Dear Michael: It has now been 10 days since the seller accepted our offer. The escrow company is not returning my calls and seems to be incompetent. What do you suggest I do?
Answer: Escrow generally refers to money held by a third-party on behalf of transacting parties. Escrow companies in California are overlooked by the Department of Business Oversight. Working with an incompetent escrow company can be dreadful! There are many escrow companies out there to choose from, unfortunately like many other businesses, some of these escrow companies are incompetent at what they do. You can switch to a different escrow company or you can try and resolve your issues by speaking to the head escrow officer. I recommend you set up an appointment at escrow to sign all your escrow documents including your instructions. Keep in mind, you are paying for this service! If you seek to file a complaint, The Department of Business Oversight’s toll-free telephone number is (866) 275-2677. You may call this number to discuss your problem and determine if your concern is an issue over which the Department has jurisdiction.
Dear Michael: I am selling my home and my agent has been communicating directly with the buyer. Is that common practice? I am worried about a conflict of interest.
Answer: Agents usually communicate amongst themselves when negotiation and attending to the needs of a real estate transaction. It sometimes transpires that a buyer calls the listing agent for assistance on property information. This is usually done with the lack of knowledge from the buyer’s part not knowing that this is uncommon practice. It is also very possible that the buyer’s agent is not responding or attending to the buyer’s needs and the buyer is desperately seeking answers. There is nothing wrong with giving information to the buyer as long as it is does not compromise the sellers best interest. Negotiations should never be discussed with the buyer directly unless the agent is acting as a dual agent representing both sides. If you hired an agent to sell your home I would hope that you complete trust in him/her and therefore need not to worry about a conflict of interest.
Dear Michael: The buyer on my home is requesting a credit for repairs in the amount of $18,000. The amount is way over the top. It is absolutely ridiculous! How can I respond to such a request?
Answer: I hear your frustration. Buyers for the most part do not take this avenue. The ones that do, do not realize that by trying to negotiate the price of a home at the time of inspection is very bad practice. The price was already agreed upon when both parties came to an agreement on a sale price. Buyers need to recognize that asking for a “way over the top” credit, risk upsetting the seller and end up with nothing! Selling a home can be a very stressful and emotional time for a seller. A legitimate request by a buyer can be agreed or negotiated by a seller but a “way over the top” credit request can upset a seller and leave a buyer with zero credit.
Michael Kayem is a Realtor with Re/max Estate Properties serving Culver City and the Westside since 2001. You can contact Michael with your questions at 310-390-3337 or e-mail them to him at: homes@agentmichael.com