All Forum Posts by: John M.

Hey all,

I'm working on a contemporary SFH rehab in Atlanta GA that has cedar beam and ceilings only in the living room. My wife says we need to paint it white, but I am not convinced. Obviously selling quickly and at top dollar is the priority.

If you are sure they are cedar (from the photo they seem pine, but I could be wrong) then I wouldn't paint them. In California exposed wood ceilings are a plus. Cedar would even be more so.

You can advertise cedar ceilings but if they are painted over it will raise suspicion in the buyer's mind during the property inspection. Here's a winning solution. If you get a serious buyer who puts cash in Escrow then offer to paint the ceiling for cost, $500, if the buyer so desires. Otherwise leave them unpainted but let potential buyers know you will paint the ceiling if they prefer.

Most similar homes in the area have left them natural and they are still selling quickly. It will only cost me about $500 additional to paint the ceiling and beams.

It's a relatively quick and inexpensive job. So tell any prospective buyer who visits the property that the ceiling will be painted if requested. Be sure the condition is in the Offer and in your Acceptance should it go that far. Be sure the good faith cash placed in Escrow will be more than enough to paint the ceiling AND remove it if the Buyer backs out of the deal at the last minute. Inform the serious Buyer in advance of both costs he will bear ---- painting,--- and removing the paint should he renege. 

so to be clear, I need title ins. And property ins when buying properties, correct?

I had a house with a title dispute and Fidelity National ended up defending me in a suit for free.  It cost them 25K (better than the 200K) to buy my house.  To me it's a no brainier.   I have seen the other side of the argument that if you do a lot of deals then it is a net loss over time.  For me it's totally worth it.

Should I get title insurance?

Well three questions lol!!!  While doing my due dilligence i found out that the seller owes back money to the local water work to the tune of $1,500.  I was told by the representative that the back money was added to the taxes for the 2016 tax year(No goood) and the outstanding amount stays with the property.  I say all of that to say, Is this the job of the title company to make sure this is resolved before the transfer takes place i.e. closing or do I need to add this as a contingency in the contract?

Thanks for the HELP!!!!!!!!!!!!!!!!!!!!!!

Title Insurance includes a Title search that will uncover all existing liens on the property. The Seller can be required to pay or clear all outstanding liens as a condition of Sale. In the West this is done by an Escrow office, in the East by a lawyer.  IF the Seller can't pay the monetary liens then you can offer to reduce the Selling price to cover the unpaid liens. You would then apply that amount to paying the liens. This can be done through Escrow or a lawyer depending on your location.

http://theriangroup.com/your-home-guaranteed-sold-in-29-days-or-we-buy-it/

In our market in Portland Oregon there is usually one mega agent running this scheme

and I know its kind of an old play  ( at least to us old guys) But I am wondering if this is legal in your state.

Its like buying listings.. and or its very smart you either buy it wholesale or you get the listing.. he is expanding to CA..

He may want to change his mind about expanding to California. Chris Heller "the Home Seller" works for Keller-Williams in San Diego and has been doing this for years.

Reportedly he closes a deal about every 3 days. The Wall Street Journal has described him as the top residential real estate agent in the United States.

As you may have guessed there is no mention in the ads about the relationship between the clients Sale Price and Chris Heller's Price if the listing doesn't sell. Heller has bought lots of houses, I don't know for sure but from the numbers he racks he must have 50 to 100 (perhaps more) houses in his inventory. 

The houses aren't cheap as you might imagine, I would estimate $250K to $1-3 Million. I am sure his inventory is dynamic, selling some as he is buying others. The management and carrying costs of such an inventory must be a full time job for someone. 

He has another angle, one that works for California and might work in Florida, New York, Texas, Oregon and Washington state. He goes after Asian and European clients through the Internet and foreign publications and seminars. California and Vancouver Canada are inundated with wealthy Chinese fleeing (or hedging their bet) by establishing residence in the United States and Canada. I have done some research on this and I believe if not for the foreign cash buyers, now at 27% of California residential sales, the top end of the Golden State's homes would suffer a stiff price decline. 

Last I looked the Chinese are moving into Texas --- big time. They are typically all-cash buyers. Vancouver Canada is another favored destination. Here's an example. A common brick 4 bedroom house with a pool (yes in Vancouver) which would have been worth about $2-3 Million in that very hot market was bought by a just arrived Chinese man for over $4 Million ----- CASH. He wanted it now! - like yesterday.

The house was in a nice neighborhood and well maintained but there was nothing exceptional about it. Imagine a typical 4 bedroom brick house with a pool in a nice neighborhood in Texas that might sell for $150k to $250K.

California has had an indigenous Chinese population since the 1880 railroad boom, some even earlier from the 1849 Gold Rush. The state is known in their folklore from the 19th century as "Gold Mountain". That gives an edge that other states don't have. But it is far from an exclusive relationship. The newer arrivals are looking outside of California.

The political worries motivating the Chinese are also being felt by wealthy Europeans. Remember both the Chinese and Europeans have experienced the devastation of World War and violent Revolution just 1 lifetime ago. American stability, safety and high tech or professional education for their children are primary goals. Next is to start a business in the US with some of their "residual" cash.

Hi everyone!

I own a rental home in Mableton, Georgia and I recently received a letter from my insurance company that said "foundation has cracking/missing foundation. Debris under screened porch" and that I have one month to address.

Did the insurance inspector provide a diagram with the exact location of the "crack"?

The idea of a "missing foundation" sounds humorous to me a Californian since most, but not all, of our homes have concrete slab foundations. Your house floor may be supported by 12 inch to 18 inch brick or concrete pylons. One or more of them may be cracked or missing. Call the inspector or the insurance company --- whichever is listed on the letter you received. 

Find out exactly which pylons are missing or cracked ---- make them prepare an exact diagram so you know exactly what to repair. Ask if you can get a second opinion from another inspector. Ask for a time extension. That way you can search for multiple repair estimates. 

"Debris under screened porch" will require someone getting on their belly and removing the debris with a rake, through one of the small service openings along the perimeter. Find out exactly which one(s) is closest to the "debris" found by the inspector.