All Forum Posts by: Stuart Birdsong

@Brandon Gillespie Welcome to BP! Great to have you here. Best of luck to you!

Stuart

@Stanley E. Your Real Estate Broker/ Agent is not an Attorney and if draws up your Owner Financing Docs it may be deemed he is practicing Law(Illegal).  Beware of doing this. If I were you I would hire an attorney to write the docs up on your behalf, as it will provide you the most control and the best terms for exit strategies,etc...... This is a situation where spending the money on an attorney will be helpful, and pay off. Cheers!

Stuart

@Eric Jackson Thanks for the thought, I know real estate brokers in Cheyenne, but I wouldn't go so far as to say that they are investor friendly. 

@Luke Preslar Best of luck to you in your investments. Please feel free to PM me if I can ever be helpful to you. Cheers!

@Tabor Tollefson @Russell Brazil is correct regarding the fact that all offers don't have to be presented to seller.  If in the listing agreement the seller asks that no offer below (X) be presented, as they are not going to accept it, and this is in writing than they are representing their seller as they are contractually required to do so. This is at least the case in Colorado according to our Exclusive Right to sell listing agreement. 

As a licensed Realtor, I have found that there are many great broker/ agents out there, who work hard and actually do earn their keep. However there are many that have been doing it for too long and think that they can tell everyone else how it works. It seems as if the latter is the listing agent in this example. Best of luck to you @Cal C.!

@Katharine Gonzalez There is a process before bank owned properties are listed. Now that the market has turned around, banks don't just put it on the market for the remainder of the note or take pennies on the dollar to get rid of it. They now like to see fair market value for the home, regardless of condition. Sometimes there are repairs that need to be made before it is listed, title work has to be ironed out, etc.... A local bank may be willing to sell the Foreclosed home before listing, but it's highly unlikely. In addition, don't expect to get it dirt cheap anymore. Just my thoughts, I am sure others on BP have had different experiences Cheers!

Stuart

@Kim Knox Keep them. It would appear they have positive cash flow currently, and equity. No reason to sell, other than to free up cash for investments. Which you should be able to do within the year with a refi, based on value estimates. Best of luck, sounds like your in a good position!

@Michael Bowman Welcome to BP! Great to have you here

@Matthew Langberg What would happen to your credit score if you were to pay off your current credit card debt?

@Sarah SantosList source is an easy way to search for absentee owners. Do you work with a title company? They have the ability to do the search for you as well and it's usually cheaper than doing it yourself. Just a thought

@Juan Carlos Quiroz Zolezzi Welcome to BP!