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Show ON REAL ESTATE REVIEW, June 16. C4 1966 Little Thought A Will Pay Off Big by The following letter vividly illustrated how, in good feith, one can find himself in a very untenable situation when selling his home. It should help you avoid similar situations. which are common in the marketplace. ENCH j? . Elegance for Rent v v . Enjoy "v v. A Bernard C. Meltzer j&. & V'-- v. 't the atmosphere and old world elegance of French styled architecture ....and Dear Mr. Meltzer: I know many readers closely follow your column to avoid trouble when buying or selling. My experience can be an object lesson. I signed an exclusive listing with a real estate broker. After about 30 days he presented an agreement for my at the specified signature price, but the down payment was only $100. He explained that the buyer was temporarily financially embarrased, and would have the required funds at settlement. I signed. When the settlement date arrived, the buyer could not raise the money required. I consulted an attorney who advised me to cancel the listing agreement and secure the services of another broker. This I did. The house was again sold in less than two weeks. The first broker then sued for his commission. Not only did he win, but he also collected a years interest. The result was I paid two commissions and a large attorney fee. Where dd 1 go wrong? Answer - The sad experience of our correspondent may caution readers to avoid similar situations. When an agreement is signed Swimming Pool Beautiful Courtyards an owner should expect that he will become obligated for a commission; although this is not always true. Therefore, it follows that the minimum down payment acceptable should at least be equal to the commission. A buyer unable to complete settlement is not uncommon. When this happens a broker usually will resell the house and charge only one comm's-sio- n. Prudence should ind-ca- te that this is not the time to throw the broker off the job and antagonize him. It has been my experience that when one is in a tight situation, it is not the time to become morally indignant and assert ernes rights. Often, we discover that the other' fellow has rights also. Dear Mr. Meltzer. Ive just coma from settlement. The broker charged me $200 $20,000) (one percent o! for obtaining the mortgage and a $50 consulting fee. I paid after much protest. Tve asked friends and they tell me that they never paid such fees when they bought their homes. Was I taken? Neophyte Answer - Among the services a broker usually provides in die sale of a property is arranging for the financing and advising the buyer. Normally, most brokers include these services with the commission for selling. This is why your friends did not pay a financing and consulting fee. However, since the broker Air Conditioning & Vs-: X v Ks1- - landscaped sprkl. system 4 bdrm. all Vic y.v,v..v A.Nv.My- Osv Answer - A swimming pool sometimes is like a double-edg- ed sword it works two ways on marketability. In affluent neighborhoods and in hot climates it is an asset. (Continued on page C 5) contemporary 40 ft. liv.rm. $48,000 Westinghouse VSSA. Dear Mr. Meltzer: As the summer approaches, our family is back to the perennial swimming pool shall we or shall argument we not install a swimming pool? We bought our house three years ago for $16,000 and are happy with the property and the location. The pool, with accessories, will cost a minimum of $4,000 and probably as much as $5,000. I am told that this is a wise expenditure for it will increase the value of our property proportionthus we will have ately the pleasure of the pool and it will cost us nothing in the long run. Has this been your experience? 12 acres, 1 Luxurious Kitchens by s he may adopt the viewpoint that obtaining a mortgage for the buyer is not part of his If the obligatory services. buyer therefore needs a mortgage and instructs the broker to obtain such financing, he may make a charge for services rendered. The charges can be avoided if a buyer insists that a mortgage clause be inserted in the agreement of sale. Then the broker is required to obtain a mortgage as specified without charge to the buyer. 1 4184 PARKVIEW DR. JChoiceMt. Olympus Park. Individual Steam Bath v is the agent for the seller, Ayers277-255- 7 . Rental Rates Studio Apartments 95 to 119 One Bedroom Apartments 109 to 135 1502 WASATCH DR. 2 family home, Lrg. walk-ou- t level-4bdr- m. yard. Takeover exist ing loan. Price$34,500 Call Marge Gump HU5-902- 4 1438 So. 13th East Two Bedroom Apartments 144.00 to 175.00 i Sparkling Clean ! Up and down duplex in excellent location. Call Edna Ward EM IN HO LL AD AY at 2200 East 4800 South Telephone 278-311- 3 truriTmi iiii''i 3-84- 22 fai GUMP AND AYERS 1240 E. 21st So. EE ESTATE 467-944- 4 |