All Forum Posts by: Sarah Becker

I worked as a Fannie Mae listing agent in California for many years. 

With homeopath your offer will need to be submitted on the homepath site and some additional forms and documents needed. If the listing agent doesent work with buyers then find an agent experienced especially with selling homepath or other bank owned properties. Make sure that you are comfortable trusting their advice on your largest investment, where you will spend a tremendous amount of money. Interview the recommended buyers agent. If they work n the listing agents team it may help you to be getting clear instructions from the listing agent. Just ask them if they have written any other offers or plan to. Depends on the agent you really have to judge every situation n a case by case basis. 

The owner occupant first look period gives you a great advantage of not needing to compete with investors. 

Most of the time Fannie Mae will not take an offer very far off the asking price in the first 30 days. They get an appraisal and use several other valuation methods that help the asset manager determine the price and marketing strategy.

If there are competing offers you will be asked to provide your "highest and best" offer which basically gives you the chance to raise your offer. 

If the property is in financeable condition you will not likely receive preference for a cash offer. (In fact the asset manager may even ask the listing agent to investigate further to determine that you are a bonified owner occupant). Essentially all cash  is a red flag for an owner occupant. 

Hope these tidbits help. 

My fingers are crossed for you. :) 

Look into a tax certification from "Tax Title services". I've bought and sold a good deal of tax deed properties and in most cases I was able to obtain clear insurable title within months of the tax sale with a certification. I was then able to convey with a grant deed. Other option is to do a quiet title action. I hope this helps. 

let's talk @Jay Hinrichs send me some info and I will gladly discuss with them when we meet this week. :)

Thanks a Bunch @Brandon Turner the lack of contractors and property managers could be a big problem for me. I do have a homeowner client that Is retiring and looking to buy in ocean shores. I am listing their home here in CA on Wed. and then they are planning getting serious about looking. I have spoke to few agents but I'm not sure they meet my (admittedly high standard) so if you have an agent that you know is really good in the area message me let me know. I can put up with an "okay agent" here and there for a good deal myself but my clients need the best. :) of course... that's what they are used to... uhhem.... no self promation here! LOL

I appreciate everyone's feedback about the area. I'm still unsure. Is there much of a vacation rental market in ocean shores?

What would market rents be for these units?

@Doug Wright Thank you for sharing your experience. Education is expensive but we learn so much from these experiences. The two lessons that stand out in my mind most on this post that I would encourage newbie flippers

to look carefully at are:

1) you make your money when you buy the property. you have to get the right price or move on.

2) time is money, holding cost can kill a profitable investment quickly.

Even us seasoned investors need to be reminded of these "rules". I recently purchased an office building for a satellite office in one of my markets. I did great on #1 and bought the building for about what the lot was worth... but I've failed miserably on #2. I hired the wrong contractor. I am now three months behind on the project.  I have a nice final bill from the contractor for his unfinished work  (which despite knowing that he does not deserve to be paid its not worth a potential lien or legal fight to not pay) I fired him on Monday. Hired a new contractor yesterday who thinks he can clean up the guys mess and get me back on track in two weeks.  Hard lesson learned.  I should have cut this guy loose several months back.   Hopefully I will be able to post my success story on the project soon!

Dust yourself off, get back on the horse and start again. :)

Thank you @Grant Fosheim. I appreciate your feedback. Hopefully I don't get 

@Brandon Turner mad at me! :) I have family in Bellingham WA and was looking up there first as well as Kitsap County but the prices are so high in Bellingham It is not a big change from CA.

I guess ocean shores was mainly of interest due to the coastal waterfront combined with the seemingly very low price points. I've done well with undervalued waterfront properties in the past.  But it sounds like the cost of flood insurance can be a factor on  cash flow and for resale. Still researching. :)

I am curious if any other Bigger pocket members have explored this are and can comment as to the market conditions and recommend any professionals (contractors, agents, inspectors, handymen, property managers, attorneys or JV partners) in the area.

I am a broker and investor in California I have been traveling in the pacific northwest more recently.

As we all know California can be a pricey market. I have done very well as an investor in CA and while I do not plan on fixing what's not broken, I am considering exploring and expanding into out of state cash flow markets.

My past experience with out of state investing was not a positive one (mind you that this was 10 years ago) but I learned a tremendous amount from my mistakes. Whew... Education is  sure expensive when learned the hard way. I will leave it at that. :)

I have been reading bigger pockets like a crazy woman and I have found a wealth of information. @Brandon Turner's posts  have been a tremendous help regarding Grays Harbor County.

My overall thoughts on the area are as follows and I would love feedback or additions to this from BP members:

 The market is depressed. Foreclosures are high. This reminds me of some of my northern CA markets about 3-4 years ago when I really wish I had been able to by and hold way more properties.  While the market may not be poised to turn around quickly  my thoughts are to purchase properties with positive cash flow and hold for 2-10 years.

Anyone who can weigh in on this market place is greatly appreciated.

 I would not work knowingly work for a "wholesaler" or any "buyer "who is not able and willing to close on the subject property. This has nothing to do with the amount of commission collected FYI. It has everything to do with ethics and honoring you FIDUCIARY duty to  your client.  I wont intentionally work with ANY clients who don't have money or approved funding to buy the property they are attempting to buy.  who would?

NOW Let put the shoe on the other foot and see how it fits...

Lets say you are a seller (which if you are an investor you will be a seller at some point) and you decide to or need to sell one of your properties so you contact the best agent in the area and ask them what your property is worth in the current market. ( by doing so you have established a fiduciary relationship with the agent. a relationship of  the highest trust)  The agent says that its worth 50,000 and you sign a listing agreement.

 the agent leaves the listing apt call their pal the "Wholesaler" and says  "I need an offer for $50,000 on this property its worth $100,000." The wholesaler writes full price cash offer for 50,000 tying up the property. then he call his pal to sell it for $75,000 100,000. he collects his 25,000-50,000 assigns the contract  for a fee or Double escrows to another investor or end buyer.

Now that you are the seller who was just robbed by the advisor whom you paid to HELP you (oh and who is legally obligated to act in your best interest) what would you do??? 

Bye Bye reputation

Bye Bye Real Estate Licence

 Hello Lawsuit (that's if your lucky... cause where Im from you might just end up in a ditch somewhere for stealing 50K from the wrong persons mama)