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Started By
Message
re: Buying Property Must Do's
Posted on 1/18/24 at 12:07 am to down time
Posted on 1/18/24 at 12:07 am to down time
lol at these allegations
quote:
The buyers agent isn't going to do anything but try and convince you to offer asking
I lay the numbers on the table for my buyers, it’s completely up to them to make an offer. Usually it’s not asking. If I know it’s going to be competitive, I simply tell them to make an offer they are comfortable with if they lose the house. Every situation is also different, I’ve been able to win in multiple offer situations as the non-high bid, but structured the contract attractive enough for the sellers to take.
quote:
Of course they will also know "the best" lender.
I have 3 or 4 lenders I trust that I’ll send clients to, but in no way are they obligated to use them, nor do I benefit if they do.
quote:
They may also tell you the property will 2x in value in no time.
No reputable agent is telling anyone that. I’ll never give out “investment advice”.
0
Posted on 1/18/24 at 12:18 am to oneg8rh8r
quote:
Get 2 separate inspections, unless you trust your inspector with you life. Do this even if you aren't asking for repairs, KNOW what you are buying ahead of time
That’s ludicrous……and a colossal waste of money. It’s not hard finding a reputable inspector. I have a gentleman I’ve been referring for yrs and have never had a complaint and have had clients use him multiple times.
quote:
Get a survey, you never know how many people think they own your property, ESPECIALLY if near or on water.
Survey? Maybe for an irregular lot. The other part is handled by a title company and what title insurance is for. Title companies are also likely to have a survey.
quote:
Roof, windows, mold, siding/stucco, slab/driveway, furnace/AC, and wiring. EACH one of these can cost you tens of thousands of dollars with simply minor issues.
Lot of windows to equal tens of thousands of dollars.
All these real estate threads are filled to the brim with ignorance and exaggeration. If you are uncomfortable with an inspectors findings in any manner, have a specialist come out and double check
Posted on 1/18/24 at 5:32 am to oneg8rh8r
quote:
For any property: Get 2 separate inspections, unless you trust your inspector with you life. Do this even if you aren't asking for repairs, KNOW what you are buying ahead of time. Get a survey, you never know how many people think they own your property, ESPECIALLY if near or on water. Biggest concerns with inspections: Roof, windows, mold, siding/stucco, slab/driveway, furnace/AC, and wiring. EACH one of these can cost you tens of thousands of dollars with simply minor issues.
Ive dealt with 4-5 inspectors and they were all idiots. I definitely wouldnt do this.
Posted on 1/18/24 at 11:11 am to oneg8rh8r
I had a neighbor even with the survey stakes sitting there couldn’t seem to figure out what was his and what wasn’t.
I save people a lot of money on inspections, if I see something I know could be an issue I point it out. I’ve probably killed more sales by being too negative on showings than I’ve sold. I sleep better though. Personal favorite is tear cracks in the drywall. When you have diagonal rips in the drywall, you know you have foundation moving.
I save people a lot of money on inspections, if I see something I know could be an issue I point it out. I’ve probably killed more sales by being too negative on showings than I’ve sold. I sleep better though. Personal favorite is tear cracks in the drywall. When you have diagonal rips in the drywall, you know you have foundation moving.
Posted on 1/18/24 at 12:06 pm to llfshoals
quote:
I save people a lot of money on inspections, if I see something I know could be an issue I point it out. I’ve probably killed more sales by being too negative on showings than I’ve sold. I sleep better though.
Same
I generally take a mostly hands off approach when showing, unless I see something that could be cost the buyer significant money. If they ask questions I answer, but I so my best to not influence their decision much.
I also have a great inspector I work with that I recommend to clients, they don’t have to use him, but I feel he is one of the best. He is extremely thorough and is very blunt with clients. If it’s a major problem he tells them, if it’s not he explains why it isn’t. I’ve had inspections he’s shut down after literally 15 minutes and not charged clients because of his findings.
