All Forum Posts by: CJ Moulton

Hey BP,

What happens when an appraisal is higher or lower than the purchase price?

Lets say you put in an offer for a house at $200k, and it gets accepted. Once the appraisal is complete, the value is now $150k. 

What exactly happens to that $50k? and vice versa, what if the value is goes up to $225k? Where does that $25k go?

Any advice is greatly appreciated! Much love.

@Sean McKee, Exactly the type of insight I was looking for! Thank you, much appreciated!! I'll definitely check out that book too.

Hello BP Fam,

What are the best ways to conduct meaningful research online on various areas you intend on investing in?

Obviously, you could "look it up", but I wanted to post this question to see if there are any specific websites or tools to use that would maybe beat just looking up an area.

Any insight is greatly appreciated, much love!

 GREAT insight, thank you so much for your thoughts!

Hey Everyone,

I recently got some advice where they said to allow your realtor to handle negotiations for the asking price of a property. However, I do not have a specific realtor in my phonebook. With that being said, I usually see a property listing and try to contact the realtor that listed it, but I don't want to assume every realtor is willing and able to negotiate the asking price of a property.

What are some ways to negotiate the asking price of a property down when either speaking to the seller or the realtor?

Hello All,

For the last year or year and a half I have been hearing people (in person or online) saying that the housing market is bound to crash, with the inflated prices of most homes going down significantly. But then on the flip side I have heard of people saying that it's better to get started in real estate as soon as possible. It's obvious that you cannot predict every little thing, and there will be bumps in the road no matter the journey, I just don't want to buy a property just for it to lose a ton of value over the next few years.

Here's an example...

Say you were to buy a property for 250,000, and all of the sudden the market crashes and the property is worth 100,000. As an investor, what is the best way to go about this? Are there ways to prepare yourself? Is this just an irrational fear?

Any advice/insight on this matter is greatly appreciated, much love!

Hello All,

Other than taking advantage of the first time home buyers program, are there other strategies for decreasing closing costs that can be repeated for future deals? Is there anything within the closing costs that can be completely avoided? Does the state have any effect on this?

Any insight is greatly appreciated, much love!

Hello All,

I have been doing some digging in the Foreclosure world and found a Condo in my area. Everything seemed to be ok with it, I even passed by the property physically to see if I can see anything out of the ordinary. Thats when I started to look at the title of the condo. I found two condo liens attached to the property.

Based on the dates and documentation, it seemed as if the first condo lien was filed, and the resident started to pay off the debt. (Which was around $11,000 in unpaid HOA fees) Then nearly two years later, which would be now, another condo lien is filed and the amount due is $9,700.

Let's say I'm the lucky investor who gets this property with a winning bid of $5,000. 

1. Would the condo liens survive foreclosure?

2. If they do, does my bid go toward the unpaid debt?

3. If the liens are my responsibility after auction, will I have to pay for those up front?

Any insight on these three questions is greatly appreciated! Much love.

 So using the example I mentioned above, I (the buyer) wouldn't have to worry about the other $90,000, and I just bought a $200,000 property for $10,000? I feel like I am misunderstanding something because buying a property for that much sounds too good to be true.

 Is this deficiency balance paid immediately? or can it be financed like any other mortgage/loan?