Real Estate

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Joe Ignat 813-943-8983
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I want to know that how realtor(real estate agent) react or quote some sentence or behave to buyer when a buyer ask to show them a fsbo (for sale by owner) property?

In my area I market to FSBO. I allow them to continue to sell the home on their own. They really are no competition. In my area, they are ALL over prices and under marketed.

As far as showing? I won’t unless they sign a contract with me to list their home, again they can continue to sell on their own. Before I sell a home I want to make sure it actually can be sold. If a home is listed with a Real Estate Office I can assume that actually can be sold. I do not want to bring a buyer to the table only to find that the sellers ex-wife is still on the title,lives 2000 miles way and won’t return phone calls. I also don’t want to do both the work of a listing agent and selling agent for half a pay check. Call me selfish but who here will go to their boss and ask them to cut their paycheck in half?

I don’t want to waste a buyers time and embarrass myself buy showing a property that can’t even be sold.

It’s a house out of foreclosure. It sold for 43k in 2004, and it hasn’t been on the market (this time around) for very long. The asking price is 12k. The realtor said that it is "priced accordingly", does that mean a crap load of work needs done to it since it last sold for 43k? Or does that mean that’s how much the bank wants to pay it off? The realtor said that the price is still negotiable.

*The realtor did tell me that the people that lived in it stripped out the copper pipes underneath the house.
If it was last appraised @ 43k, does that mean I’ll have to spend 30k to fix it?

You would really need to have it professionally inspected for the right answer. But it does sound like the house is pretty messed up. I believe saying the house is priced accordingly is a polite way of saying the house needs a lot of work. The big downside is people aren’t willing, or don’t have the money to make the repairs. People are pretty lazy. They want to move into a perfect house and aren’t even willing to paint a room or two.

It isn’t just the plumbing you have to worry about. Plumbing isn’t that expensive. But the roof probably needs to be stripped and re-shingled. It might need a new furnace, a water heater, it might have electrical problems. It might be filthy or have broken windows.

A lot of the repairs aren’t that difficult but most people don’t have the energy after working all week.

Would you have to spend 30k to fix it? I doubt it. Yes the repairs could be spendy. But the price difference between the $43,000 and the $12,000 is probably a mixture of needed repairs and the difficulty in finding somebody willing to buy the house and do it.

A professional inspector checks everything from roof to foundation. Unless you do that you don’t know what you are getting. The house could be rotten with termites. The foundation could be bad. I keep seeing the price of $8000. But that is only after learning if the house is worth it or should be burned to the ground.

What is the price of a vacant lot?

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My husband and I are on the verge of tackling our first house flip but need to build up a team of reliable and experienced professionals to call on — a leading person in this group is obviously a good realtor. The agent who sold us our first (and current) home is nice enough but SUCH a naysayer on investment properties. So she is out! How can I track down someone who is proven, efficient, and worth their commission?

What do you think a good realtor will do for you in finding properties for you to flip? Realtors are too hung up on keeping their fudiciary responsibilities in tact than assisting their clients in selling their property even if it is going into foreclosure and their client will lose their home.

Look at the real estate agent that sold you your home when you asked her about investment properties and her attitude. Well that is about what you will encounter in other real estate agents.

You might find a need for one later, but for now you need a marketing plan to find properties that are in foreclosure, probate properties and other distressed properties.

You have to develop a system of finding the properties yourself, so you can have a consistent number each month or quarter or however you want to do them.

It is always a good idea to flip when you know what you are doing. In this regards you would normally select an area of your choice that is good for you to work and close to where you reside.

I would suggest that you go to your local book store and purchase a couple of books on foreclosures, distressed properties, and buying, rehabbing and flipping. You might also find several other books that you would like to purchase. You might also find a few listed in your public library.

You might also purchase one of the TV guru’s programs. In the program you will find several things of interest. You will find script to use on potential individuals that you would want to purchase their house. A slew of legal forms that you can use as well as a formula that will tell you if the property you are purchasing is gonna give you a profit or not and how to use the formula.

Their package will also tell you things you should look out for in your purchase as well as things to that you should beware of.

You should form yourself a professional team to assist you in your newly found career. This is a partial list that you might start with an attorney, real estate agent, a mortgage broker, a home insurance agent, a notary public, a title rep as well as an escrow closing agent. You might want to add or take away depending on how you feel.

You will also need to develop away to market yourself so you can have an unlimited amount of properties to buy and sell even in a slow market. I will list a couple of ways to accomplish this.

#1 Advertise in the local newspaper that you purchase foreclosures and other distressed properties.

#2 Purchase a foreclosure list from a list broker (Do a mailing campaign like everyone else)(You might also cold call off this list but you must beware of the no-call list)

#3 Select an area in your city to devote full time work in. Walk the area for about 2-3 weeks telling the folks outside their homes what you do pass out flyers out ling that you buy foreclosures and distressed properties as well as probates.

After 3-4 weeks of walking in the neighborhood, contact your title rep and ask for a farm package of the names of the people in your farm area. Now each month mail a newsletter to the names on your farm list.

This method should give you 1-2 housed per month to buy and flip, word of mouth will give you another 1-2.

That will keep you busy with enough to do and earn. You can always expand and you will as you learn more about your trade.

I hope this has been of some use to you, good luck.

"FIGHT ON"

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Looking for information to file a complaint against a realtor in Indiana. I believe this realtor has violated the code of ethics. Please help or advise in any way you can. Thanks in advance.

This is the way to file a complaint against any one who deals in contracts or business… Call the State Attorney Generals Office and request a complaint form from the Comsumer Protection Dept. They will send you a form to fill out and return in the snail mail, included with the form will be the instructions on how to fill the form out. Be clear and concise with your information and have evidence available when they request it. If you are not completely satisfied with this answer there are some other route that you can take such as filing a complaint with the State Board of Realtors just to mention a few. Good luck with your endeavor.

Our realtor made a mistake that cost us the house that we wanted to buy (see previous question), and then cashed our earnest money check after he assured us that it would not be cashed until we closed on a house!

I’m feeling very distrustful, any good realtors here from Boise, ID? I’m tired of being scr*wed over!

It sounds as though you dealt with an inexperienced or unethical realtor. NOT ALL REALTORS ARE THIS WAY! I do know that if an offer is accepted by both parties, then the earnest money check MUST be deposited until the transaction is closed, or until both parties agree to release the money. A realty company cannot hold a check (uncashed) until closing.

Try talking to the broker in charge of the company that the realtor works/worked for. The Broker in Charge is responsible for all real estate activity in that office. Also, if you have a legitimate grievance, which it sounds like you do, you should contact the BIC to let them know you are probably going to talk to the state’s Real Estate Commission & LLR regarding the matter.

Then, I’d definitely suggest interviewing a new realtor. Try picking a realtor who has been in the business for a couple of years. Explain to them what happened to you (you don’t have to name company names, etc), and what you expect from them up front. Be honest, and stick with a reliable, seasoned agent.

I hope this helps!

A day in the life of a Calgary Realtor
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I need to get an apartment for rent in Boston. What is a good realtor that i can go to in the downtown area?

I know this lady that has a 2BR apartmen in Quincy.. Quincy is about 6 miles south of Boston.. Its on a nice quiet street and the MBTA is about 1 mile away.. Off street parking. The Wollaston Beach is about .25 mile walk down the street.. Lots of girls hang out on the beach in summer.. I think you should email her.. joanwgall@yahoo.com