All Forum Posts by: Stephanie Dupuis

Check your CCR/HOA docs and see if the association is responsible for the sewer line to the street before you pay the sewer scope. If not, if I was purchasing the property I would pay for the scope. I'm a broker and I've seen too many new properties with crushed lines and issues on new construction for me to risk not scoping any line I'm responsible for with sewer or septic. It's a few hundred dollars of insurance to prevent thousands of dollars potentially in problems and hassle. A simple no-brainer.

This is an issue that varies by state. Your son needs to read and understand his contract. In our state, buyers cannot have access outside of inspection and final walkthrough. With Covid, our state and county has limited on and off how how many people can be in a property during inspection and final walkthrough and has gone so far to limit buyers to video only for inspection at times. So...the agent might be fully doing his/her job very well. I recommend your son review his contract and really, this is not a big deal. He can measure rooms at final walkthrough. All that is needed here is patience.

Big time following this and I fully agree. Would enjoy watching your videos. MSM keeps saying China can and is expected to contain this and then as I continue to research...Real Estate is 25-30% of China's GDP (that's been an ongoing problem China has been trying to control and then they back off every time it would start to hurt their economy - RE got too big too fast for it to not greatly affect the Chinese economy, so how in the world does anyone think this won't seriously hurt them now?). Evergrande is 4% of that 25-30% GDP. And that's just Evergrande's Real Estate holdings. They have subsidiaries in sports, health, insurance, automotive,etc. So far (and I may change my mind), I cannot foresee how this will not snowball. It's illogical for it to not snowball. Lots to say on this one. 

Yup. I've also experienced this in our market (I'm a broker) and I suspect it has to do with the reverse repos happening which are unprecedented ($4 trillion a day I believe or in a day that happened once or something like that - was nuts). MSM says this is because "too much money in the economy" and others say because...no good borrowers to lend to which is...worth noting. Janet Yellen announced this week she is out of cards to play when she spoke with congress about raising the debt ceiling. 

I also don't expect housing prices to tank like 2008. I also think that something wild is gonna happen, will be interesting. What continues to happen with the repos (Sept 2019) is worth watching, I like to watch the credit markets.   

You mention a ton about the first mobile (Palm Harbor), but the issue sounds with the second mobile. Tell us about that one...what year is it? How many times has it been moved (most lenders won't lend if moved more than once)? Condition? 

The inspection likely had nothing to do with the sale terminating. Most inspections are a horrific amount of pages spewing tons of information, how they are. This sounds like a lender issue which will happen again if you fail to address the manufactured home issue. So we need some more information to help you. 

Go see an attorney. Every state has different laws but in my state typically the Buyer can sue Seller for "specific performance", or seek damages, or let it go (obgligatory "I'm not an attorney" statement - really...I'm no attorney). So go see an attorney. 

Matthew is correct. There ought to be a financing contingency in your PSA (purchase contract). If you lost your job, then you will be unable to get financing (you'd think). This activates the fiancning contingency. Most financing contingencies can be executed by having your lender provide a letter saying they will not lend to you. Then you get your EMD (earnest money) back.

@Santhosh Dasari

Would need to see your contract to help you AND new construction contracts are horrifically in favor of seller, unfortunately. I always advise buyers with new construction to consult with an attorney prior to signing new construction. Reason is that the builders typically write their own contracts which make it very difficult for buyers to get out of. So my advice is: go spend a couple hundred bucks and bring your buyers contract to an attorney and see what an attorney in your state says.

PS. What's your earnest money amount? Worse case, you're out EMD (earnest money deposit). Even with a large emd, sometimes this is better than going through on a sale. But again, consult with an attorney.

I'm an investor and Realtor. Some good advice above. 

If I were in your shoes, I'd interview at least three Realtors. If the Realtor asks you to meet at their office for a buyer meeting (consult meeting, anything like that), it's a good sign. Let them interview you and take your time to ask them as many questions as you want and need. Assess their ability to explain to you and tap into what you need. Be very specific with them. Explain how you want to invest (for cash flow, etc.). Few Realtors (or agents - and google the difference, I think it's important as I see a huge difference in my field between Realtors and non-Realtors. The Realtors are more educated on real estate, local laws, etc.). 

Ask them how many transactions they've closed in the last 12 months. Number of transactions is a better gauge of experience than years in the business. I know agents who have been in the business 30 yrs but do one transaction a year and suck. And I know agents who have been in the business only a few years but do many transactions a year and know their subject well. 

Regarding investing and agents...reality is that very few agents know how to find good rentals, what to look for, and I only know a small handful (if that) who know how to calculate cash flow, etc. So I recommend you not rely on the agent for this stuff. Be strong yourself in these matters. Use your agent to do the paperwork well and find on ewho understands and has experience with many different types of transactions (REO, short sale, estate, etc.). And find one who won't baulk at different types of financing methods. For some reason, I see even experienced agents not understand the power of private loans (they're equivalent to cash in my area), rehab loans, or other types of financing you may eventually start using.

it also is a bonus if the agent you use is able to understand what types of property will finance in which ways. For some reason, I run into many agents who struggle with this. You will likely learn it faster than them. Google the type of financing you have and learn what types of properties qualify. This way, when you're viewing properties, you understand your changes of an offer going through to closing. For example, FHA and VA financing require properties that are turn key system-wise, but neither loan type cares about cosmetics. No exposed wood, properties systems must be functional (heat source, roof, etc). The electrical panel needs to have a main switch. Whereas, conventional financing has more leeway with condition.

Welcome, Nick! I also live in Kitsap County (best place ever! Beautiful, friendly, affordable...it's a well-kept secret for now but probably not much longer) and invest here. Holler if you have questions. Happy to discuss and share what I know.