All Forum Posts by: Kim Knox

First of all, Merry Christmas!  I hope your holiday is full of love and laughter.   I need your help, I am a bit out of my element.  I have  rental properties, but this problem is foreign to me.  It has me very worried.  

My dad has two homes on one lot, and he has moved into one of the houses for the winter.  It was not Santa that woke him at 4am this morning, it was the police and ambulance.

He rents to a single male, in his late 20's.  Apparantly the paramedics were called because a young lady had overdosed on heroin.  With all the commotion, my dad went to see what was going on.   The young lady was initially non responsive, but after the administered CPR, she came back to life.  Thank goodness, and the ambulance rushed her to the hospital.  

The police officer gave my dad his card and wrote "heroin overdose" on the card with reference to a case number.  My dad asked if his tenant was to be arrested after the cop indicated locating significant drug perophinelia inside the home.  No, they didn't find any remaining herion.  My dad was so shocked, and recently awoke, that he is a little hazey with the details.  

I believe because he was conducting illegal activity, my dad is able to offer him 72 hours to vacate.  We had scheduled a walk through for tomorrow.  My thought is that we should post 72 hour notice to vacate and copy the front and back of the police officers card referencing "heroin overdose" and that is it.  

I absolutely want this guy out of my dads home, but want to handle properly.  His lease does indicate no illegal activity, but because he didn't get arrested, is it enough that he nearly let a young lady die at the home, and/or the existence of drug perophinelia within the home, is that sufficient?  Should I enlist the assistance of the police to witness the 72 hour notice being posted.  I do not want my dad dealing with these people, I want him to post notice and go stay at his other home until the 72 hours expires.  He had some  inclination that his tenant was a bit "off,"so requested a walk though a few weeks ago, which will take place tomorrow.   Finding hardcore drugs to be the problem is mind boggling, and  totally unexpected.  What is the process that I need to follow to get this guy out of my dads house, and out of his life?  Does anyone have a 72 hour notice to vacate for the state of Oregon?  what should we do? 

An important part of locating your Agent is to find someone you are comfortable with, and that you like.  You will be relying on them to help you make smart decisions.  Someone that impresses you as familiar with the market and with standard practice.  Another thing you want to be sure of, is that Agent works full time as a Real Estate Agent.  Portland has low inventories, so your Agent needs to be easily available to act quickly (as will you).   

Honestly, I have never been asked for references.  You might find that odd, but it is true, and I am on my 16th year.  It is likely because I lead the conversations, because I feel that is part of my job, to guide someone through the process.  I also tell them what is important to know about me, and how I run my business.  When you get the impression that an Agent is interviewing you, you are on the right track.  It shows they value their time.     

Nor should you be interested in their foreclosure history.  Fact of the matter is, Real Estate Agents are more likely than most to regularly invest in Real Estate.  Additionally, we work on commission, so when the market crumbles, we are in a high risk situation.  I have seen very successful agents with their names on the notice of default lists.  I have also seen very intelligent Agents go out of business because they let people abuse their time and knowledge.

Even though you might not require good reviews or references, I do suggest googling to see if an Agent has BAD reviews, as that would be a red flag to me.  I have seen Agents that I consider sub-par with a billion 5 star reviews.  I have also seen great Agents with no reviews.  Bad reviews, however, would get my consideration.  

Good question @John Ma

If an Agent gives out their login credentials to the MLS, they should lose their license. That would give you access to security codes and gate codes, along with other confidential info. A big no-no.

Smart agents prioritize by opportunity to earn commission. Taking time to do a $50 report or taking a lunch, when that agent could be earning a commission is a bad financial decision. If I had some random person tell me they would compensate me for a CMA, I would turn it down. I would definitely turn down being compensated with lunch!

If you want a (smart) Agent to invest time into your goals, you should use them as your commissioned agent. An Agent can make you money and help you with making crucial decisions. I work for a few strong investors, who involve me in transactions even if I didn't procure the sales, and they do this without my insistence. As a result, they find me eager to help with them as many CMA's as they need. I would skip Thanksgiving dinner to help them. =)

Here is a suggestion, once you find a good Agent.  You can help your Agent earn commission.  It sounds like you are locating the deals yourself.  If you don't find the deal workable for you (for whatever reason) , tell them you will have your Agent call them to arrange a meeting, saying something like "you need a good Agent, and she will help you figure out what to do."  You can also refer your friends and family.  If an Agent is helping your business, you should probably commit your business to them.      

Busy Agents will extend their workdays to help valuable Clients, trust me. You just have to find the right Agent, interview several and create a mutually beneficial relationship.  

Not if you want to buy it, assuming it is priced at market value.  

Let's say an REO is listed for $100K. If they were willing to accept your $75K, they would actually be much smarter to reduce the price to the public at large and create a bidding war.

Losers do not pay their debts.  In fact, I would bet that they somehow blame you in this situation.  People like this (the kind that abuse someone else's valuables) have an interesting way of excusing their behavior and twisting reality to serve their  screwed up moral code.      

I have dealt with this, won in court, only have to pursue the money judgement.     

I employed a collection agency, who charged me 35% of the debt collected.  She was absolutely abusive to the collection agency, they deserve that fee!!  

I got a check a few years later, and I took everyone at my office for drinks and dinner that night. Nothing like spending money from a jerk, on dinner celebrating the awesome people in your life!

The only reason she paid was because a judgement showed up when she went to get a loan.     

Knowing what I know now, I would drop it with the $$ you are talking about.  I was so interested in the principal of it all, but winning is not always winning.   

@Chris Daliani they will knock on your door, they will check your tax billing address, they will ask the neighbors.  You may get away with it, but you may not.  Fraud against the government is a serious charge, and as we all know, they have deep (unending) pockets.  

My guess is that sales in the 1-2 year future will trigger concern.  No reason to assume they will persue you until you have some money in your pocket.  As a brokerage, I wouldn't touch this type of lie with a 10'foot pole.  Don't think I haven't been asked multiple times on big money sales. No way, no how!  

 Your down payment and financial situation (debt ratio) often dictates the condition of the home you can purchase.  They will look at your credit, your debt/ratio, your assets, then determine what they are willing to loan with that information.  You tell them how much you want to put down, and how much you are comfortable spending monthly on a payment.  

With that information, they will tell the loan type, and the maximum they will be comfortable loaning you.  You give this information to your Realtor, then you start shopping.  

Good luck!  

I am not sure if you are asking as an Agent, or as a Buyer in this transaction.

Yes, they check.  They will pursue Buyer and Buyer's Agent for fraud.  This is not something you want to involve yourself in.  

Both Buyer and Buyer's Agent have to sign an affidavit indicating that it is going to be an owner occupied purchase.   I believe the affidavits i see require a year of occupancy, but the length of stay required should be known by the Listing Agent.

@Anthony Yannucci They generally have a requirement for a year in occupying the home on government owned foreclosures. If they discover your not occupying the home, they (the government) will go after you for fraud.  It is a big no-no.  

If it is a government backed short sale, they do this for neighborhood revitalization AND to give owner occupied purchasers a chance to get into a home without having to compete with cash investors. The idea is that getting people to become homeowners makes them care more for the home and keeping it nice, improving neighborhoods. Same reason as to why the first look program is available on REO's.

You might have seen short sales that do not allow a deed transfer within 6 months of the sale, as a restriction added to the deed (as a condition noted on the formal short sale approval).  Same idea, trying to push investors out, and to enable owner occupieds to compete.