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All Forum Posts by: Jon Deavers

Jon Deavers has started 16 posts and replied 272 times.

Post: Realtor tacking on 3% on top of wholesalers deal.

Jon DeaversPosted
  • Richmond, VA
  • Posts 293
  • Votes 96

@Elliot Lamson

I think your question has been more or less answered in the thread but just to clarify:

Yes, it is normal for the buyer to pay the buyer's agent a commission if none is offered up front by the seller (wholesaler or otherwise). However, the agent's mistake came in not disclosing that up front. In Virginia, we have an agreement that buyers enter into with their agent that lays out a compensation rate regardless of what is being offered by seller but you have to (as an agent) make sure your buyer knows about the compensation up front if it differs from your buyer brokerage agreement. For a FSBO, the agent has to ask the homeowner up front. In my experience, most FSBO homeowners have been more than willing to offer a buyer's agent commission when I ask them about it before presenting the deal to my client.

Secondly, and this is just more my opinion and a note to wholesalers, good wholesalers will disclose whether or not a buyer's agent commission is being offered up front on their marketing material or during the presentation to the agent. It makes the whole process run smoother by eliminating this scenario and also it helps build a relationship with the agent so when you send a deal over, the agent is happy to float it out to their investors. There's a few great wholesalers here in Richmond that do just that for me and every time they send me something I forward to my active investor buyers.

Post: New Investor in Midlothian, VA (Richmond area)

Jon DeaversPosted
  • Richmond, VA
  • Posts 293
  • Votes 96

@Chris MacCary

Hi Chris & welcome to the site, it's a fantastic resource. Best of luck growing your business!

Post: Curb Appeal & Stewardship

Jon DeaversPosted
  • Richmond, VA
  • Posts 293
  • Votes 96

@Trevor Ewen

Nicely done and thanks for your efforts! This is exactly what I love to see from landlords in our fair city. That's a beautiful old area with many established residents who will benefit from property owners who invest not just in the property but in the community. Looking forward to more progress updates. 

Post: Potential FSBO Wholesale Opportunity in Richmond, VA

Jon DeaversPosted
  • Richmond, VA
  • Posts 293
  • Votes 96

Hi @Gabrielle E.

What neighborhood is the house in? Or general area? Prices fluctuate wildly even for a 3 bed 1 bath ranch home in the Richmond area. FSBO's are almost always overly optimistic on their sale price, but depending on location $175k could be reasonable (like near U of R, certain parts of the Freeman and Godwin High School districts). Most parts of the metro area though are closer to $140ish to $150ish for a 3/1 in really nice shape being marketed to owner-occupants.

Hence the old RE addage, "location location location!" Good luck!

Post: Seeking fellow Realtor in Petersburg/Richmond area for referrals

Jon DeaversPosted
  • Richmond, VA
  • Posts 293
  • Votes 96

Sounds good and I will do the same. Thanks Brian!

Post: Seeking fellow Realtor in Petersburg/Richmond area for referrals

Jon DeaversPosted
  • Richmond, VA
  • Posts 293
  • Votes 96

Thanks @KIMARD EGLETON!

@Brian Huber Long time! I hope all's well! I'd be happy to assist and return the favor.

Post: Richmond, VA Decature St.

Jon DeaversPosted
  • Richmond, VA
  • Posts 293
  • Votes 96

Thanks @Trevor Ewen!

@Kahnica Cole Good/bad neighborhoods are all relative depending on your short and long term goals. The Manchester neighborhood has seen a ton of residential and commercial revitalization in the last couple years. I've shown that house a few times actually and it's on a block where several homes have recently been renovated. 

Feel free to PM with any specific questions and I'd be glad to help you out!

Hey @KIMARD EGLETON

Long time no see!

Anyway, @Sean Tluchak is an RE attorney and has closed a dozen or so transactions for my clients over the past year, provided advice and other services for them as well, and is a great guy to boot. His office is in Richmond. I highly recommend his services. 

@Kevin Rain

Are you working with a buyer's agent? Dealing directly with the listing agent seems like it is part of your problem. Most listing agents for Homepath (or any FNMA outlet, HUD outlet, HUBZU, or other REO processor) are conduits to the REO holder and are not able to make any decisions on what happens during the offers. If you don't end up with this one, I would suggest looking on BP for a good investor or REO focused Realtor to help you manage the offer and contract process. FNMA offers co-broker commissions (at least here in VA) and so hiring a buyer's agent wouldn't cost you anything and can provide some local market expertise and REO contract navigation expertise.

Best of luck with it!

Post: VA loan process for a multi family in Richmond, VA

Jon DeaversPosted
  • Richmond, VA
  • Posts 293
  • Votes 96

Hi @LaShelle S.

Congrats on getting started. The VA loan question is best posed to your lender. Some loan types do require two appraisals, one is typically paid for by the seller and one by the buyer depending on loan type.

Are you planning to house-hack and live in one unit while renting out the others? If not that could disqualify you from using non-conventional mortgages (VA, FHA, VHDA, etc).

Lastly, your agent may have a good inspector they trust. If not, check out http://www.houseprobe.com/

David has done several inspections on multi-family units for me and is one of the most fairly priced and thorough inspectors in the business. 

Best of luck!