All Forum Posts by: Danny Day

I'm not 95% positive that there is a problem, but I'm sure someone can make something up out of thin air.

The good news it that the wholesaler contacted me and told me he did have previous work done and it comes with a transferable warranty. Great news!

I'll have them come out and inspect. If no problems, give the new owner a warranty. Was not trying to avoid it - was trying to minimize cost.

There are two patches in the drive way that were re-cemented over - inspector thinks this is from previous foundation repairs. Not sure what repairs were made, called the wholesaler today and asked him to speak with the home owner about it, and get any type of warranty, etc.

Its off Beltway 8 and 290

I've got a contract to buy a house here with no option period ($2,500 in EM right now) set to close on the 22nd.

I got it inspected by a professional and he has noted in the report / spoke with me about that this house has had foundation work done before.

He told me he could not find evidence of a current foundation problem, but would like for me to get it checked out by a foundation company?

He stated "As noted, cosmetic interior differential movement evident as well as some cracks at foundation wall. Appears due to previous foundation movement, before or during what appears to be foundation repair, however no paperwork of what company and where foundation was repaired available, it is recommended that buyer consult with a foundation specialist for precautionary purposes."

My question: as of right now, I am not aware of any structural problem / foundation problem. No cracks, no sticking windows, no sticking doors, etc.

There is evidence that they did have the foundation repaired before. If I call out another company to do an inspection, I feel that 9.5 times out of 10 they will find something wrong, and it will cost me, and I will have to disclose it.

There is a minimum margin on this deal for repairs and a major foundation problem will blow it all. I do not think it has any type of major foundation problem, as well as the inspector - but since it is on his report, I want to know what the best way to get things done (at a reasonable expense / least liability).

Just announced today that BoA will be slashing deliquent home loans upwards of $100,000.

How does this make you feel? I personally feel like this bank should have gone under.

Does this bother anyone else that BoA took a bail out, and is now distributing $$$ to deliquent home owners?

Just read this article yesterday, thought it would apply well here today: http://www.washingtonpost.com/wp-srv/style/longterm/books/chap1/millionairenextdoor.htm/

What is the most common car millionaires drive?

Ford F-150

Save your pennies!

Prepare a packet as to why your offer is that much. Also ask for a lot of concessions in your initial offer and in your 2nd or 3rd counter offer, waive some of your initial concessions. I've done it multiple times with BoA. The hardest part I'm dealing with BoA now is that retail clients have to get a pre-qualification to buy their REOs. BoA has strict lending requirements and not everyone can buy.

I've never been a big fan of cold calling, but the past 3 months have slowed up for me so I decided to give it a try - or a "nothing to lose" mind set.

I went to check out craigslist and found a For Sale By Owner who wanted to sell their house in my market area. I gave her a call and asked if it was still for sale.. she told it was, and if it was priced too high we could work on it.

I thought it my head.. wow, she needs to sell! I asked her how long its been on the market (over a year), and asked her if it was listed with an agent. She began to tell me how no RE agents do a good job, etc.

I told her I was a RE agent and would sell her house in 60 days. I gave her my website and told her to go read and see if she likes it. I would call her the next day.

I called her the next day, and she said let me think about it. She called me back yesterday and I'm listing it Thursday.

1st Cold Call Success Story for me. I'll be picking up the phone more often now.

Danny

Eric, there is no strategy that is / is not allowed. All you must do is disclose that you're a licensed agent. In the Houston MLS we have an area for Owner/Agent disclosure.. I write it in private agent remarks in the MLS, and I write it in the contract as well. Therefore its disclosed in 3 spots, one verified in writing.

Not sure why you would not want to abide by NAR rules. If you're conducting business ethically, you won't have a problem.

Good luck

Has anyone ran into this with REOs, short sales, bank owned listings, etc?

I'm submitting offers for my clients and notice in the MLS the listing agent puts these remarks.

Can any REO agents chime in and say if this is the listing agents idea, or the banks rules?

I still submit below list price offers........

I pulled out from BoA years ago. I still am with Wells Fargo, mostly because of online banking / don't want to re-link every account I have. Mabye its time to go local