All Forum Posts by: Ed Wood

Fairly simple to resolve this. Look up the company with the department of real estate, send a certified letter, regular first class letter and email message of your complaint and what you want as a resolution and time frame to refund your money to the broker of record probably 30 days would be good. Include in the letter you will file a official complaint with the department of real estate and local board of Realtors, if they are a member, and you file with small claims.

@Shawn Holsapple

I think so too a missed market by many investors.

Because of the lower margins in So Cal this is why we came out with the 1% listing commission to help investors bottom lines.

you hit a home run every once in a while but investor running full time gig get 3-5%. at the end of the day use to be 10-12%...

When I see these signs I think they're looking for free labor for bird-doging until the person burns out.

In my opinion I think there is a niche that most investors are missing in so cal and that's the 500k-1m market there are a ton of out dated properties and most owner occ buyers I work with in this range want them already updated, willing to pay more and have the ability to pay over appraised value too.

Conventional financing is great the problem comes in when buying the fixers. There can be no health and safety issues, if the appraiser notes issues or issues show up in photo graphs underwriters will condition for repairs to be done prior to funding. Examples are:

green water in pool
bars on windows
no flooring
no heat source
evidence of leaks
mold
dry-rot or evidence of termites
falling down fences
missing doors
holes in walls
water stains on ceilings (requires roof cert)
there's more...

These are what a underwriter put as conditions on a conventional 4 unit approval I received today.

9. Termite Clearance. Section 1 items to be cleared and any Section 2 items that may be a health and safety issue are also to be cleared, otherwise property is ineligible for financing.

and...

10. 1004D: WATER HEATER DOUBLE STRAPPED IN UNIT C/AIR CONDITIONER FASTENED IN WINDOW IN UNTI C OR REMOVE AS WINDOW DOES NOT CLOSE / FLOORING INSTALLED IN BEDROOM IN UNIT C, MOLD REPAIRED IN UNIT D.

If you're not working with a agent go through the listing agent...

My experience is generally banks won't take offers unless the property is listed and they'll list it as it goes through their internal process. Many times the banks don't even own the property some trust on wall street does...

I'm in CALIF but that looks legit to me.