All Forum Posts by: David Zamarron

Welcome!

Welcome! Let me know if I can help.

signsonthecheap.com  I use corrugated plastic rather than metal.  Much cheaper.  I also use zip ties with a hole punch tool to secure them to the frame since they are lighter and may pop out.  

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Michael:  My quick advice is:  FULL DISCLOSURE.  Use care in informing your broker of your plans and be especially careful as you offer on properties.  Either create or locate a disclosure document identifying yourself as a licensed agent in Michigan with verbiage stating your intent to acquire the property as an investment with the intent of selling the property in the future for a profit. Have the sellers of the property sign it as early on in the discussions as possible and again at closing.  Again, DISCLOSE, DISCLOSE, DISCLOSE! Best of luck.

Brian:  I am in Mt. Pleasant, MIchigan.  I appreciate the inquiry.

Open Houses can be effective if a few factors are present.  The property should be in an area that will generate visitors.  It should be accessable by foot and by vehicle.  It should be a competitively priced listing where you're asking yourself:  "Why isn't this property selling?"  Sometimes the added exposure of an open house will bring forth a buyer. Lastly, consider a common by-product of open houses:  visitors may not be interested in the property but you can gain them as a buying client to locate another property.  The whole effort of an open house is a crap shoot even with all these factors in place, but it's a numbers game.  The more you do, the better the odds you will pick up business.

This appears to be a potentially lucrative deal.  You should certainly do a title search for starters.  You need to know if the person you're dealing with it the actual owner, the status of her late husband's estate and any liens that may exist.  Simply having her sign a quit claim deed will not necessarily extinguish her husband's interest. It could leave you with an unmarketable property.  The title commitment will address the status of his interest and the necessary steps to convey title.  

Bob:  It is not unusual for a foreclosed property to be vacant for over two years.  There are a variety of reasons but the good news is likely to be  on the market in the coming days or weeks.  It is unlikely BOA will give you any information as they very bureaucratic and outsource the marketing to local real estate brokers.  You'll want to look for contact information for the broker as being an emergency contact posted on the house prior to it coming on the market.  This may enable you a head-start by contacting the broker prior to it being listed for sale.  Meanwhile, all you can do is study the comparable sales in the area to determine a preliminary whole sale value.

I suggest pulling up properties that sold in the last year from the MLS and driving by them. This will begin to give you a feel for values. You could also schedule viewings of vacant properties for sale. Most listing agents would be glad for you to do this. This will also help you learn your property values.