Don't Cancel the Contract in Real Estate! Audra Lambert 2024
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- čas přidán 1. 08. 2024
- Avoid cancelling the Real Estate Contract!
This video gives helpful tips to assist with avoiding backing out of the contract where you are a buyer or a seller of of home.
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💁♀️ My name is Audra Lambert. I am a realtor in Orange County, California. I have over 20 years experience! I lived in this area most of my life. I love what I do and Love where I live! Please reach out to me with any of your questions.
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This is not legal advice, nor can I give you legal advice Sorry! Everything here is for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Nothing here should be construed to form and attorney client relationship. Audra Lambert with the Lambert Group does not render or offer to render personalized investment advice, tax advice, or real estate investment advice. The information provided is for informational purposes only.
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Nice gesture on the home inspection. But as a buyer I would still get my own inspection.
Same!
Netflix or Bravo needs to offer you your own show! I would so watch! ❤
I wish! That would be fun!! Thanks for the vote of confidence.
I agree. She is amazing and her advice is top notch for sure.
Anyone would be so lucky to have you in their corner during an extremely huge process of buying or selling a home. There are many consumers getting great information from your videos.
Ha..thanks so much! Appreciate it.
@@AudraLambertThanks Audra...You are awesome.❤❤❤
I was thinking the same thing!
I agree totally on doing a Home inspection as a Seller. But in NJ Attorneys and RE agents strongly recommend against doing that.
Audra,
I shouldn't tell you the following; your info is gold to me, fifteen minutes jam packed with gret advice.
Ahhh..thank you...so glad you are getting some benefit! Appreciate your continued support of me and my channel. Means a lot.
Buyers should always get a licenced home inspector to do there home inspection and never use another persons home inspection for the same home.I agree with everything else that Audra said except having the sellers get there own home inspection and wanting the buyers to use it.
Excellent vid! We are in the first phases of our Escrow contract... we are the sellers (in AZ). Now awaiting buyer's demands (if any) from the inspection report, which is pretty clean...nothing major. We'll see....
Oh good...you're almost there!! Congrats on getting your home into escrow. Best of luck on the repair request negotiations. If your home is clean, you should be fine. Well done;)
As usual, it is very informative... a clean & cut video.... Your work ethics and procedures should be a standard in your industry.
Love your presentations...
🌹⚘️🌹
Be Well....♦️
You have no idea how much that means to me...thank you so much!!
I was going to buy this awesome house in Alberta, we agreed on a price, I got the home inspection, we settled on a new price, then the loan broker told me I couldn't get the loan without home insurance, and I couldn't get home insurance without the electrical upgrade. But I needed to loan to pay for the electrical upgrade. Catch 22. I was only $6000. short. Heartbreaking. That was 3 years ago, I still think about it.
I dont know that i would trust a sellers inspection. I would still hire my own inspection.
There is a lot of good info in this video!
Ahhh...thanks so much! Just trying to help!
Thanks, Audra! Great info! ❤
I pray you get 50 Million Subscribers...you deserve more than you know ❤
Flo, you are my biggest fan. Thanks for all the good wishes...I wish you the best in your situation too.
Are you finding houses are not selling as quickly with the current interest rates?
Your info is great!!
Glad you think so! Appreciate it!!
great info!! Love you style 😍
Ahhh...thank you...and appreciate the style remark:).
Dear Audra! - From far, far away - thank you for all the good advice!! ❤ I just sold a property about 3000 km away, and was about to undertake a 4-day journey to its location (Europe) when I got an email asking if I could meet the buyers in the apartment before the contract and payment. I just said NO. That would be an error of procedure, I said expertly (thinking: Thank you Ms Audra!), and I said I would meet them the day after that meeting, and after the payment has been settled. I am so glad to have stumbled upon your channel. It helped me decide quickly upon the course of action!
I am thrilled to hear that..Yes, I would have suggested the same. Well done...and congrats for closing. So glad I could assist.
@@AudraLambert Thank you! It was quite unnerving until it was over. I listen to your every video whenever I find time, and really appreciate you sharing!
Thank you so very much for sharing all your knowledge with us. You've helped answer so many questions. Can you recommend a lender to me? I live in Idaho. Thanks again!! 50,000 subscribers is going to be easy for you!!
Hi Audra...again invaluable advice!! Wish I could go back 41 years with
your knowledge!! Have you ever thought of selling a course on Real Estate??
Any I did not realize that lis pendans was in town!!! How is she doing???
Have a wonderful, beautiful weekend my friend.
Lawrie
Aww...Thanks Lawrie!! Really appreciate your comment. I may do a course on Real Estate...great idea.
