All Forum Posts by: Al Brennan

If I was buying a house which he found or if I found a listed house myself I would use him but it`s just the fact that this was `my` find and I have done all the groundwork.

@Adam Drummond:

@Michael Woodward

Firstly thanks for all the very helpful replies.

Just to clarify, when viewing the foreclosure I was pre-occupied with the possibility of spending almost all of my life`s savings on this house so I wasn`t too interested in delving into the legal aspects of signing the form (it was `x`ed in about 6 or 7 places for me to sign),  and at that point I saw mildew all along a basement floor so I knew I wouldn`t be making an offer, again i`m not looking for sympathy as in hindsight I should have read it thoroughly first but I genuinely thought that it was just `par for the course` here and would only come into effect if I made an offer on that house.  

I just moved to the US last year and am a property virgin here.

I looked at a foreclosure a couple of months ago and met a realtor there who got me to sign what I know now as an `exclusive buyers contract`, no excuse as i`m a reasonably intelligent adult but he said it was a `no obligation` form and just a matter of normal procedure here and that I could walk away at any time...fast forward a few days and an email copy of what i signed was sent to me...looks like i`m on the hook for 6 months!

In the meantime I found a one acre lot which wasn`t for sale so I sent a letter to the owner asking if he would sell and he said he would, we met and walked the lot, i went to zoning and planning depts. and it looks all clear for me to build.

My question is, can I get this lot by just contacting a lawyer to sort things out or do I have to inform and involve ( my ) realtor? Bear in mind the realtor didn`t find the lot and knows nothing about it so I feel like he doesn`t deserve a cut. I also feel that I was somewhat duped into signing the buyers form as property purchase where I`m from is totally different.

 Thanks Henry,

I was guided by the prices quoted here.... http://www.valuebuildhomes.com/our-homes/

Do you think they might ramp up the price once I give them the business?

It`s in Matthews.

Actually, the more I do my figures the less attractive it looks :(

Thanks Mike,

That sounds perfectly acceptable to me, I'll have to delve a bit deeper to make sure there are no hidden tax penalties,  but a 6% opposed to 4% is ok to me. 

I'll hire a builder and it's on a main road so city water/sewer/power all there. 

About 2200sq ft is the design I have in mind.

lot $60k, clear and grade $10k, build $150k.

ARV ( after repair value )?....new build so $0.

Neighbouring homes all around $350k.

Hi folks,

I was looking at a condo in South Carolina tonight with my realtor when she told me that it probably wasn`t worth my while financially to buy a S.C. property to rent out while I live in N.C. because the tax I would have to pay would be very high.

Does anyone have experience of this?

Thanks,

Al.

 My intention is to build then sell it Jared.