All Forum Posts by: Account Closed

It is a mixed issue. I have my former residence listed via flat fee on the MLS. It's also on Realtor.com, Owner.com, Craigslist, and many others.
There have been few calls from REAgents, and as few from individuals. Part of the problem is the economy, I'm sure, there is little moving here, I think.
I may do a "5 Day Sale" on in at the end of July if there is no activity, and if nothing happenms then, I have the decision to either list it with an agent or rent it. I do not want to rent, but will consider it.
I moved into a rental I own, but before that I did a 5Day sale on it. There was a lot of interest, but the top bid fell way short of the reserve amount.
My timing sure was bad!
Ofgift

'Nother question: Who determines the title company to be used, the buyer or seller?
in the purchase contract offer, the buyer agent has the option of naming a title co, and did.
It is NOT the one I made arrangements with as a FSBO, and of course is much lengthier and protective of the agent and brokerage.
I prefer to use mine, but I also want to sell the house. Is it the buyers option to choose, or the sellers?
How important is it?
Ofgift

My listing agent said the buyer is approved for a loan of 150K. I don't know if that's conventional or VA, or if it makes a difference.
Ofgift

I'm waiting for the details of the first offer on my FSBO. It's been on the market for 29 days today. It's a 3/2 in move in condition, AFAIK no repairs, major or minor, to be made. I have it listed at $149,500.
I understand the offer is $140K, with a VA loan, and the buyer is asking for 4% back. I understand that with a VA loan that the buyer can ask for 4% of the selling price. Is that correct?
Is it required that the seller agree to that 4%?
What percentage does the VA require from the seller?
What closing costs does the VA require the seller to pay?
What is the least I can agree to and still have the VA accept the term?
4% of 140K is $5600. 140-5600=134,400

Then there is the agent commission of 3% of the sale price,
3% of 140 000 = 4200 agent commission
Now I'm at 134,400-4200=130,200 for me to take to the bank. Less than that, because I still have MY closing costs...

Then there is the agent commission of 3% of the sale price,
3% of 140 000 = 4200 agent commission
Now I'm at 134,400-4200=130200

I’m doing some research now for recent sales. Some of the old info puts the price of this offer in line with a few offers on same size houses about a year ago, but I have no idea of their condition.
This 130 K for me is quite a bit less than what I need, what I was hoping for.
VA loan requirement info and suggestions on countering this, please.
I need to respond by 3PM tomorrow, Sunday
Thanks
Ofgift

Is this an opportunity to set up a business dismantling houses and "parting" them out? Can they be purchased, not as "houses" but as scrap, esp if these are subdivisions with houses of similar size, shape, age, so one has numerous houses with same sized stuff to sell to the next buyer?
Would that be reasonable?
Maybe the builders who overloaded the markets in the first place should be required to pony up the money for dismantling and dumping, rather than putting it all on the taxpayers.
Ofgift

Originally posted by Eddie Ziv:

to Ofgift Gift: The ideal middle 3/2 suburban rental house is great, but before the crash of 2008 it was really hard to come-by a such property and have a positive cash flow unless you come with a big chunk of DP. My houses near Austin, Texas will be great investment 10-15 years from now when I retire but they barely break even now. When a 3/2 SFH rents for average $900 and it cost $90K-$115K you really cannot call it cash flow. So you need to go down a class or two to get the right cash flow.

You are right. I didn't know it at the time, and though I did my best with the little info and knowledge I had at the time, it WAS the large downpayment that made it cash flow. It was also the only property available to me, due to the speed with which properties were beign bought up. This was 1994. I never expected to even see it, but 4 years later I moved into it. I recently moved into a second property, similar situation, and now have that house up for sale. Should have done that a few years ago, but I really like the house, and was not ready to move.
With what I have learned here on BP, the next purchase will be somewhat different.
Ofgift

Hi, All,
I have a two station intercom from Radio Shack about 10 years ago. The 2 wire single strand connecting them is over 50 feet long. I really like this setup, and replacement is over $70, and not as nice (?) as this one. I hung one on the outside of my front door, and the other, with volume control, someplace on the inside of the house.

When someone rings the doorbell, I can push the button and speak to let them know I'm aware of them, and all they have to do is respond--no buttons for them.

The wind kept blowing it down, and too late I figured out how to keep that from happening, and now it doesn't work well at all. I just discovered that the wire is broken near the connector, and got a connector today to replace it. It still has a lot of static, making it almost useless. On studying the wire, I found two places where the plastic covering is broken. One of them, the wires themselves were bare and could be touching. the second place one wire is bare, the other is not.

If I cover them with electrical tape, should that solve the problem, or should I cut the wire off before the breaks? It would mean a loss of about 7 feet of wire.

Thanks,

Ofgift

Most people here have a lot more knowledge than I do, and they use it a lot more than I do. I'm sure some of them will respond. In the meantime, IMHO, a great realtor is not required. Would be nice, but not required. You may not even need a realtor.

If you are working with one, be sure s/he understands YOUR needs, and is working with you, and has as her priority, the type of purchases and sales you are working on. If she does understand what you are working at doing, does understand your end goals, and does work with you for that, she is possibly your "great agent" But, if you know what you are doing, you may not need or even want an agent.

Then there is
Location--the area of YOUR choice: which adresses the goals you have set for yourself. (Years ago when I bought my first rental, I wanted a 3bed 2 bath in a middle class working area, no-low crime rate, that would rent easily, sell easily, be a place I would live in, and would rent at a rate that average working folk would be able to afford, that would give me a positive cash flow, with hopefully little repair and maintenance issues. That's what I got.
As you read the various threads here, you will find that other people --who make their living with real estate--have different priorities. Some are interested in lower cost housing, some are providing half-way housing to felons, for instance, others buy in "war zones" or close to it, Others want multi-family units, or commercial. You need to investigate--read, read, read--to determine what you will start out with, and where. Make a five year plan, and include expansion ideas in it.

Location: Choose your goal, then determine the area (locations) in your chosen community that will provide you with those units.
What is the rental appeal there? Condition of the unit, or the neighborhood? Is it vibrant, slowly dying, up&coming? Is it close to what people in the area need--stores, churches, schools, work opportunities, transportation, whether it be personal vehicle, bus, cab, train, subway, etcrecreation/entertainment.
zoning is important if you have a commercial unit in a residential area, or visa-versa. What are the nuicances, even if they are attractive? Personally, I would not want to be anywhere near the local rollercoaster, or in the flight path of the nearby airport, for instance.
Location IS important, and the cost of what you buy will in part reflect the location.

I know you'll have more intelligent responses, but perhaps this gives y ou a different way o thinking of some things.
Best wishes in your journey, and welcome to this forum.
Ofgift
Or, is the zoning about to change, and to what?

Congrats on your 1000th post+
I voted you up even though that 1002th one was a bug suck up :mrgreen:
We need more Arizonans. Now that you are at that lofty level, you really gotta drag the folks in whatever it takes :beer: :beer: :beer:
Ofgift

Get well soon, Stacy! Somebody's got to keep that Harrison guy in line!
Or, is he the reason you're IN the hospital?
Thinking of you and sending healing thoughts to you.
Ofgift