I recently used time of the essence to cancelled a contract aftet 5 month escrow. First, the buyer asked for concession . Next, they asked for 10 days extension. After that they removed one buyer and replaced them with a new buyer. Meanwhile it was going on 4 months. Then the attorney called to say they do not agree with the time of the essence. I was so angry and tired that I told my attorney that I'll give them back their downpayment. They finally agree and the the contract was finally cancelled because they could get the final closing from their bank. A week later my listing agent called stating that the bank called saying that their was some changes to the FHA deal that will allow the deal to close and if Im interested in opening the deal. Which would take about 7 days. I'm lost. Should I give them a second chance or just start all over.
Informative vid by adorable Audra!
I learn so much from you…
Ahhh...thanks so much! Means the world to me that you're learning something...and thanks for the "adorable" comment:)
Audra, you have really done a great job on this subject. Let me know when you start listing in Annapolis!
Thank you! Will do! LOL! Really appreciate your comment and your support.
Hi Audra:
Thank you for your very helpful content. You have helped me understand the process of buying a home and mitigated considerable stress along the way. I wonder if you can provide general guidance about a situation in which sellers did not disclose three pending litigation suits against contractors, builders and municipality? Offer of well above asking was accepted. Status investigation reveals that large lump sum payment and much higher monthly condo fees will be required of the buyers in the imminent near term. Buyers love the home but find the unexpected expenses overwhelming. May you suggest a fair next step to resolve without breaking the deal? ❤With appreciation!!
Hi! Can you do a video about removing property with too many days on market and relisting in current market, including pros/cons? How can this be accomplished with the least pros and effectively bring new life to the listing.
nice move on paying for the home inspection
Ahh..thanks. It helps everyone involved.
I love hearing of all your experiences. Have you ever had a seller get cold feet after accepting an offer?
Yes, in fact last week. It happens quite a bit. Some people just have a hard time with change.
We don't negotiate with terrorists. I'm not sure who said that, maybe Bush? I hate when buyers do dirty things to try to get a better deal. I'm glad Audra told that buyer no deal.
Yes, thank you...that was harder for me...but best for the seller. Glad we got it done and the seller won at the end. Not fun dealing with nasty buyers. Thanks for your comment.
If a buyer cancels a contract due to the condition of the home. Does the buyer lose their down payment? Or can you transfer it towards another home? Thank you for your input
I’ve recently subscribed to your channel and I’m hooked. I’m looking to sell my home at the end of this year/ beginning of next. I live in the Inland Empire and I have a couple of questions,(1) Do you know any trustworthy agents in this area?, (2) Do you recommend real estate attorneys to assist throughout the process? Thank you for what you’re doing and your time your time.
Ahh...you are so very welcome! Happy to help! Most agents don't know the "things" I am discussing on my channel. Just trying to help. If you hire the right agent, you won't be needing a real estate attorney. We do refer agents out in your area. If you're interested, here is the link: lambert.homes/referral.
Best of luck!
Is it a good idea to have a buyer prequalified before they even look at a house?
Great advice. Question for you regarding the seller-side inspection report. What if any steps do you take to avoid buyer hesitation (aka trust) with the seller-side inspection report ? . . . . or do you suggest they do their own as a confirmation?
Good question! I always encourage the buyer to do their own due diligence. However, I use a very detailed, highly respected inspector (85-100 page report), they have a lot of reviews on line that are positive. I'd say its 50/50. Some buyers will use their own home inspector (my inspector usually finds more). Some will use my home inspection report and call the inspector directly to ask questions.
If they dont qualify are they really th right buyer? and wait for next offer great vid.
Well, they didn't qualify because of one of the 2 appraisals didn't come in at value. I will sell it to another buyer..however, I do feel badly for buyers who are at the mercy of the appraisal process. Not fun for them. Thanks for the compliment
Do you let people come to view the home if they have a house to sell that's not on the market yet?
Do you have any thoughts on cross listing a property for sale and rent. With current rates holding at unfavorable levels seems like it might be more attractive to rent for less for a year or two then buy once the rates move.
Well, my biggest problem with making any suggestion is that no one knows where the market is going to go. Rents are really high and only getting higher in my area. Home insurance is really difficult to bind in my area as well. The nice thing about home ownership is most mortgage payments are fixed. Rents are often times renegotiated annually....and landlords can move back into their property where you have to move again (very costly). Its really hard to pick the right. poison renting vs higher mortgage rates. If rates do go down, then you are met with a buying feeding frenzy. Is a difficult decision.
How do you compensate the cross-qualifying lender if the first one pans out? It takes time, like you said, and if they start the process just as early as original one, seems like a waste of their time.
Great questions...the lender who is cross qualifying does not charge a dime until you decide to go with them...its a great service. Highly recommend you find a lender you trust to do the cross qualifying. It's saved several of my deals.
