All Forum Posts by: John Barrows

Ahhh, oil tanks.... Your state and federal government has specific laws governing how these items are dealt with to decommission the tank.

In commercial you'll need a phase 3 report on the property. This report will go trough 3 separate steps in order to determine the extent of any issues, then move forward to decommission the the site.

Residential (depending on state) whether they adopt federal guidelines or have their own will be consistent with the outcome of a decommission resolve. Most generally, you'd want to drill holes in and around the tank, have the soil inspected by an ecological/hazardous waste company then determine if there's any contaminates in the soil. If none exist, it could be as simple as having a company come out, suck out any lingering residual from the tank/clean and fill with slurry forever. Most, will just remove the tank so as when the tank finally rusts out the slurry won't stay in the ground. 

See your state and federal laws prior to extracting any possible hazardous waste. Good luck.

Seller makes GOOD FAITH EFFORT to protect buyer with home warranty at closing. Did BUYER HAVE AN INSPECTION? "YES" Who can predict when systems are going to break.

Buyer has INSURANCE ON PROPERTY for this type of issue.

In the State of Washington, the term "AS IS" would be pertaining to an item or thing within the home and not the entire home unless all defects have been disclosed to buyers or a statement of non-inhabitable has been issued. This statement has been sued and lost upon by many of sellers in the State of Washington, BUYER BEWARE.

I am not sure why people keep talking about the "TITLE COMPANY" closing any transactions! Title companies search for title encumbrances, liens etc. If any issues arise, then they report the issues to the seller and buyer in order to correct or disclose the issues. It's up to the seller to correct any issues or the buyer to except title with encumbrances.Title companies DO NOT CLOSE transactions.

ESCROW companies are the (third party-arms length) transaction specialist that collects/goes over all the contract paperwork, pulls payoffs, works with title to make sure there's clear title/no encumbrances, has the parties money's in ESCROW and then creates all of the paperwork for both parties to sign off. Last but not least, then sends a person to county or electronically have the deed recorded.

Sellers can direct title and buyers can direct ESCROW. The reason why buyer directs escrow is because you always want a (THIRD PARTY) neutral from the seller working on the paperwork. I've seen this kind of (agent directing title & escrow) blow up in their faces to many times! I always remind agents what the LAW SAYS. Seller has the right to select title and buyer has the right to direct escrow.

Holy crap! Just buy a home warranty that will replace those items if they fail! Sounds to be a lot wimpy!

You may need to stop wasting peoples time and move on! You wanted to get out of the deal from the beginning and now you're trying to find a FAKE way to get out! DOES THE WATER HEATER WORK? if yes, then buy the dang house. Maybe you should have brought a crying towel or mommy and daddy should be there for you and hold your hand. 

Buyer, you're a law suit waiting to happen! If I were your agent, I would walk away from you NOW! 

FSBO businesses have been around prior to real estate itself. REALLY, one thinks Redfin is different but, they aren't. It's a listing gimmick to get a steady flow of people to come through the door to generate business for people sitting on their butt in the bullpen office waiting for the phone to ring.

Look at the number of people giving their livelihoods away for pennies on the dollar. I'll list your property for $95 (with MLS) access, or $295 and we'll send you the paperwork to sell your house. One of the best ones is $495 listing fee with an agent who will write up the deal and represent you at closing.

All of the professional/good agents will work with a seller (especially) if the seller is buying another house through the agent for a 1% fee! All Redfin has done is create a steady stream of buyers for their real estate (bullpen licensed agents) that buyers have ZERO LOYALTY as agents will whore their services to any person walking through the front door or calling on the telephone. I can do creative advertising or BUY, A SUNDAY MORNING REAL ESTATE SHOW,  that creates a steady flow of business. It's just an advertising gimmick. I know several (agents) who work with Redfin. They do a few pieces of business a year but, waste a lot of time and money running after the business.

Redfin has a good business model for stay at home types that want business but, aren't willing to get on the phones to generate the business. I do know the commission splits are all favored towards Redfin and not the agent! Same with Zillow and others trying to break into the real estate market. Good luck when a recession hits! All those agents will be looking for real hourly paying jobs! That's just how it works folks!

Just remember that once you have a real estate license, every word you say can be used against you in a court of law. 

A Real estate license is a license to represent people professionally. You'll have to be very careful when talking to people, especially if the person is listed with another agent. You'll also be liable for what you say to others in a conversation talking to people about real estate. Think about lawyers. They consult with you, tell you a few facts to digest then you hire them. You'll not be a lawyer but, you'll be filling out the paperwork and be judged as if you were one.

Sometimes, it's just better to pass on the license and be able to talk openly with any buyer or seller without having to make disclosures. While not licensed, you can pay/negotiate under the market for any property without disclosing what the real market value of the property is at that date and time. Many people who are licensed DO NOT make FULL DISCLOSURE and intentionally under price properties for their own interests. That, in and of itself, is a law suit waiting to happen.

If you are seriously considering real estate as a career, it's a great job with great pay and wonderful people within the business. I would highly recommend a career in real estate. If your going to be a flipper, get a broker to find out what the market is doing and continue with your pursuit of finding properties to flip on your own as well.

A notice that the rent is going up at the first of the year......

@Chris Rosenberg I can not say for sure whether 21stMortgageonline does re -fi's or not. One other thing some flippers may want to look at that will help you sell your properties fast in most any area of the country.

1. Once you have the property remodeled or fixed up, order and pay for a BUYER HOME WARRANTY at closing for buyers. 2. Look at ZERO DOWN, minimum down financing (make your property easy to buy)! 3. Get a Roof contractor or a warranty company to put a 3-5 year roof warranty on the roof. 4. If the buyer doesn't have all the funds for closing costs, let them know you can help by raising the price a few thousand dollars and pay the costs for them. 5. If you have a buyer with 10%-20% down with bad credit or maybe they just got out of a bankruptcy, there are companies that WILL give them a loan and hold the servicing for a year or two!

I have sold so many properties over the years just by doing what I just mentioned above. Good luck all!

Figure every deal you do, no matter what the price, the property or the type will need financing. I have always looked at the financing of any property a priority and have a list of financial institutions that can finance any deal I do.

All mobiles whether on land or on leased property I use 21stmortgageonline.com..... WHY? because they are the resource of most all brokers when it comes to mobile homes these days. They will do lease land mobiles that were built as late as 1965 and still finance them. I would basically, get a lap top, put the site on the lap top, then help the buyer (even if you have to go to their home) fill out the information then submit. Just some food for thought.

Andre,

You need to speak to your DESIGNATED BROKER, have any and all ideas reviewed and approved by your DESIGNATED BROKER before pursuing ANYTHING IN REAL ESTATE!

Not once in your post did you say, I DISCLOSED to the FSBO exactly what I was going to do and how I was going to attain my goals. "offering free listing and open house to FSBOs in order to hold open houses to capture buyer clients"? I imagine this FSBO is going to let you USE THEIR HOUSE to BATE UNSUSPECTING BUYERS for your own gain? Hmmmmm, what's wrong with that picture? Why not just get the FSBO SUED for being involved with this scheme once something goes wrong in the dealings with you. You certainly don't understand the liability you are projecting on the UNSUSPECTING FSBO and UNSUSPECTING BUYERS!

GO TALK TO YOUR DESIGNATED BROKER!