within a vacation resort all coordinated by the resort's ... A: The builder sells the property to the buyer at a perceived value (base price plus options less a ... | |
| rescinding purchase agreement | 4/2/2008 |
| Q: I verbally agreed to sell my house to someone about 2 months ago. He brought over the $500 earnest ... A: Each state deals with this situation differently. However, am I correct in my understanding that you ... | |
| Getting Earnest Money Back | 3/30/2008 |
| Q: My wife and I signed a contract with DRHorton to build a home here in Illinois. Before signing the ... A: If you do not follow all the terms of the contingency than the builder will be able to retain your ... | |
| Release from Contract | 3/28/2008 |
| Q: We have a contingency in our contract that depends upon us obtaining a construction loan (for a ... A: always go back to the wording in the contract. What do the terms of the contract say with regard to ... | |
| seller's agent scammed us | 3/26/2008 |
| Q: We had an accepted offer on a foreclosed home this past August. We had inspection after inspection ... A: The ability for a borrower to perform depends on the depth of the pre-qualification, as all are not ... | |
| Builder Price Cuts After Closing | 3/9/2008 |
| Q: I've recently moved into a neighborhood being developed by CENTEX as one of the first 20 residents. ... A: then 'to make the situation right' the builder only has to accommodate you. This is a good position ... | |
| Builder Price Cuts After Closing | 3/7/2008 |
| Q: I've recently moved into a neighborhood being developed by CENTEX as one of the first 20 residents. ... A: Obviously the builder is not obligated to provide any reductions. In Phoenix, Maracay Homes reduced ... | |
| Backing out of a real estate contract | 2/21/2008 |
| Q: I signed up to buy an inventory home from a builder. 2 Months later due to economic reasons I ... A: That said, you indicated you were represented by an attorney.. did the attorney specialize in ... | |
| real estate disclosure | 2/15/2008 |
| Q: ow we are dealing with the issues they say the will try to repair the home, yet now we have found ... A: Since 1996 there has been an increasing number of claims with regard to poor craftsmanship including ... | |
| Sale of Second Home | 2/4/2008 |
| Q: Parent transferred home to (parent and 4 children) in 1999 for $1.00 New deed Showed 5 names as ... A: From a real estate perspective there are many asset preservation and tax limiting strategies that ... | |
| Removing name from deed | 2/3/2008 |
| Q: In April of 2007 I purchased my first home in New York. My fiancé was my real estate. At the ... A: As far as the deed (lien) scenario the rule is "first in time first in line". This means at the ... | |
| quick claim deed | 1/31/2008 |
| Q: "My mom did a quick claim deed to me for her house. Will I incur any taxes or have to pay any ... A: The method of deed transfer is not relevant to the question of taxes other then the person who owns ... | |
| GOOD FAITH DEPOSIT | 1/23/2008 |
| Q: Is a good faith deposit($8,000) REFUNDABLE? THE BUYER HAD THE HOUSE OFF THE MARKET FOR 3 1/2 ... A: Probably not. Good Faith Deposits (AKA Earnest Money) are amounts of money pledged by the buyer to ... | |
| Special Assessments | 1/11/2008 |
| Q: I purchased a house in September of 2007. The previous owners lived in the house for only 9 months. ... A: Let me preface my reply with the disclosure that I am not a real estate attorney and I would ... | |
Buying or Selling a Home
Answers by Expert:
- Todd C. Menard
- Dottie Worthington
- Jay Denit
- Laurie Stephenson
- Hans Weber, Licensed Broker Associate
- CJ Brasiel
- Tim Norris
- Matt Heisler
- Jim Root
- Sue Bernstein
- Ted Lewis
- Connie Wildasinn-Broker,GRI,Realtor®
- Dick Dennis
- Nori J. Muster
- John McKenna, CMI
- John
- liznarr
- Robert Welch
- John Hendricks
- Jessica Bryan
- Diann Tonnesen
- Jeff Kessler
- Karyn Foley
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- Lisa Webber
- Russel Ray
