All Forum Posts by: Michelle B.

Michael Brown I agree with most of the other comments thus far. Especially that it's highly unlikely that your low offer will be accepted. I also noticed that it's a short sale. Which, if you aren't familiar with, will likely take forever to close. Which isn't a big deal if you aren't in a hurry.... Having said all that, I disagree with those that suggest you should do something easy for your first project. I just completed my first flip and nearly everything had to be replaced/repaired (HVAC, roof, full electrical, all plumbing, windows, etc etc etc). Now, although this was my first flip, I did have renovation experience as I have been in the renal business for years. However, in the past, we had done almost all the work ourselves and had little experience dealing with contractors. Now, I'm not saying that you should go into any endeavor unprepared. Make sure you have adequately estimated repairs, comps, etc etc etc. But, I don't think you should limit yourself just because it's your first project. Lastly, my personal recommendation is not to use contingencies (including inspection). You are likely going to be competing with all cash, no contingency offers. You should be comfortable enough with your estimates that you don't need an inspection. And if you aren't, then you need to get there. Good luck! Michelle

Ryan Russell The other responders are absolutely correct. That means the property is under litigation. Even if you were to buy the property and close the deal (although your title company would strongly encourage you not to) you would risk completely LOSING the property and title post the outcome of the litigation. This would be the worst possible list to utilize when doing direct marketing. In my opinion.

Greg H. So in reading the prior responses...am I reading correctly that the agent has no responsibility to do anything for the buyer but the buyer has a responsibility to use this specific agent for this specific purchase? Even though he has given this agent ample time/opportunity to submit the offer and he/she is just seemingly lazy/unresponsive/uninterested? Sounds fair....

Craig Robinson You said they refused to leave at the end of their lease last summer. You then went on to say that your parents want them out by the end of the upcoming lease. Am I correct to understand that they refused to leave so your parents renewed their lease? And to confirm you are saying they are not paying their small portion of the rent? How much is their portion per month and how much are they delinquent?

Craig Palmateer Someone else will have to chime in regarding legalities...I assume this realtor showed you the property? Assuming so, I believe that is where it gets a little tricky. Is it the listing agent? Do you have a long-standing relationship with this realtor? I'm sure a realtor can chime in regarding the legalities and what you can and can't do. You also have to think about what you want to do versus what is legal. A lot of that will depend on what (if any) relationship you have with this person. Regardless, I would send a clear message of what your expectations are. I would be upfront and honest that you are not happy with the length of time it's taking to get the offer submitted and the lack of responsiveness. As you stated, I would also tell them that you expect the offer to be submitted by X date. Good luck! Michelle

Craig Palmateer Just to clarify you are saying your offer hasn't even been submitted yet? Or are you saying it's been submitted but you haven't heard back regarding your offer/bid? If it's the first then I would say that is absolutely not normal. When I provide my realtor with an offer (regardless of whether it's HUD or not) it's submitted within an hour or two (assuming I have provided everything needed - including copy of EMD and POFs). If I am following correctly, then I would find another realtor... Good luck! Michelle

Martha Daisley Don't sell it! Keep it and do a cash out refi or a HELOC on it. You can definitely do a cash out refi on a rental property (I just did it on one of my rentals).

Benjamin Leung Congrats on the property. I would do a mid level upgrade. Save what you can and replace the rest. I personally prefer to remove all carpet and replace with a hard surface (laminate, vinyl plank)... Do you mind me asking how you found the deal?

6 points, 16% AND 30% of the deal? How would the typical flipper make any money using this financing? I realize that even a small portion of something is better than nothing. But this is not worth it....at all...find another way people...there are lots of options.... Good luck, Michelle

Larry Flanagan I just went thru something similar. My seller suddenly notified me that he was no longer interested in selling. To make a long story short, I lost $50k on the deal. I waited too long to take action (and never protected myself from the onset). He sold the property to another investor while I was screwing around with my attorney and trying to decide what to do. My contract had not yet even expired. In hindsight, I should have filed an Affidavit of Fact immediately after executing the purchase agreement and should have had my attorney file the lawsuit much quicker. The affidavit would have likely raised concerns with the next buyers title company. And the lawsuit and other filing (lis parden or something like that) would have secured my place in the transaction had the other sale gone thru. So - whatever you do - do it quick. Time is not on your side. Good luck! Michelle