All Forum Posts by: Account Closed

I have considered just writing a summar and that's probably what I'll do. I just find myself getting too technical and I'm affraid I'll lose her in jargon. I've done several short sales, she's just a unique case. I'll probably write it out and have my wife proof read it. She is a banker and can probably put it into words better than I can.

I couldn't agree with you more. failure to act is a problem. but which situation would you rather be in. Failing to get into RI and still have your money? Or jumping in without doing your research or becoming part of a scam and losing it all? All I'm saying is it's not as easy as many people claim it is and that you have to be reponsible and do your homework first to better your chances of success.

In this situation in Texas, the broker would be acting as the intermediary between the two. One representing the buyer and one representing the seller. There would be no sub-agency involved. Each agent would have a fiduciary to each of their clients and the broker acts as an intermediary between them. This is assuming that both agents are with the same broker. To be safe, go ahead and sign a buyers rep agreement (even if for a short time to cover the duration of the negotiations) That way you know for sure it is not a Sub-Agency. If it is a Sub-Agency then the agent should have to disclose that to you but I can't fully speak for the regulations in your state.

I've actually enjoyed the times I was suffering. It's kind of like being out in the cold, it's all around you and creeping up every part of your body, and all you can think about is getting warm again. It lets you know you're alive and it's great motivation to work harder. Don't get discouraged, you have the drive, and the patience and attitude about it will get there with time. Keep your frustrations to a minimum (at least showing them) and when you start to get frustrated, take a deep breath, and think about all the people that have been discouraging you and how their attitudes will be completely reversed in ten years when you're financially secure, and they're still trying to figure out what they are going to do with their lives living paycheck to paycheck.

Find an agent that doesn't require one. I know agents that won't open a door until they get a buyers rep agreement signed. My feeling is that if I need a contract to bind a buyer to working with me then I'm not doing my job. If the buyer is comfortable with your performance in working for them then you shouldn't have to hold them to a contract. If you are not doing due diligence for them, then they should have the opportunity to find someone who will. The only time I use them is on a new construction where the builder requires it for their documentation. Even then I don't have them sign it until a day before closing.

This is true, make sure you know what the agent plans to do to list your home. Ask them what their marketing strategy is and what they will do to impliment it. Make sure the report back to you. My clients get daily reports and one weekly summary so that they are informed as to how their home is being marketed. If you think you have a hot property in a sellers market, then yes, negotiate the split down and have them list it on the MLS and place a keybox on it and do the negotiations. If you need it marketed then plan on paying the 6%. If you don't know, then you probably need it marketed because if it stays on the MLS too long it can get "stale" and won't show is much because buyers agents think something is wrong with it.

Unfortunatly, I have read too many stories lately from people posting on this board that have come into trouble investing in real estate and it seems like 90% of the reason for this is that they went into a deal without near the amount of information that was required to make a sound judgment. If you are here using this forum then great, you've taken the first step. It's a great resource for information. Please Please Please before you get in over your head take the time to learn as much about the situation as you can so that you can be reassured that it is a good decision. Do your own homework, find the people that can get you the information you need and make sure that information is accurate. With the amount of new people getting into real estate investing, so comes the amount of crooks to prey off of those people. If you think you have found the deal of the century and you happened to hear about it in a hotel conference room then chances are you're going to get burned. Be wary of investment opportunities that use mentors and require any money up front. If the deal is pitched as a situation where you don't have to do any of the leg work, any of the research, you just give them the money and sit back and reap the rewards, then chances are you're going to get burned again. I know this might upset a person or two because I am sure there are many legit outfits out there, but let's face it, there are just as many crooks if not more. Do your research, ask questions, and keep your money in your pocket while you do so, then go invest. Investing is not easy money and not fail safe, the people that make money in this business do their research and do it constantly. Stay informed, stay on top!

I had a client that was a member of one of these "systems". I advised him to not put his money there and save his pennies and do his research and go look for deals on his own. He had one of those mentalities that even though he had only been doing RI for a short time, that he knew what he was doing. Unfortunatly it got the best of him and he lost everything. Please be careful out there people. Who ever says this is an easy money business is flat out lying. Do your research, be smart, don't get in over your head.

Let me guess, you have a Capital One Card. This has been an ongoing issue with them. Hopefully someone will enact some legislation soon to fix this problem.

Don't make the common mistake that many do when tackling this problem. Pay your major credit cards off BUT DO NOT CLOSE THEM!! (except store credit.) Think about it. say you have two credit cards with 10K limit each. both have a balance of 7k. If you pay one off then you are using 7k of your 20K available credit or 35% which is still a little high but good. If you close that account after you pay it off you are using 7K of available 10K in credit or 70% which is bad for your score! Keep it open for a year or so before you close it. If you don't have the discipline to not use it. cut it up. but keep checking the account to make sure they don't charge you an annual fee, but don't close it.