Posted on 1/18/24 at 12:06 pm to llfshoals
quote:
Not to mention how FHA handles appraisals and repairs
Horrible on appraisals. VA is bad as well. Last 2 houses I had with VA loan were awful on the appraised value. Not even close. Had a new build that the VA appraiser said is only worth 280k. I couldn't build it for that. 4 bed 3 bath home walkout with a nice covered deck. In the end did me a favor and sold it for 30k more than original list. Still a pain in the butt. Try to avoid VA or FHA if you can when selling.
Posted on 1/18/24 at 3:21 pm to TJG210
quote:
Lot of windows to equal tens of thousands of dollars.
Renewal by Anderson quote for my window replacements was over $330k. Yes I agree it can be LOTS of money.
I obviously didn't use Anderson, but was able to simply replace my IGU's, but even then it cost me close to 30K.
Posted on 1/18/24 at 3:48 pm to oneg8rh8r
quote:
quote for my window replacements was over $330k
The topic of this thread is things one should look for when buying an entry-level townhome. The 330k quote you claim to have received from Anderson is 20k less than the asking price the OP is looking at. He's not interested in unexpected costs of buying a 10-plex or a small nursing home
This post was edited on 1/18/24 at 4:12 pm
Posted on 1/18/24 at 4:39 pm to llfshoals
quote:
quote:
I got 100% of what I asked for.
Did you get what you could have? Doesn’t sound like it
You are a treasure.
My 4 year old 2300 sf 2 story got the same price as the 3000 new constructions in a subdivision that was finishing the build out.
The new construction drove my traffic/Realtors to the FSBO with a better lot (just off a cul de sac with private woods behind).
I already said that you couldn't be more wrong with every post you make. SSDD.
quote:
quote:
Feel free to educate me on what I did wrong.
well to start with you were working for them, not them working for you from your description. Paid them twice for the same job they’d have done for only the buyer.
You can't read. I paid them nothing. All costs were added to my asking price.
The buyer paid them. And the buyer paid for all work done to the property. I demanded all expenses added to my asking price and got it.
A double-dipping agent will do that to their own customer (I was the keystone to the agents commission).
quote:
quote:
All of that production and you don't have the Smarts/experience to admit when you are wrong.
When I’m wrong I admit it, from everything you said, you’re a marshmallow when it comes to negotiations. You gave away things that probably weren’t necessary.
I fail to see what I gave away.
Enlighten me or admit that the more you reply, the more you crap your pants (i.e. admit that you are wrong).
quote:
Example, repairs.
I paid $0 for repairs. All of that was rolled on top of the asking price.
If they disagreed, we didn't have a deal and the agent is schlepping a buyer that she obviously doesn't care about to more subdivisions without any commission on the table.
Posted on 1/18/24 at 7:36 pm to TigerDoug
quote:
Not to mention how FHA handles appraisals and repairs
Horrible on appraisals. VA is bad as well. Last 2 houses I had with VA loan were awful on the appraised value. Not even close. Had a new build that the VA appraiser said is only worth 280k. I couldn't build it for that. 4 bed 3 bath home walkout with a nice covered deck. In the end did me a favor and sold it for 30k more than original list. Still a pain in the butt. Try to avoid VA or FHA if you can when selling.
Low appraisals happen with convetional just as much.
VA has tidewater, where you get to appeal a low one before it's final, unlike with Convetional. You can appeal convetionals but after it's set in stone, it's very hard even with the appeals proces.
VA tidewater appeals process is 1000 times easier to get value up.
VA is the best loan product there is imo. No down payment required so it's easier to make an appraisal gap since the buyer doesn't have to bring a dime to the table.
Posted on 1/19/24 at 2:53 am to meansonny
quote:If the buyer didn’t write the checks post closing, you paid for it. If they wrote them prior to closing you had really stupid buyers.
You can't read. I paid them nothing. All costs were added to my asking price.
