How do I know if my realtor’s cheating me? I can’t afford a lawyer.?

Question

Brief description due to word limits-it's the best I can do. My realtor set my home’s price at $200,000. My home’s buyers are his associate & wife, rental investors. I’m suspicious. Refinancing next door, Sis expects a $265,000 appraisal. My realtor said loan appraisals aren’t real, inflated to increase loans. Is that true?

I was given 30 days to move. The house was FULL of my parents things and in chaos from remodeling. I'm disabled and alone. I didn't want movers because they cannot sort through my parents things to give my family. I offered to pay rent for an additional week, but it was refused. When no papers were received from my mortgage co., my realtor said I could relax. There may be a 1-2 week delay. The next day, he brought a mover to see what furniture must go. He told me I only have until MONDAY. I repeated what he said about the delay, but he denied it, reminding me I’ve already had a month! I feel railroaded. Am I wrong? Is a plea for time unreasonable? I'm a wreck!

Answer 1

There are several issues here. Let's start with the appraisal. Appraisers are regulated and appraisals are valid if performed in complaince by a licensed real estate appraiser. If your buyers are getting financed on the purchase, an appraisal will, in all probability, be required. If they are not financing it, no appraisal will be required so you may never know the home's real value.

The fact that your sister's home may be valued higher than yours would not be unusual if her home is bigger, in better condition, or just not comparable to yours. Just because a house is next door doesn't mean the values will be the same. There are a lot of things that factor into value.

Next, if you signed an agreement to sell the home for $200,000,
you have entered into a contract to sell at that price. it may, and I stress MAY, be too late to change that now. The may comes in because the Realtor must disclose that the buyer is a licensed Realtor. If he did not do so in writing on the sales agreement, you may have a case to void the contract.

Finally, that Realtor has absolutely no business bringing in anyone to move you or tell you what can be moved. He has no rights to enter your property at all without your permission until such time as the buyer's loan documents and your deed awarding them the title to the property have been signed and recorded. Until that day, the home is yours and yours alone.

At best, what has occured here is an example of horrible communications. At worst, you're being swindled and taken advantage of.

You say you cannot afford a lawyer. I say you cannot afford not to consult one. You can pay the lawyer's fee from the proceeds of the sale.

At least make an effort to protect yourself. Call legal aid, call your pastor, call an advocacy group for people with your disability. Help is out there, please go get it.

I'll pray for you.

Answer 2

Depending on your state, you might be able to call the board of realtors. If you have any reasons to doubt the integrity of your realtor, they can get into big trouble by reporting them to the state board. You'll have to have some proof that they did something unethical.

If the deal has gone through, they should have gotten an appraisal. Get a copy for your records. If you haven't signed the bottom line in escrow, then don't. The whole deal sounds fishy. If anything, appraisals these days are coming in at under the value of the home, and aren't generally that inflated.

Sid

http://www.basichomeremodeling.com/articles.html

Answer 3

Some people have give you some good advice already so I will give you my opinion.

Contact an attorney but if you already signed the contract for their purchase of you home, you will be fighting an uphill battle. I agree with Joker J, there are some real scums in this industry and unfortunately they make the rest of us look bad.

I suggest also you contact your state's Department of Real Estate. They will definitely help you and give you advice. Another agency that could help you is the local Better Business Bureau where the agent is based out of and of course last but not least the Federal Trade Commssion www.ftc.gov

In my opinion he did cheat you. The appraisal that was given to you at a higher price could have been the right value for your home. An appraisal is a professional estimation of the value of your home.

Good luck

Answer 4

You must be out of the property at closing. If you've already closed, you are technically trespassing. Many states will view your status as that of a tenant, however. Nobody can just put you out on the street. The new owner must file suit to evict you if you are not out at closing. If you haven't closed yet, tell the bugger to get off of YOUR property IMMEDIATELY and threaten to cancel the sale.

I'd be suspicious of your agent's intentions. He should have recused himself from the sale if the buyer is an associate; there is a clear conflict of interest.

You can't afford to NOT have a lawyer. Get a real estate attorney to represent you. They'll be paid at closing so you should need little if any cash up front.

I'd also recommend an independant appraisal. Yes, some valuations for loans may be inflated, however real estate loans are audited and the lender and appraiser have to be able to justify their position. The vale of the property next door isn't necessarily indicative of what your will appraise at unless it is virtually identical to yours in age, size, condition, etc.

Answer 5

The Realtor is partially to blame, to be sure. But it also sounds like you haven't taken control of your own situation.

a) A Realtor CAN'T set the price...YOU do.

b) YOU negotiate closing date and moving date, not the Realtor. If the terms are not amenable to you, you don't have to accept the contract.

c) If you put your house on the market, you need to start getting your stuff out right away. Because most contracts will give you about 30 days to close. And most people buying homes need a place to live right away. So if you're serious about selling your property, you need to work NOW (and not procrastinate until a contract comes in).

Sounds like he/she is indeed a little shifty, and I agree...go to the local board of Realtors and let them know the situation. However, if you've signed paperwork...it's going to be a bit difficult to argue with.

Good luck!

Answer 6

Some Realtors are ruthless and have the morals of an alley cat. Get everything in writing form a realtor because they are full of bombshells and oh by the ways. If you think your realtor is shifty, then he or she probably is. Turn your problem over to the board of realtors and they will enlighten you on who has been reported before and what you can do to cover yourself.

Answer 7

Any paperwork been signed at all? if so, you definitely need a lawyer. If the house is already sold, you really cant do much. If you havent signed any final paperwork, and nothing is written in blood, things can be changed so that you can push back the moving date. Still, a real estate lawyer may be needed. And get a new realtor!!!!! He sounds horrible!

Answer 8

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Answer 9

Did you already go through closing?If you signed papers then you only have the amount of time said to move out.If it hasn't gone to closing then I would get an independent appraisal to see what the value of your home is.

Answer 10

Where are you located? What city, state and county?