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 Dear George: Our REALTOR® listed our farm and ranch property. Before he advertised the property, another real estate broker brought him a signed, full-price offer. Then a second broker called to say that he would be bringing an offer. We want to wait for the second and any subsequent offers; we have neither signed nor verbally accepted any offer. However, the broker who made the first offer says that we must accept his offer. Our REALTOR® says that we can wait. Is our REALTOR® correct?
Answer: There is no law that states a seller of real property must accept a full-price offer. However, be aware that the listing agreement you signed with your REALTOR® has a provision that says you owe and must pay the agreed-upon commission to your REALTOR® should he bring you a full-price offer and you refuse to accept it.
Dear George: I am a novice real estate investor who hired a real estate agent to close a deal for me on a condo unit. The unit was listed by the selling agent as a two-bedroom unit, and the inspector and appraiser also listed it as a two-bedroom unit; it's also listed as a two-bedroom unit with the appraisal district. This is not a two-bedroom unit. The tiny "second bedroom" has no closet; it's a one-bedroom unit with a study.
How do determine if I was lied to? Can I file a lawsuit against the listing agent, the inspector, the appraiser, and my agent? The management company that manages the condo lists it as a one-bedroom unit with a study. I want compensation for any money I'm losing because it's not really a two-bedroom. Where do I go from here?
Answer: You are disappointed and extremely upset. It seems that the agent you hired, and who presumably entered into a written representation agreement with you, may have failed to adequately represent your interests. However, the reality of the situation is that you could have looked at the property before purchasing it. Alternatively, you could have informed your agent that you were not able to look at it yourself and that you were going to rely upon his judgment. Communicate with your agent and with the agent's broker. Let them know exactly how disappointed you are. Request that the firm pay for an appraisal from a state-certified appraiser to see if you paid market value for your property. If you overpaid, you want the difference between the two market values added to the difference between the two closing costs. That amount should be specified in a written agreement. Have an attorney prepare any written agreement.
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| Dear George: Last year, we installed an above-ground swimming pool in our backyard. We have an eight-foot privacy fence, and the pool can't be seen unless you're in my backyard or looking down at my yard from above the fence. Our closing documents from 1999 don't include any restrictions concerning above-ground pools, but we received a letter from our homeowners association stating above-ground pools are not allowed. The copy of restrictions that accompanied the letter includes a provision not contained in my copy. I went to the HOA meeting, explained that my documents didn't contain such a provision, and asked for a variance. The HOA denied my request and told me I will be receiving a registered letter giving me 60 days to remove the pool.
My contention is that the pool, being below the fence line and in my private back yard is for the quite enjoyment and use of my personal property and it affects nobody else. I have letters indicating my neighbors do not object. I think the restriction is unreasonable, regardless of the issue of the incomplete restrictions in my closing papers. The HOA also claimed the pool presents a liability, yet the deed restrictions allow above-ground hot tubs. What can I do?
Answer: When one buys deed-restricted property, one must live by the rules. You're held to a duty of care of having read them. If the homeowners association doesn't enforce the restriction, the next violator will use your example to continue new violations. Additionally, someone turned you in, so someone was not happy about it. Nonetheless, you might communicate with an attorney and ask what the merits of your case would be if you were to challenge the HOA's actions.
Dear George: I want to buy a home without revealing the total purchase price in the MLS or any other public domain. I realize that the deed of trust will reflect the note amount and is recorded in the deed records and, therefore, available to the public. However, I am considering a substantial downpayment that would not be public. Can I insist that my real estate agent and the seller's agent both refrain from disclosing the actual sales price on MLS?
Answer: The bottom line is that if you use the MLS because it is an effective marketing tool, then you must abide by the rules of the MLS. There are, however, two alternatives that are available to you:
- You can list your house with a REALTOR® but in your listing agreement select the option to not use the MLS its marketing and advertising.
- You can offer your property without an agent as "for sale by owner." In this case, you wouldn't use the MLS and could include any legally compliant contractual provision you want.
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