gregorygarver.com

Danny8677 · Joined: 10 May 2005 Posts: 4

So the Real Estate Agent calls up with a house that she just got her hands on, and shows it to me. It's a beautiful house. But it's not in the MLS yet; seems odd that the seller would not to list in the MLS (it's only $250). Next, I start working with a lender who wants a detailed description of the property; ok, so I call the Agent. I ask for the description so I can give it to the lender, and the response is "have the lender call my partner, and she'll give him everything he needs". That's a little more alarming. Now I'm wondering, is the Agent trying to sell this property without disclosing the full description? Is this some kind of trick that dirty Agents pull, or am I just being paranoid? I've already gotten the BS story about how the seller is in financial straights, so they're selling for less than they should in order to get the money more quickly (it could be true, but it sounds like a line). Is there any legitimate reason not to list in the MLS?

LILLIANS · Joined: 25 Mar 2003 Posts: 3

Putting a house on the MLS is not an immediate thing. It takes time, paperwork, photos, etc. If she just got the listing she may not have had tome yet to do so. In a hot market, many listings do not make it into the MLS before they sell. This is because they sell in-house as soon as the listing is executed.Many Realtors have assistants who handle the paperwork for them (title trios, photo order, MILS processing, etc.) so that the Realtor can concentrate of getting new listings and selling properties.When you have an accepted offer the Realtor will supply you with the Seller's disclosures. They are required to tell you about anything wrong with the property. In addition, you should order an property inspection and make your offer subject to your acceptance of the details of the inspection so that is a problem is discovered you can withdraw your offer and get your deposit returned.There is nothing fishy here, this is standard procedure. I've been a loan officer for more than 20 years and I see this all the time.

CharlieD6622 · Joined: 17 Jan 2007 Posts: 6

I can see logical reasons for everything you describe, but let's look at something...Your instinct is telling you there is something not right in this transaction. One thing the animal kingdom does better than humans is listen to instinct. I'm thinking you need to go with your gut on this and dig deeper for answers. Get a buyer's agent who will only advocate for you, not for the seller. Or talk directly to the lender, express your concerns, and ask them if they think this transaction is working normally. The lender does not work for the seller, so they may have some insight, too.

Joey_Pit · Joined: 27 Jan 2006 Posts: 4

Some Sellers just don't want their home in the MLS (what is unusual but it happens), they don't want to make it public that they are selling and prefer it to happen without the neighbors knowing.Regarding the legal discription and other information your lender needs - depends on where your agent was, when you asked him/her. May be he/she was away from the office and did not have the possiblility to look it up by herself.Your lender, the Title Company and Home Inspection will be or should be able to pick up anything what is not right, illegal or wrong with the property.You can also go to your Agents office and meet her Partner and Broker, that might help you to feel more comfortable.

HeathH · Joined: 19 Apr 2004 Posts: 6

YOU are the person with the money. So YOU call the shots -- not the Agent. She should do the work. That's why you pay her a commission.Before bidding, I'd have a home inspection (termites/ leaking basement/ foundation problems etc) and an independent market evaluation done to uncover any possible problems. Your real estate lawyer will research the title to ensure there's no liens on the property.

henrym · Joined: 23 Apr 2005 Posts: 3

Every seller should fill out a seller's disclosure statement. If they have not yet, you should ask your realtor for it and insist he get it from the seller. If they do not provide one, you need to find another realtor who can handle the deal properly. You can go to the link mentioned below to see what one looks like for your state. What it does is make the seller disclose any conditions or problems with the house or property known to them and they sign off on it. If they do not disclose something and you have a problem later, you can pull that record and show that they did not disclose it and you have recourse against the seller.

Caryn · Joined: 25 Jan 2006 Posts: 4

I am a retired REAL ESTATE INVESTOR, NOT A REALTOR aka REAL ESTATE PROFESSIONAL !!!!Having bought, did some rehab'ing, sold, hip pocket financing, arraigned for / with mortgage companies for their financing services, and dealt with the "Professionals", I will advise you to obtain your own "Buyers Agent", and have him / her do the necessary paper work, arraign for the "arms length" appraisals, inspections, title search, etc. until you feel comfortable doing this your self . Because I have "been skinned" by "professionals" I DO NOT TRUST Lawyers, Bankers, Real Estate Professionals, Rattlesnakes, Cottonmouth/ Water Moccasins, Alligators, or Politicians!!!! NEVER RUSH INTO ANY FINANCIAL DEAL, WITH OUT LOOKING AND RESEARCHING ALL OF THE DETAILS!!!toro gringo

RealEstateCFO · Joined: 20 Apr 2006 Posts: 2

sometimes the seller lists with an agent "offline" that is not in MLS, for a period of time, so that the agent can attempt to locate her own buyer and save the seller half of the commission (where they'd pay 5% with an MLS listing, 2.5% goes to each of the brokers, the listing agent and the buyer's agent. Most of the time two brokers are involved) So with an offline listing period, the agent can take a 2.5% or even a 3% commission and save the seller some cash. As for the description, protect yourself by hiring a good inspector.

harvardbeans · Joined: 28 Mar 2003 Posts: 5

A few different answerer's have correctly answered different facets of your question but I am willing to bet there is more to the story. It is true that listing a property on the MLS takes time. It is true that you are the boss over the Realtor and shouldn't feel pushed around by them. It is true being cautious is a good thing. But you stated that the house is close to foreclosure hence the seller is pricing it below market value and there are reasons behind that strategy like selling it without the added expenses associated with selling a house on the MLS and closing quicker to pay off the loan. You may believe it is BS, but it is a much more common scenario than your realize and if you are in doubt, have your agent provide comps to assess value and you be the judge. It sounds like the seller doesn't have the money to pay a commission nor even the $250 to put it on the MLS thus it would make sense that the seller is also in default on the mortgage because he/she doesn't have ANY money.

BarryC · Joined: 09 Sep 2005 Posts: 8

well in florida, if you list a property with an agent, it is required to be put in MLS no more than 7 days after it is listed. im not sure about if the seller asks you not to but if this was the case why didnt he have it FSBO. You can get public records of the legal description and other information that you might want from your local courthouse. I would definitely check into that. Especially before you give any personal information to this REALTOR.

mustardseed · Joined: 13 Jul 2007 Posts: 2

I can certainly understand your concerns and red flags. While it's not uncommon, maybe this agent knew what you were looking for and decided to call you before he put the house on the market. (I'm assuming this is legit). Sellers don't care as long as it gets sold quickly. However, him telling you to talk to someone else about the description leads me to believe this guy is a "grab em' quick" schemer and doesn't want to be bothered with taking care of YOU the client. As I see it, you have a several choices, But first HAVE YOU DONE A FULL HOUSE INSPECTION ON THIS PROPERTY? If not, I strongly urge you to do that. Yes it will cost you money, but if there is something seriously wrong with the house you want to know before you commece the sale. Make sure the agent writes your offer "contingent upon inspection" it's your out if something is wrong. Or you can check on the county website as to whom owns the property. To find out if it is in default you will have to visit the county governement offices and ask to view this properties information. That is a telling story...Or you could call the agents broker and inquire as to his mode of operation, which at the same time advises the broker of your concerns, which they should know about anyway. You could walk away. If you're gut is telling you something is fishy, listen to it. If I can answer any other questions for you, just email me.