All Forum Posts by: Aaron Lovett

Hey Ryan, 

If you are purchasing to flip and would like me to help you analyze the property value, manage the transaction, and teach you along the way, I'd be happy to.  I am a firm believer in client education.  Feel free to reach out any time.

Hi @Christy Holt, it sounds like you and your Realtor had a communication breakdown.  I'd address that before immediately moving on to another.

As for the Nashville market, we're at a point where investment properties are regularly selling above list price or appraisal value. My investor buyers are making strong offers (@Keith Smith mentioned some good strategies), but all other things being equal, when there is an appraisal contingency in the contract and a competing cash offer that's over what everyone knows it will appraise for - the seller's decision is easy.  My cash investors are having a much easier time of it.  I don't push my clients towards making higher or lower offers, but I do tell them what I think a property will eventually sell at, current market conditions, etc.  

I'm happy to recommend an excellent TN real estate attorney. 

Depends on your goals.  All are reasonable options.  Do you want to put as little down as possible and flip ASAP, or are you hoping to buy and hold and build equity, or something else?  Everyone has a different endgame.  Get with an agent that will sit down and work with you, explain all the ins and outs of the purchase, AND sit down with a lender who will explain the ins and outs of the mortgage options.  

When you get the right team around you, this doesn't have to be difficult.  It can take a bit to get everyone on the same page.  Once you, your lender, and your Realtor are all speaking the same language, you'll work through deals efficiently and benefit everyone.

@Paul Tibok, technically only a lawyer can dictate the specific wording for you, or if you are using a Realtor that person can write it into the contract, although it doesn't have to be complicated at all.  You are just adding to your purchase and sale a stipulation that the offer is contingent on your satisfaction with the property, and that if you aren't satisfied with it, the offer is fully rescinded, monies are returned, and both parties are relieved of any further obligation to each other.  If you want some help with it, I'd pull in an attorney or a local Realtor.  Cover your bases but don't get fancy.

@Paul Tibok, in our area with listed properties this is very normal, same as what @Christopher Phillips said.  

When dealing with occupied rentals, we make offers with a contingency stating that when the offer is accepted, the buyer will have the opportunity to view the property and be satisfied with it.  If you aren't satisfied, you'll walk away no questions asked and get your earnest money back.  If you like it, call in the inspectors, contractors, whoever you like.

It makes sense to me, because I see it all the time, although I understand the hesitation.  Looking at it from the sellers' point of view, they don't want to disturb their tenants' right to quiet enjoyment of the property.  Some may not want to alert the tenants that it's for sale.  So, instead of doing dozens of showings to semi-interested people, they only show to people who will offer what they will accept. 

Welcome to BP, @Jeff Moore!  Reach out any time.

@Daniel S., 
You are absolutely correct, and anyone who has been in real estate professionally can give you countless examples even more absurd than yours.  I wrote a whole blog series (on my website) about how inaccurate online estimates are, and why.  Zillow even publishes their accuracy rates on a county by county basis, and they are transparent enough about their methodology that anyone who bothers to look at how they come up with an estimate would realize that it's worthless.  If you want to know the fair market value of a property, talk to a local Realtor or appraiser.

By the way, congratulations on getting a good deal!

Welcome to the club, @Erik Mogan!