All Forum Posts by: Kathryn Bowden

Yes, that makes total sense.  Thanks @Joshua Top

Completely to the contrary, @Joshua Top.  My point is that if you are going straight to the seller's agent and they wlil charge a full two-sided commission, why not use your own realtor who will always fairly represent you?  The one you're familiar with and you would want to pass on as much business to as possible.  However, if you feel you have a chance to get it at a price that works, by going straight to the listing agent, that agent would be in the position to charge less of a commission, for example 4%.  I then don't understand why you go straight to the agent in that case.  But maybe you feel you can get a better scoop on the place, and don't have a huge loyalty to any one realtor.  That just wasn't my point at all or why I was asking.

@Joshua Top, I have a question about your reply quoted below:

"Licensed or Not Licensed? What benefits has it brought you choosing one way or the other? - Not licensed, not planning to be. As we buy more directly from homeowners, I don't want to deal with all the disclosure and compliance rules that realtors have. I will go to the selling agent if I see a house on the MLS that I want and I have someone that will list homes for me for a 1% commission."

There are a couple of fixer homes of interest to us on the MLS, and I wanted to go straight to the seller's agent to potentially save on a double commission. But how do you present this to them? Wouldn't they just automatically charge their seller their 6% for both sides of the transaction since you don't have your own realtor? How do you approach this, and what specifically do you ask for in this regard? Thanks in advance!

Usually, we only do the majority of the upgrades at the end of the two years.  In this case, it was unlivable.  Good points @Christopher Phillips.  Properties have also been going immediately under contract in this area at our price point.  So maybe we better run with it while things are looking good.  Would be curious if others agree with the above.  Thanks.

We are considering staying in our current flip for two years.  We like to have a two year flip going along with other flip projects, to take advantage of the two year rule as often as we can.  The more we fix this one up, the more it's grown on us, but our original plan was to sell.  My question is, all things being equal - i.e., let's say in two years the market in our area is exactly the same as now  - would there be much or any value lost by using all the new appliances and fixtures, etc. for two years?  Needless to say, we'd do our best to keep them in tip-top shape.  I just wonder how much buyers (the market and appraisers) care about everything being brand-spanking new and never used.  I'd be curious on others' experience with this.

Thanks for your input, @Darren Lenick. Yes, the $91,000 is all-inclusive of the purchase price. The $30 K includes the closing costs, which will be less because I pay a flat MLS fee, and buyer's realtor commission. Holding costs in this case are accounted for, because we are full-time RVers right now, and are able to live on the property, which is a big win-win, as the "holding" costs become our living costs, and lower (and roomier) than the nearby RV park. At least it takes that specific pressure off. We've been here for a while and gone over the house as well as talked to the previous owner. Roof is already repaired. We have an electrician friend who helps with anything electric, which in this case will be fairly minimal. But I still totally get the "not changing anything". This one is a hard one, because I think it would be a pretty big improvement, with fairly minimal expense. Yes, there is the furnace. But we are so far staying well within our budget so feel like I have some wiggle room. Famous last words, I'm sure ....

Thanks for your reply, @Allison Stewart.  Good questions and points.  Off the top of my head, the cost is going to be for the extra cabinetry and countertop.  I'm thinking two extra cabinets, one top and one bottom.  Fairly inexpensive countertop material, probably butcher block.  Then a couple pieces of sheetrock probably.  We'll do the labor (not too extensive), and probably move the electric ourselves.  We bought the house at auction for $91,000, and our 100% done budget (including commissions and closing costs), will hopefully be kept to $30,000.  There's still an unknown as to the furnace working, so that could be one big surprise, worse case.  That's about where we're sitting right now.

Hi @Peter M., thanks for your reply.  The door is facing out from the kitchen.  Directly toward me the picture taker.  It is a coat closet more/less (no rod in it).  It's pretty deep and at least partly wasted space in my opinion.  Husband says it is not load bearing or any surprises there.  Unfortunately, it is mostly the only storage besides the bedrooms.  But there is a closet with hot water heater and furnace, that has some extra space for things like brooms, mops, etc.  If I took out the closet so it was just a wall, I would put some good sized coat hooks there.  There's another wall near it, and near washer/dryer area that I also think is a good place for coat hooks, to help make up for the closet loss.  It is a weird place for the closet, and not the only weird thing the original builder did.

Thanks for your reply, @Account Closed.  What is the reason you would definitely add the pantry?  Do you think it's an important selling point for buyers?  

Keep in mind, this is a $150,000 home after fix-up, and is a complete remodel.  I am trying to decide if it would be worth making one design change.  This is an open room kitchen, a U shape.  The fridge on the right, is awfully close to the corner there.  When the old cabinets and countertop were still there it was especially evident.  It was a deep awkward kind of tight corner.  It can work that way, but you have to put diagonal shelves or a diagonal cupboard back in there.  I was thinking of taking out the closet that is on the end of where the fridge is.  I would then move the fridge down, which would also add some more counter space and cabinets.  We would lose the closet, however.  It would definitely make for a nicer looking kitchen layout.  Another possibility might be to shorten the closet to bring the fridge only a little ways further down, turn the closet toward the kitchen and make it a pantry.  The downside is the extra labor (our's), and some extra expense in cabinetry/countertop, possibly pantry door, and moving fridge electric down a bit.  Hopefully the photos give the gist of the fridge/closet situation.  The new stove will be in the middle, not so far to the right where the old one is sitting temporarily now.  Thanks for any advice.  It would be a no-brainer in a higher-end house, just not sure if it's worth it here.