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All Forum Posts by: Corinne Ulloa

Corinne Ulloa has started 4 posts and replied 25 times.

Quote from @Melissa Nash:

I actually removed mine. The reason: because when the wifi goes out, so does the lock and my renters freak out and then I am having to give out my back up code with no wifi. 

So, if you want to do that- make sure you are in an area with strong wifi connection that doesn't go out a lot. My property had issues bc of the desert and wasn't worth the pain. 

Best of luck!!! Melissa


 Thanks for the input and good luck wishes! I had planned to also leave a physical key in a lockbox, as a last resort, to be a step ahead of technical issues that will inevitably occur.

Thanks again!

Corinne

Post: Storytime - Also worst-case scenario if we don't send EMD?

Corinne Ulloa
Posted
  • Posts 25
  • Votes 5
Quote from @Brandon Wagner:

Congratulations! I'd be excited to hear it how turns out in the end.


 Thanks, Brandon! I'll be happy to let you know once we start killing it!

Quote from @Michael Baum:

We have the Schlage Encode. It is more than WiFi and Bluetooth. We use it in Z Wave mode connected to a Samsung SmartThings hub.

We don't use any kind of integration and just deal with codes manually. Takes 25 seconds.

Hey,

Thanks for the recommendation! I ran across the term "Z-Wave" a couple of times while researching but didn't look into what it means. I quickly Googled and see that it's a more secure and reliable form of "Wi-Fi". Noted and taken into consideration!

Thanks,

Corinne

Post: Storytime - Also worst-case scenario if we don't send EMD?

Corinne Ulloa
Posted
  • Posts 25
  • Votes 5
Quote from @Brandon Wagner:

No one mentioned it here, but if your property is in an HOA or Property Association of some kind you do get 3 days to back out from the receipt of the HOA paperwork. That is a legal totally valid way to get out of the contract and get your EMD back. Based on the area, it isn't likely, but figured I'd give out the idea at least.

I'd still try to work it out with both agents involved, and see if they would be willing to make a sales addendum to change the sales price.  You have nothing to lose by having your agent create it and send it over.  It will be difficult to get the seller to sign it, and your agent won't look good, but it doesn't hurt to try.


 Hi Brandon!

Sorry for the less than prompt reply! We ultimately ended up moving forward an closed on the house. So many, many lessons learned though.

Thanks for providing your take on the situation!

Corinne

How goes it?!

My hubby and I just closed on our first investment property that we intend to deploy as a STR. I have been doing some research on smart locks that are integrated with the major platforms. A few, listed below, have continuously come up and are our top contenders.

Now, the bigger even more important question is...What does the BP STR community recommend?

Yale Assure 2 (Wi-Fi & Bluetooth-enabled)

August Smart lock (Wi-Fi & Bluetooth-enabled)

Schlage Encode Smart (Wi-Fi & Bluetooth-enabled)


Thanks in advance!

Corinne

Post: Storytime - Also worst-case scenario if we don't send EMD?

Corinne Ulloa
Posted
  • Posts 25
  • Votes 5
Quote from @Ika Sargeant:

@Corinne Ulloa, I think you answered some of your questions; You agreed to put down the 10K EMD when you signed. So yes you would be in violation and putting that very 10K in danger. If I follow the story correctly the mistake was that the existing offer was just resubmitted or left standing. As you also said at the point when the competing buyer dropped off, a new offer should have been crafted with favorable terms for you. No where in this story do you relate having to resign the new contract with 235K and 5K in concessions when you resubmitted the second time. (Unfortunately now you have to establish who made a mistake) I suggest consult with a lawyer before you decide not to pay the 10K. Finally I want to put on my investor's cap and help you think about of your situation. Yes you are going to lose 4K in this deal but if you did your due diligence on this property and you are certain its going to cash flow for years after you buy; how would you feel about that? Would you cancel?

 Hello @Ika Sargeant,

Thanks for clearing up that another contract could have been submitted. I have ultimately decided to move forward for the very reason that you have stated. The property should appreciate well and should almost 2x the PITI so all will work its way out. I had to take a step back and separate the numbers from how I was feeling about my realtor. In the end, its the numbers that do not lie and try to gaslight you.

Thanks!!

Post: Storytime - Also worst-case scenario if we don't send EMD?

Corinne Ulloa
Posted
  • Posts 25
  • Votes 5
Quote from @Russell Brazil:

"She alleges that I must have agreed to 239k with 10k via a phone call because she doesn't make mistakes."

Isnt it equally possible that you made the mistake as well?

This is only though a $4k error. Seems like this should be easy enough to straighten out between all the parties involved. 


Yes. I did make a mistake - I didn't review the document that I was signing. I have now come to accept this as a 4k lesson learned on the importance of reviewing what you are signing.

Thanks,

Corinne

Post: Storytime - Also worst-case scenario if we don't send EMD?

Corinne Ulloa
Posted
  • Posts 25
  • Votes 5
Quote from @Chris Seveney:

@Corinne Ulloa

I believe Virginia has a 7 day clause that you can back out of

https://law.lis.virginia.gov/vacode/title55.1/chapter22/section55.1-2221/#:~:text=A%20purchaser%20shall%20have%20the,that%20Sunday%20or%20legal%20holiday.

Also usually the contract is not ratified until EMD is provided.

Your agent sucks btw

@Chris Seveney

Thanks for the input! I wasn't aware of the 7 day clause but I had already made up my mind that I was not happy with how things were going with my agent and that this would be the last purchase I'd be working with her. SMH.

Post: Storytime - Also worst-case scenario if we don't send EMD?

Corinne Ulloa
Posted
  • Posts 25
  • Votes 5

Hello @Erin Church,

My agent, after she agreed that she could have made a mistake, in, let her tell it, her desire to be transparent explained to me that she was part of a team and that her team gets 50% off the top of the 2.5% buyer commission and she gets the remainder. She stated that she wasn't making any money on the deal because of her commission structure and the fact that she driven so many miles by taking us to so many properties this year (by my count, she accompanied us to 7 properties over 6-months). While it stings, you are exactly correct that we should have been checking the numbers before we signed. 

I like your way of looking at it from the standpoint of education because it's the advice that I would have given since I like to look at the glass as half full.

Thanks for your time and empathy for the situation that I have put myself in. All things withstanding, one thing is for sure, I will be looking for a new agent for my next deal.

Thanks again!

Post: Storytime - Also worst-case scenario if we don't send EMD?

Corinne Ulloa
Posted
  • Posts 25
  • Votes 5
Quote from @Jacob St. Martin:

I will say that there is not much recourse the seller can take if you don't submit the EMD and thus breach the contract, other than taking you to court to fulfill it which no one wants to do. I would just not submit it and explain the situation to them

 Hello @Jacob St. Martin, thanks for your time! The contract appears to read like that. It sounds to me that it would all depend on the seller's appetite for court and legal fees.