All Forum Posts by: Arnie Guida

oh, they're all in on it, the realtors, the home inspectors, the contractors, the lenders... They all want to wet their beaks.

It's a big industry now.

So, I unknowingly was a participant in this unethical practice.

It has been years since I've been involved in an RE transaction. A few months ago I saw a 4plex that caught me eye. I made the call, set up a showing, liked what i saw, made an offer, and my realtor, not me, put in that the sale was contingent on a home inspection. I thought that was a common thing in all contracts. The home inspector found several discrepancies that I did not catch. Three were major. We had contractors in each field come in and the cures came in at 13k. It was a short sale, and an estate sale, the kids wanted nothing to do with it. The bank (BoA) moved the entire 13k on the price. My realtor said he'd never seen a bank capitulate the entire amount, and said he was stunned. Maybe he was playing me, who knows.

The only point I'm making is that years ago, the offer price was the price, take it or leave it, no contingencies. Not anymore. I think the realtors are in on this too, although lowering the price and in turn, their commission, doesn't make sense..but I guess a commish is a commish, half a loaf is better than no loaf at all...

Do realtors feel they're giving less experienced buyers a feeling of protection? Prolly, but I think nowadays the sale being contingent on a home inspection is the norm/standard.

10 years ago I sold a 4plex as is. No realtor. After I accepted the offer, my attorney called me saying the buyer wanted a home inspection. I said no, and that the contract said as is, take it or leave it. There was no home inspection and the deal went through.

@Elizabeth Colegrove

Do you have a website?

;-)

that has been my experience too. Katz, Bieck, and several lesser known pm's never contacted me 

Must be a good time to be a pm.

@Dawn Anastasi , 

Now Dawn, 3% prolly doesn't exist in New Berlin ;-), but if his transfer isn't long term, and he really likes his house and wants to keep it, 1% might not be such a bad deal.

It depends on his reason for wanting to rent it as opposed to selling it.

No need for a PM on a single. Singles are the most brainless of all rentals. They cut the grass, shovel the snow... Any plumbing or furnace repairs are few and far between, and can easily be handled from afar....and in New Berlin? Quality tenants abound.

Get a good tenant and fuggetaboutiitt...

Robert,

Yes, airplanes are expensive!

Looking for an S35?

Have I got a deal for you!!!

Thanks for the hello,

Arnie

The thing is, of my 9 units, this is EASILY my best tenant, and while ideally we as landlords should try and do our best at fixing problems regardless of which tenant it is, human nature will lead us to treat out best tenants a little better...I didn't want to let them down...they're always early with the rent, and are spotless housekeepers.

and he's done.

Please ignore the post where I bad mouthed him...

well, false alarm, he's at the property now, just got the call...