All Forum Posts by: Bill Schrimpf

@Nic S.

Welcome to BP.  Congrats on the upcoming life changes!  Being in love and having kids is awesome!  

You didn't ask a dumb question so here is some unsolicited advice.  Make sure your spouse is on-board with your investing activities.  She doen'st have to be "involved" but this gig works so much better if the 2 of you are are are in sync.  

Like most things in life, it's a double edge sword.

Buyers benefits include being able to negotiate terms, lower down payment, not having to qualify for a loan with a bank (if you have issues preventing approval).  

Try to avoid paying points up-front. It's wasted money in most instances.  

If your asking these questions here, find a friend who can help so you don't get fleeced.

Drawback is usually the loan is more expensive/higher rate, they may not report to credit agencies (won't improve your credit, but this can keep your documented DTI ratio lower which may be good) and if they do use a servicer, somebody (you, unless you negotiate otherwise) will pay a service fee to have your money processed every month.

So glad you and your family are safe. Having this turn into a money problem is unfortunate but not as bad as it could have been! Its storming here in Reno so there is weather heading your way in CO. Keep your family safe and warm, then worry about lawyers.

Even though the sale is done, GET ANOTHER INSPECTION!  The inspector may have some liability too.  Who knows what else may kill you!

Another option would be to have a lawyer write a nasty gram to the seller and maybe get him/her to split the cost of repair(s). Its a stretch, but negligent manslaughter (not much different that a DUI where someone almost dies) might motive the seller to pony up to get the problem(s) fixed.

 Hi Merv - Areas on the south end of USA Parkway are in what (I think) will be a good upward swing.  USA Parkway was recently completed, meaning what used to be a 1-2 hour drive to employment areas is now 30 mnutes.  The area around Silver Springs and Stagecoach is realtivly inexpensive therefore within reach for many first time home buyers (or renters)...

I think it's unethical if you don't disclose, not sure about illegal...

Try adding a line along the lines of 'seller to contribute $14k to buyers repairs, reoccurring and non reoccurring closing ccosts' to the contract.  You should talk to a local title company to be sure it ok to do that in your area.

@Hannah Stephenson I don't know the area at all, I've never even been to Tennessee but it looks like your overpriced about $40k.  It looks like you lost money when you purchased the home, (making $ is more about how you buy than how you sell) or you "over rehabbed" it.  The pictures look great, nicely staged all that stuff looks good but COMPS don't pan out.  It probably wont appraise and that eliminates any buyers that would need financing.  

If you can get a GREAT Realtor engaged, and he/she thinks you can get close to $500k it might be worth having it officially appraised with that GREAT Realtor's help.  Having an official appraisal would help support a high sales price, if you can get it.  Its a long shot because buyers ultimately decide the price.

Another way to minimize your losses might be a lease to own or carry back depending on the terms.  You might be able to break even on your monthly payments...

As a Realtor, I get access to tool similar Zillow but generally more accurate and it estimates that home to be ~$461k.

@Aaron Kaplan There are some development opportunities with total project time under 1 year around TRIC but it takes cash or your own private money.

Jordan - thanks for letting us know what happened.  It's actually a great story.  Its not sexy, salacious, ripe with conflict nor is it some grandiose story of making huge money.  It's simple, just talk to people and more often than not, good things happen...

PM me if you or you brother have any other housing needs in Reno.  I'm local...

@Jason Callahan - ditto on what many others have said here.  As a licensee in NV, I too despise "lazy *** real estate agent(s)".  

An e-mail is not a lawsuit.  

Of course follow your attorney's advice before taking any actions suggested by me or others.

@Russell Brazil makes a wonderful point about contacting the broker.  Most brokers are business people and generally reasonable.  Most people can get a  NV salesperson license with minimal effort and investment.  The threshold for Broker is much higher.

Here are a few basic things you should know about NV agency agreements:

It's between you and the broker, not the agent.  Its possible the agent is the broker.  

It must contain a start and end date

It must be signed and dated

It must generally describe what your looking for.  A good description (for you) would be "duplex in the blah-blah area between $400k and $500k."  A bad description (for you) would be " real property in NV".

It will specifically describe the commission percentage or fee you pay.

If you haven't found it yet, the NV state agency that oversees licensees is NV Real Estate Division.  

In the future I suggest working with a Realtor, which is not the same as a real estate agent.  Realtors take an oath related to ethics and put their $$$ where their mouth is in terms of higher levels of education.  That is not to say all Realtors are great or all non-Realtor are bad.  

Hi @Josh Cohen - Real estate is local.  The suggestion above are helpful for maco research but once you find an area your interested in, I suggest finding a local resource.  If your interested in the Reno area, take a look at this thread... here