All Forum Posts by: Phil Z.

I don't cover those areas.  But as far as buying investments right now .. VERY Risky.  I would suggest waiting to see how COVID-19 and the massive eviction crisis plays out.

I had a seller make a big deal about small stud ear piercings. I wouldn't worry about it.  Especially since it's too late.

 Always the buyer .. however, the bank may be in the middle of an eviction already but will not delay the closing.

Effective October 9, 2020, in addition to allowing wet signatures on purchase contracts and addendums, Wells Fargo will begin accepting electronic signatures on these documents as long as they are in accordance with the Electronic Signatures Global & National Commerce ACT (ESIGN) and the Uniform Electronic Transactions ACT (UETA).

You've been working the short sale and just now looking for how/where to send the documents?

 Start Here:  https://reo.wellsfargo.com/sho...

This is just Wells Fargo, but others may follow.

"Effective July 13, 2020, the Homebuyer Priority Timeframe has been discontinued and been replaced with the Initial Listing Waiting Period.

With this change, it provides an initial 7 day waiting period before any offers will be entertained, on Day 8 of the listing all offers can be entertained.

Due to this change, we will no longer be utilizing the Owner Occupant Certification."

I'm with Thor in that there is going to be the biggest crash of our lifetime.  However, I don't believe you need to sell.  If you are a Buy and Hold investor .. I suggest you never sell.  Do not worry about the market changes as long as you have cash flow.  If you 'panic sell', you will probably lose.  If you 'make profit when you buy' .. then likewise 'you can only lose if you sell'.  There is a human intuition to buy when things are good, and sell when things go bad. Its natural .. but it's actually the opposite of what you should do in most cases. No one knows what the future will bring.

- Fact is .. there was a BIG BUBBLE that POPPED.  "Covid19 was just the pin that popped the bubble" - Peter Schiff

- Unemployment is double the 2008 recession, and many of those jobs are not coming back.  And the ones that do will take a long time.  We are talking a year of businesses doing very poorly.  They are also expecting problems with the commercial real estate market this time.

- Most of the mortgage 2-3 month forbearance's are due in full on month 3-4.

- Landlords are fed up with lack or rent, lack of eviction court cooperation, and the new risks.  Many landlords were not prepared for this type of loss of rent.

- The states themselves are now in the red and will have to make further gov employee cuts and tax hikes.

- Banks are preparing for a massive crash, but they will be handling it a little differently this time around.  But be assured, once they get over loaded with inventory .. it's going to be 2 years of liquidation sales that tank the market (again).

The writings on the wall.  IF you really think that the gov is going to turn the ON switch and everything's going to go back to the way it was .. we'll you're in for a rude awakening.  The 'stimulus package' only gave the gov ~3 months to pray for a miracle, while in reality it actually brought the tax payers into a deeper debt, will increase inflation, and only delayed the inevitable depression. I HIGHLY suggest you plan for the worst and hope for the best.

CT Real Estate Statutes

Sec. 20-325d. Disclosure of representation. Regulations.

On and after January 1, 2018, a real estate broker or real estate

salesperson licensed under this chapter who represents a seller, lessor,

prospective purchaser or lessee in a real estate transaction shall

disclose, in writing, the identity of his or her client to any party to

the transaction who is not represented by another real estate broker or

real estate salesperson licensed under this chapter. The real estate

broker or real estate salesperson shall make the disclosure required

under this section: (1) If the transaction concerns residential real

property, as defined in section 20-325c, (A) at the beginning of the

first personal meeting concerning the prospective purchaser's or

lessee's specific needs in the transaction, or (B) at the beginning of

the first personal meeting with the seller or lessor concerning the

seller's or lessor's real property; or (2) if the transaction is a

commercial real estate transaction, as defined in section 20-311, before

the prospective purchaser or lessee signs the purchase contract or

lease. Such disclosure shall be signed by a prospective purchaser or

lessee and attached to any offer or agreement to purchase or lease

signed by a prospective purchaser or lessee. The Commissioner of

Consumer Protection shall adopt such regulations, in accordance with

chapter 54, as the commissioner deems necessary to carry out the

provisions of this section.

https://www.cga.ct.gov/current...

Not here to argue.  Your experience and opinion is appreciated and acknowledged.