All Forum Posts by: John Clark
John Clark has started 5 posts and replied 1535 times.
Post: Scammed by restoration company
- Posts 1,570
- Votes 1,250
Next time ask the insurer for a recommendation before you hire.
Post: Do You Understand How Ugly This Is Going to Be?
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The positive won’t kill you. The negative will. If you can’t handle the potential negatives in an area, don’t invest there.
Post: Sell "sweat equity home" or rent?
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Sell the inherited house. No capital gains due to stepped up basis for house (date of death value is basis). Run the numbers and your predilections afterwards and decide.
Post: Offer letter and proof of funds letter for wholesaling?
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Quote from @Jerryll Noorden:
No.
A wholesaler doesn't need a proof of funds letter. This is not an opinion, this is just so.
Why?
Well are you going to buy the house? No right? Why would you need a proof of funds if you are not going to buy the house?
See my point?
You only need a proof of funds if you are lying or dishonest about wholesaling. If you told the seller that you have no intention of buying their house and that you are going to wholesale it, why would the seller expect you to have money in your account if everyone knows you are not buying the property right?
No you do not need a proof of funds letter. All you need is honesty and transparency. That is how I do it my man! And my deals range between $50K and $100K a pop!
It can be done.
I tell those brokers they get 2 percent upon successful closing to their buyer since they just admitted it’s an easy sale. I don’t hear from 99 percent of the brokers again. The wholesale people I have never heard from unless they could buy and then flip/double close.
Post: Appropriate fee for an agent? No work required.
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Quote from @Jay Hinrichs:
I am a home builder in 3 states. and we dont discount if the buyer comes in on their own.. while buyers may try or ask for this we wont do it..
...
and the balance are direct to us which my wife handles. I am her unpaid assistant.
As for being a wife's unpaid assistant, from what I've gathered over the years, that's why women marry us.
Post: Appropriate fee for an agent? No work required.
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Quote from @Jay Hinrichs:
Jay, you're a broker. Of course you want to keep all of a commission that the seller has agreed to pay. But the original poster was talking about the builder offering 2 percent for a buyer's broker, not a two percent split on a total commission.
The guy should either negotiate a two percent reduction on the grounds that the builder is avoiding an expense, or he should willingly accept that -- if he needs a broker -- that the broker deserves 2 percent for the broker's efforts, and not try to chisel the buyer's broker down.
Post: Appropriate fee for an agent? No work required.
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- Votes 1,250
Quote from @Michael K Gallagher:
Quote from @Tom Gimer:
No work required???
IMO, that's a completely unreasonable analysis of the situation. And taking some of the 2% ignores the potential liability the agent (broker) takes on in representing the buyer. All the liability and none of the commission? No thanks.
Hopefully these brokers are able to limit their liability in situations such as this.
no work required until the inspection comes back and half the floor joists were cut through by the plumber.
Post: Appropriate fee for an agent? No work required.
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Quote from @Jeremy Segermeister:
Hi all,
We decided to move cross country and buy a new primary home in South Florida. We know the new construction community we want to buy in. The builder pays a 2% agent fee. We are planning to go sometime in September to look at the models and put down our deposit.
What would be an appropriate fee to offer an agent to essentially show up and "represent" us? I would want the rest of the fee credited back to us.
Post: Offer letter and proof of funds letter for wholesaling?
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Quote from @Jared Anderson:
Should a wholesaler have proof of funds letter and an offer letter or is the purchase and assignment contract good enough?
As for mortgage contingent offers, I want a pre-approval letter (not pre-qualification) for the needed amount plus proof of funds for the down payment.
I make one exception because I served in the military, and that's VA loans. For those I need to know the financial institution you're working with and I need to like the cut of your jib.
Post: Renters caused damages higher than security deposit - Use insurance?
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Do both: sue and claim vs renter’s insurer. You might even want to tell insurer you will add it to suit if it denies claim ( your lawyer makes that decision). Document all. Photos especially.