All Forum Posts by: Donna Smolinski

"If this Contract is legally and rightfully cancelled, the Buyer CANNOT get back the deposit and any money paid and the parties will be free of liability to each other."

WHAT PLANET IS THIS REALTOR FROM?? lol

If I'm looking for sold comps in an area where I don't have MLS access, I use Trulia and Zillow, ONLY for the purpose of finding recent solds and listings. Then I take those comps and try to find the actual photos and details for each comp (from several sites) that still show the orig MLS data. I compare age, condition, location, type of sale from public record, etc. I NEVER use Zillow or Trulia estimates. They are VERY RARELY accurate! If it appears there's value in the property I'm looking at, then I'll let my Realtor dig her heels into all the data before making an offer. OK... you are probably wondering why I just don't let my Realtor do this from the get go. I've been doing this a long time, and I'm pretty darn good at valuations. Not that I don't trust the Realtor, but nobody looks out for your butt, as much as yourself.

I typically sell our properties for TOP $ (above closed comps sales) and don't have appraisal issues. I meet the appraiser at the property and furnish him with ALOT of data to support value. I know alot more about those SOLD comps that aren't really comparable, than he/she usually does. I use these same strategies when determining value on a property I'm interested in buying. If you don't have alot of experience in valuations, don't depend on zestimates.... make sure you have a darn good Realtor!

It was nice that Daniel saw your post, as he's got alot of experience in the field and made some good comments. It's a real PITA when these lenders insist on us using their choice of services. I had the absolutely WORST escrow experience in my 35 yrs of real estate because B of A required us to use an escrow company (out of area), that they are affiliated with. Sure, they allow you to pick your own escrow & title company, but then they won't pay for the seller's title policy. It sucks!

Hope you get this resolved quickly. Do you use attorneys as closing agents in your state or escrow companies?? See if the closing agent can assist... probably will be more proficient to assist than your realtor or loan officer. And Daniel made a good point.... who is the underwriter??

Jeff S
What is your avg pts & rate on a 60% LTV (detached) in good areas with 6-12 month term?

@Stephen Masek
Alot of the newer condos require own occ and dues are too high to cash flow. You need to look at some of the older townhomes (built 70s to mid 90s). Those don't usually have occupancy restrictions and the HOA dues are lower. The townhome we are buying is in a small complex (o0nly 58 units) and built late 70s. Unfortunately there aren't anymore available and they don't come up often. I'll be keeping my eyes out in case another comes up, since it cash flows nicely. We will be self managing and my brother will assist if needed, since he lives there. I have never found it to be too cumbersome to manage a few units on our own. Besides, this is now our only business (semi-retired), so we have the time to do this and we go to Vegas quite often.

@Andy Chu
You need to look at the big picture in Summerlin. It's a HIGHLY desirable communiuty! People want their kids in Summerlin schools. True, it's tough to find a house under FMV right now because owner occ buyers are seeing great value in these homes now, while having a GREAT place to live, so lots of multiple offers. It takes alot of patience to find one under market. We look for ones that need work and make cash offers. If you budget the rehab properly, there's still room for an OK profit to flip. But certainly not what it use to be. I don't see the rental market in Summerlin as a good enuf return to buy and hold. Rents are too low to justify the monthly fees. And it's certainly not easy to find a good enough deal to flip, but there are still some to be had.... takes alot of work and alot of patience.

OMG... I wish it was in Summerlin! But no, not for that price. The two detached homes we bought are in Summerlin. The townhome is more central, pretty close to the Convention Center and Country Club. Overall, a pretty decent area, not near North Las Vegas. And the complex is well maintained, LOTS of BIG green greenbelts, and even has 2 Tennis courts. It's about 5 minutes east of the strip and about 10 minutes to the airport. I don't recall the zip, but I feel pretty good about this one. Most other units I looked at in the 40-45k range were not near as desirable. And the 2 car garage is a GREAT rental and selling factor (very hard to find at this price point).

ok... I think I understand your comment now. If a buyer writes a "cash" offer, it better be true cash, not a HML which gets funded at closing. I didn't realize banks were looking the other way on those kind of deals before. When we write cash offers, we always have the cash to close. If we want a HML, we finance it after the close. But some REO addendums disallow any financing for 60-90 days after close on cash transactions. That's part of the deed restriction which can really hinder the leveraged investor. I've never understood why that restriction has been institued with certain REO lenders (particularly FNMA, FHLMC & B of A).

Chris,
I really don't mean to speak negative about your Realtor, but if he/she understands income property analysis, then you should have been provided good comps that support the cap rate you are looking for. With this said, he/she should consider the amount of days on market. If it's not a new listing, why not try for a decent discount to possibly improve the cap rate? You can always go up in price. Now on the other hand, don't discount your offer price so much that it may offend and/or piss off the seller. If you have a good Realtor, you should trust his/her opinion. There isn't enough facts here to decide if you are offering too much. Best of luck to you.

yea, some counties are VERY slow, but he hasn't received the title insurance policy yet... the combination of the two is what makes it concerning. It shouldn't take 3 months to get the title policy.

First of all, call your RE agent that represented you. Find out if he/she considers the title company reputible and ask her to provide you with name/number of someone higher up in the company. If your agt is not too familiar with this company, do your own research and start from the top... get a hold of branch mgr (at the very least). I'm curious, did the listing agt choose the title company or did the SS lender choose them?? If the listing agt pushed an unreputible title company on you, he/she could have some issues to deal with here.

If you received the policy OR the deed, I wouldn't be overly concerned, but since you didn't receive either one.... hmmmmm! If you don't get a GOOD response from the title company, stick the challenge on your agent. If you don't get satisfactory responses within a few days of that, then unfortunately, I suggest getting an attorney. Let your agent know that you will need to get an attorney involved if this doesn't get resolved in a timely fashion.

Good luck.... keep us posted.