Dear Michael: We signed a purchase contract on our home and three days later the buyer, whom we had not met, showed up at our door unannounced and said “Hello, I just bought your house.” My husband invited him in and talked to him for 10 minutes about the house, area, etc. Was this the correct thing for the buyer to do? I am really not happy with what happened.
Answer: Yikes! Although I am sure that the buyer motive was one of enthusiasm this action was definitely not appropriate conduct by the buyers and probably an uncomfortable situation for you and your husband. I can certainly understand the excitement for a buyer looking to purchase his impending home and meet the sellers, but the buyer should not have stopped by your home on his/her own without your agent present, whatever his/her intention was. The biggest risk factor when not having your agent present is the conversations and verbal disclosures between buyer and seller. This could end up in front of a judge hearing both parties saying “but your honor he said/she said!” What the buyer should have done is contact their agent (or your Realtor if they didn’t have a buyer agent) and ask to schedule a time to see the place and/or meet with you to get more information about the home, neighborhood, etc. Many buyers ask to meet the seller’s, however it is not a requirement. If this situation presents itself again: say that you look forward to working with them on the pending transaction but politely ask them to call their agent or your Realtor if they want to see your home.
Dear Michael: We are elderly and retired and own our home free and clear. We would like to sell our home and downsize. Do you recommend we buy or rent? We don’t want to move more than once. We are hoping this will be the last time we move.
Answer: What you decide to do is a matter of personal choice. This decision will ultimately have to be entirely yours. Here are some suggestions that may steer you in the right direction; if you are retiring and have very little income you may consider leasing and using the proceeds from the sale of your home to serve as your retirement fund. If money is scarce, and you decide to rent you will no longer be paying property taxes and HOA (if buying a condo). Building sizable equity in a home can take some time in our current market, so if time is not on your side, renting could be the better option for you. If you are on a solid and steady income from your portfolio investments and your social security then you may have the ability to pay a mortgage and close two escrows (one for the sale of your current home and for the new home). Keep in mind that you will have to wait until your home is in escrow before you can purchase a new home. Timing will be essential as a contingency to sell your current home to purchase a new one will not be popular with some sellers of the home you are purchasing. Prop 90 will allow you to carry the same tax rate you are currently paying if you are over 55. Please review your options with loved ones before making your final decision.
Dear Michael: My mom was living with me and passed away of old age at my home. Will I have to disclose this to the buyer purchasing my home?
Answer: Many buyers consider death to be material fact on the purchase of a property. In some cases it is advisable to list the death in the manner it has occurred. California civil code provides that you have to disclosure where the death has occurred within 3 years prior to the date the buyer offered to purchase or lease your home. In your situation I would supposed your mom passed away within the last 3 years, if this is the case, you will have to disclose to the buyer at the time of purchase.
Michael Kayem is a Realtor with Re/max /Execs 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:Â homes@agentmichael.com
