AboutErrica Cook Expertise I can answer any questions regarding buying or selling real estate in California. I can also answer questions about becoming a real estate agent in the state.
Experience I have been selling and training new agents here since 2002.
Expert: Errica Cook Date: 6/4/2008 Subject: What to do during escrow?
Question Hi,
I am helping my parents buying a house in northridge (porter ranch), CA. I don't want to get into how all this started, but what I am concerning is if the realtor is doing what's he is being paid to do for us and if he is reliable or not, or if he is just doing the minimum to get by. Also, can we fire him at this point?
A few weeks ago my parents and I decided to put in an offer for a house we like. The realtor told us that our offer was a bit too low (we made an offer $50K below asking price). I asked my dad to ask his realtor to give us the reason and advise for this and the realtor told us that the realtor for the house told him that our offer is too low and couldn't really advise us on anything else. Nevertheless, we decided to put in the offer anyway. A little over a week later my dad told me that the realtor told him that the owner of the house agrees with the price we offered and that the bank (bank of owner of the house) has open an escrow for my parents. The realtor also told his that currently both the owner and the bank owns the house (how does that work? I am confused). I then asked my dad "are you sure? Did you get any paper that tells you that we are in escrow?". My dad has no clue whether we are in escrow or not. Yet, the realtor told him that we are. Then, after talking to some friends who have bought a house before, and just recently my dad got a call from his realtor that he needs to come to his office to sign some papers that the other house sent him. I realized that we haven't been in escrow. We were actually waiting for the bank to decide whether they want to sell us the house at the offered price. Also, another thing my dad had asked the realtor if he can change his offer after putting in an offer (assuming that they are not in escrow)? The realtor said yes. After seeing the house again my dad decided that this house is so old and that the prices for the other houses in this neighborhood are coming down drastically. He wants the owner to lower this house by $50K. If not, then we won't buy it. The realtor also made my dad write to his company a check for $3K, but had my dad kept the original check and gave him the copy to file away. Now, the realtor have to go out of the country to his dad's funeral and said that he will be replaced by someone in
the office. And, I just found out that the realtor has only been in the real estate business for two years.
What I had just done today is told my dad to fax me (I live in another state) all the paper work including the offer made. The realtor doesn't seem like a crook, but he seems very unorganized and inexperienced. Can we still fire him?
In the end, I m not sure what to ask except to tell you the whole story up to date and would like a lot of advises to all this. In addition, if you have a check list that I can follow through like you would find in a wedding planner guide, that would be a great help. This is our first home.
Thank you so much,
Yen
Answer Yen,
I am sorry that you seem to be so uncomfortable with the situation. You can fire your agent at any time, but you might still own him a commission, as he was the one your parents made the offer with. Also, two years in the business isn't a short time. At two years, I was better than most that had been in the business for 20 years.
All of the timelines you need to follow are on the purchase contract. If you are unsure about anything, call escrow. That is what you pay them for!
Just make sure that your parents do a home inspection before their time to do so is up.
You could also talk to the agent's broker and express your concern about his lack of organization if that would make you feel better.