@@AudraLambert I've got a guy who rocks. Every deal I've sent him, even last minute, when the buyers lender can't close, he makes it happen and in the time frame on the original contract. I call him Ray Donovan of home loans. He is amazing and that's why he will always have a job. His motto is "There is always more than one way to do things. If this way doesn't work, we will find another way." He's knows every nook and cranny of his job and makes shit happen and the borrowers love him. He wants people to ask questions and he wants people to understand the process and use him as a resource. He's just incredible.
I wish buyers realized how valuable a good local lender can be. It's always the online ones from another state that botch the deal last minute over something they should have known from day one. . Local lenders always make it happen.
Do you just do a General Inspection? Or do you pay for a General Inspection along with Pipes and Termites?
Best to do a general inspection and also hire a pest company to do a termite inspection. If anything concerning is discovered in the general inspection, the inspector should note in the report that further investigation is recommended. Up to buyer if they want to hire other contractors to inspect items of concern that were noted in general inspection.
Hello there, I provide a general inspection and a termite inspection. No sewer or pipe inspections. I let the buyer do their own due diligence on that one.
So if seller has made repairs according to the list and either the buyer is not satisfied with the result or if they’re asking for repairs that are not on the list, what can sellers do, force them to go through the contract?
If a buyer is not satisfied with the repairs, they can refuse to not close on the property. The seller can give the buyer a demand to close. If the seller still won't close after 48 hours, the seller can back out because the buyer didn't perform. The seller then can go after the buyer for liquidated damages. Repairs are not a stipulation of the purchase contract. The only proper recourse for the buyer is to close and go after the seller in small claims court. This is kind of a grey area. Great question.
@@AudraLambert Thank you! This is a touchy subject from my past experience. We lost $35k when the buyer refused to show up on closing day and later told us they were not satisfied with some small things on the repair list and another not on the list.
I canceled my buyers contract because the seller proceeded to decrease their prices after they started my house. Three months later everybody else got their home for $50,000 less and an additional $5,000 in incentives. I asked if they could at least give me the $5,000 incentive everyone else got and they said no. So I walked. I’m not blind, I can clearly see what the same houses are selling for, no need to disrespect the buyer with that marry the house date the rate crap. Now they’ll have 8 houses just sitting there that they can’t sell instead of 7, but oh well, their choice.
Some sellers can be a bit reasonable. I think it hard for any seller to get an offer, then ask to have it decreased. Buyers are usually a lot more untuned to the market. The market will bear what the market will bear.
Why is there such a rush to close as quickly as possible?
Because a lot can go wrong during the process...Murphy's law. I had 3 properties under contract, then Covid hit. All 3 properties backed out of the contract days before closing. Nightmare. Sellers had already moved out of the property...very inconvenient. There are also holding costs for the seller. The seller may be committed on another property. In my area, a 30 day closing is typical. That's a long time. No too many items you purchase out there take 30 days. Just saying.
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Ahhh...thanks!!
❤❤❤❤
ahh...thanks!!
If only we could clone you❤ In all my years, and in 55 years of marriage my husband and I have bought and sold many homes....we have never met anyone like you...never met a real estate agent on your level...with you level of ethics, NEVER 😢
ahh...thank you Flo. Appreciate you kind words..means the world to me.
screw arbutation. Put escrow money into YOUR attorney escrow account with contigent on attorneys approval. On canceling a contract put in liquid dated damages only
Laughing. I wish that's how it worked out here in California. We are required to put earnest money into escrow. I have even tried to write in the contract that the earnest money is to be released without the approval of the seller if all contingencies are not removed. Escrow companies won't adhere to that statement I wrote into the contract because they say they have their own guidelines they abide by. I am so baffled by how you can write in stipulations in a contract, but they don't apply because there are other governing bodies that disagree. Blows my mind. A contract is a contract in my world.
Great advice and looking classy and sexy as usual
ahh..thanks!!!
Audra don't play!
#AudraLambert50MillionSubscribersStrong
Laughing $50m Strong...lets do it.
You need an effective lender.
You are absolutely correct. You need a very highly skilled lender for your back up/cross qualifying lender. It helps to start off with a good one...but the back up lender better be able to act quickly. Great comment. Thank you!
You're not being quite truthful about the earnest money deposit. If the buyer backs out and the seller doesn't agree to refund the earnest money deposit back to the buyer, then the property is in limbo and cannot be sold. If that's OK with the seller, and they're not in a hurry to sell, then cool. Otherwise, the seller pretty much has to return all of the earnest money deposit in order to sell the property to somebody else.
Well, that's not quite truthful either...the seller can sell the property unless the buyer puts a lis pendens on the property. Typically, the buyer will go the arbitration/mediation route which is expensive/time consuming....and even filling a lis pendens is time consuming and costly (depending on your representation). Some sellers get so worked up over their experience with the buyer that they don't care what means they have to go through to get "EVEN" with the buyer. Its a good idea to keep emotions low and both the buyer and seller on track. My point: Beware! Its a good idea to be respectful on both sides. You want to avoid this.