Again you don’t have the least bit of a clue what dual agency is. You are a prime example of why realtors LOVE FSBO sellers. They’re easy. You paid an agent twice to do exactly the same job they’d do if they’re only representing the buyer. What’s worse is you volunteered to double their commission.
quote:Good lord you really are clueless. Buyer’s agent is going to get paid when their client buys, its just rare when we find a seller willing to pay double for the same job. And if they could afford yours they could afford some else.
I paid $0 for repairs. All of that was rolled on top of the asking price. If they disagreed, we didn't have a deal and the agent is schlepping a buyer that she obviously doesn't care about to more subdivisions without any commission on the table.
quote:This is the funniest part. Assuming that’s true (which I doubt) everything you said makes no sense. If you have significant repairs on a 4 year old house it had a shite builder or you trashed the place. It literally shouldn’t need anything but paint and some drywall touch up for hanging items.
My 4 year old 2300 sf 2 story got the same price as the 3000 new constructions in a subdivision that was finishing the build out.
Posted on 1/19/24 at 3:24 am to Billy Blanks
quote:
VA is the best loan product there is imo. No down payment required so it's easier to make an appraisal gap since the buyer doesn't have to bring a dime to the table
Based on my experiences and other local investors I know that isn't the case in our area.
Posted on 1/19/24 at 6:35 am to meansonny
quote:
meansonny
I’ll be honest - I’ve followed your posts in this thread, and your arrogance on something that you don’t seem to actually understand has been something to read.
Posted on 1/19/24 at 7:17 am to The Torch
The townhome in question was built in 2020. Concerns about roofing and windows are ridiculous. They’re probably still under warranty (which the buyer should ask about to ensure they’re transferable).
Posted on 1/19/24 at 9:59 am to TigerDoug
quote:Mine either
Based on my experiences and other local investors I know that isn't the case in our area.
Posted on 1/19/24 at 2:45 pm to TigerDoug
quote:
Based on my experiences and other local investors I know that isn't the case in our area.
What's your sample size? How many deals we talking? I've seen more convetionals be low on an appraisal than VA/FHA. I've seen 2 repairs ever called out on FHA deals, total cost to repair was like $150 combined.
Posted on 1/22/24 at 8:14 am to meansonny
Sounds like you did well on your deal. That doesn't mean one should generally seek to use same realtor for both sides. I have done many real estate deals, and rarely do it. There are variables that affect each deal and the success of one deal doesn't mean others will turn out as well so that the success of one deal should not determine your process. Every realtor is different and some would be fine representing both sides and some not. In general, it seems better to not use the same agent for both sides.
Posted on 1/22/24 at 8:27 am to Billy Blanks
A home inspector finds the majority of common problems. Something like corrosion in plumbing is not common. Buying an existing house involves taking a little risk. The buyer may see some expenses after the sale. Houses need maintenance. Trying to eliminate all risk would be expensive.
Posted on 1/22/24 at 9:08 am to oneg8rh8r
Lol. Everyone has their own risk tolerance, but hiring 2 inspectors is over the top. Definitely would not advise this.
You might be confusing survey and title search. One should use a title company on 99% of purchases. They will research ownership issues, HOA/POA balances, and tax balances. Survey produces A drawing with exact property lines. Many times this is not needed. The neighborhood might already have fences on every lot, or the pins from the original survey may be easy to find, or it may be clear where property lines are. Definitely not something one needs to pay for on every purchase.
Each area of concern you brought up may cost tens of thousands with simple minor issues? You live in the middle of the Amazon jungle?
Renting might be a better route for you.
You might be confusing survey and title search. One should use a title company on 99% of purchases. They will research ownership issues, HOA/POA balances, and tax balances. Survey produces A drawing with exact property lines. Many times this is not needed. The neighborhood might already have fences on every lot, or the pins from the original survey may be easy to find, or it may be clear where property lines are. Definitely not something one needs to pay for on every purchase.
Each area of concern you brought up may cost tens of thousands with simple minor issues? You live in the middle of the Amazon jungle?
Renting might be a better route for you.
Posted on 1/22/24 at 9:15 am to oneg8rh8r
How is empire state building holding up? I noticed some moisture in one of the windows.
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