All Forum Posts by: Greg P.

Hello, I've been using the same title company for awhile now and they have told me that they are giving me the best prices since I am a regular customer. Sounds great, but when I am buying a property through Fannie Mae, they are charging me only $250 for title fees and free title insurance. How can you beat that? On the other hand, my title company is charging me $695 for title fees + $500 or so for title insurance. I'm paying around $1k more for using a title company I have been loyal to for a long time. I've asked my title agent about this and they are telling me that they are giving me the best pricing and I am getting a benefit by using a local title company vs a out of state (Fannie Mae) title company. My question is, what is the benefit of really using a local title company? Is it worth paying $1k in this situation? I've had some minor issues with this title company with them not being straight forward on a couple of small fees, but I let it go by. Any advice would be appreciated. Thank you.

Hello, there is a property I'm looking to purchase that has a foundation / slanting issue. The estimates for repair would require 20 piers, and hydraulic lifting and cost around $30k to fix.

Here are the numbers -

Purchase Price - $200k
Repair - $100k including foundation repair
Resale Price - $425k
Potential Profit - $125k minus closing fees, realtor costs, etc

Would this be a big deterrent for buyers even if we provided them lifetime warranty on the foundation? The numbers make sense but my main worry is that we can't sell the house. Anyone with advice would be greatly appreciated.

Thank you.

Wholesaling should be one of many strategies in your tool box.

Thanks for the responses. The appraised value would come from a appraiser going to the house and giving a appraisal of the as is condition.

Any other advice? Thanks.

Hello Michael, after speaking with the city it will "most likely" happen as they have offers for home owners in the works. It sounds like 80% chance they will buy the whole house, and 20% chance they will buy part of the front yard (15 feet) to put in a bike trail. But 100% chance either of the two will happen. Thanks.

Hello all. I'm in contract to purchase a house right across from a large retail center with a home depot, target etc. Come to find out, they are planning on buying the houses including the one I have under contract for a new development (on the whole street). Sounds like the city is going to pay appraised value whatever that means to the home owners and if some of the home owners don't want to do it then the city may force them to sell. The house I'm buying is $90k purchase, 40k rehab and ARV is $180k. Would you buy something like this in hopes of having the city pay a premium and should I fix it up or wait? Or just pass on it? They will be making offers within 3 months. Never dealt with something like this. Any advice would be appreciated. Thank you.

Why don't you flip it to a investor and make 10k on it?

Yes I have, but it works better if the house wasn't listed before.

Hi James, how much is your bank making you put down? Sometimes you can have the seller carry some of the financing so you can put down less to make the deal better. Also, sometimes the best way to negotiate is to walk away or after the due diligence ask for a huge discount. Good luck.