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Emily
- Marvin G. Bobbitt, III
Todd C. Menard
Top Expert on this page
Expertise
National Association of Realtors Code of Ethics and Professional Standards * Contract Questions: 05/05 Arizona Real Estate Purchase Contract, Exclusive Buyer Broker Contracts, Listing Contracts and associated contract documentation as it relates to boilerplate, covenants, contingencies, procedures and procedures. * ARMLS Arizona Regional Multiple Listing questions * Real Estate Professional Standards and Practices, Ethics, Obligations, Duties * Agency relationships in Arizona, Procurring Cause * Questions typicaly arising during the listing period * Questions typically arising during the escrow period * Questions about working with a real estate agent/REALTOR * Questions Related to New Home Builders
Experience
National Association of REALTORS Board of Director (2011)
Arizona Real Estate Salesperson License (1991-1995),
Arizona Real Estate Brokers License (1995-Present),
Arizona Association of REALTORS Board of Directors (2008-Present),
Arizona Association of REALTORS Professional Standards Committee (2008-Present),
AAR Certified NAR Code of Ethics and Professional Standards Instructor,
Southeast Valley Regional Association of REALTORS President-Elect (2011)
Southeast Valley Regional Association of REALTORS Board of Directors (2008, 2009),
Southeast Valley Regional Association of REALTORS Grievance Committee Chairperson (1998-2007),
Southeast Valley Regional Association of REALTORS Bylaws Committee (2008-Present),
Southeast Valley Regional Association of REALTORS Education Committee (2008),
Arizona Association of REALTORS Forms Committee - Residential Purchase Contract (2005),
Arizona Association of REALTORS Forms Committee - Residential Rental Agreement (2008),
Arizona Association of REALTORS Forms Committee - Buyer Broker Agreement (2009),
Arizona Association of REALTORS Presidents Advisory Group, Road to Professionalism (2009),
Arizona Association of REALTORS GRI Curriculum Review Committee (2009),
Arizona Department of Real Estate, Commissioner's Education Advisory Group Sub-Panel B (2010)
Arizona Department of Real Estate, Commissioner's Statute and License Review Committee (2007)
Organizations
National Association of REALTORS,
Arizona Association of REALTORS,
Arizona Real Estate Educators Association (AZREEA),
Arizona Regional Multiple Listing System (ARMLS),
American Notary Association,
Southeast Valley Regional Association of REALTORS (SEVRAR),
Southeast Valley Regional Association of REALTORS Women's Council of REALTORS (2010-Present),
Phoenix Association of REALTORS (1994-2000, 2005-2009),
Scottsdale Association of REALTORS (1994-2000, 2005-2009),
Maricopa/Glendale Association of REALTORS (1994-2000, 2005-2009),
Publications
"Real Estate in 2008"- Lifebushido Publishing (Contributory Author), SEVRAR Magazine,
Internet Crusade, RealTown ListServe, Blogger.com, Active Rain
Education/Credentials
- AAR Certified Ethics and Professional Standards Instructor, Graduate REALTOR Institute (1993), Certified Negotiation Expert (CNE), Over 100 Hours of annual real estate continuing education, Annual Ethics and Professional Standards Development Workshops as required by the National Association of REALTORS, Approx. 36 hours of NAR Code of Ethics training annually, Numerous IDW, Seminars and Train the Trainer programs, Business Management Degree - 1981
Awards and Honors
2009 REALTOR of the Year Award, Southeast Valley Regional Association of REALTORS (10,000+ Members),
Double Platinum Production Award ($45,000,000 Sales Volume)- Keller Williams Realty Int'l (2001),
Top 15 Sales Production Keller Williams Realty International (2001),
Top 5 Sales Producation Keller Williams Realty Southwest Region (2001),
Top Recruiter Award - Keller Williams Realty Int'l, SW Region (2002),
Who's Who in U.S. Executive (1983),
Who's Who in U.S. Real Estate Professionals (2007)
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