All Forum Posts by: Bill Fennelly

Let's say a 1000 business cards for $50...now let's say that you hand out all 1000 cards with no response, then 6 months from now a call comes in on a fix n flip property that profits you $50,000 in the end...you do the math...just my opinion !

I am completely up front and honest with people when negotiating a deal for myself, or talking with people about their properties...I tell them directly that I am a real estate professional...I am a real estate broker, also an appraiser, investor, landlord, and problem solver...I don't want there to be an confusion on this matter...if and when I get to contracts then complete and full disclosure is warranted...at the end of the day its all about the math, the deal works or it doesn't...just my opinion !

I have done pre-foreclosure and short sale appraisals in the past, the bank wants different value estimates, value "as is" and value as repaired based on an estimated Cost to Cure for an deferred maintenance issues or required upgrades....the also ask for a value for the property to be under contract in 30, 60 and 90 days...I don't do BPO's but I can tell you that they are asking brokers to do them for $30-$50 which I wouldn't even consider, at this price they are getting what they pay for...pay peanuts, get monkeys...never heard of a set % from the bank other than what people here in BP nation have said about their accepted offers...good luck...just my opinion ! 

As an appraiser I can tell you that the estimated market value in an appraisal is only as good as the market data that is readily available. ie. comps...the problems with appraisals, which there are many, is that you are always looking in the rear view mirror at historical data...just like anything in real estate, local knowledge is also better than not, meaning that an appraiser who lives and works in the market area is better than someone coming in from 15 miles away and has no idea of the marketplace...I have seen appraiser come into my area and be off by $100k in value (on the low side)...just like anything in this world, there are hacks and there are true professionals...appraisals are a roll of the dice I'm afraid...just my opinion !

I have yet to see condo fees go down...they are always going up !

if he's cheating on his wife, and as I also look at it his children if applicable, his ethics and morals are in questions...would would he do to you as a business partner ?  Also, divorces can be nasty and extremely expensive and you want not want to be in that **it storm when it lands...maybe wait for his situation, personally & financially to work out and settle down, then reconsider...just my opinion !

Its not always the best price that gets the property, terms and conditions will play a big role as well...as a listing broker myself I can say that I may sometimes 'exaggerate" the situation to help move things along and get people to put pen to paper...on the buy side I have structured offers in a way that the terms and conditions have trumped price in multiple offer situations...it also depends on the brokers involved and relationships that I have with them, ie. knowing that they other broker can get it done vs. a newbie with no experience that needs hand holding...just my opinion ! 

sometime an engineering department at town hall will have older plans and recordings...or trace the deeds all the way back your self, may be able to do that online, I could here, just my opinion !

Thank you for taking the time, truly appreciated, happy holidays !