All Forum Posts by: Kevin S.

What kind of property do you have in mind? SFR, MF?

What is the source of acquiring properties?   

Hi BP members,

I entered into a contract to purchase a SFH for investment, had inspection done, came up with few issues, went back and forth and finally came to an agreement with price and who takes care of what. On the day of sending EMD to escrow a business deal came my way. The bank involved with the business deal advised against buying the property as it would affect the financing of the business. I immediately called my agent to cancel the contract.

The next day the bank called me to reverse their call.  It was ok to go ahead to buy the property.  Apparently, the first person from the bank did not review my financials.  His manager did and determined it was good enough not to affect the business deal.  I called my realtor immediately to explain the situation and left a message.  I texted screenshot of my communications with the bank.  I have yet to get a response.  Seems like she is upset, and understandably so.  My questions are,

 Can I approach the listing agent directly if my agent do not respond?  The listing agent may be more understanding.

Would the listing agent get all 6% commission?   

Is there such thing as 'abandonment' by agents?

Should I get in touch with brokerage firm(Broker) about the agent's handling of this?  I have a feeling the broker is aware of it.

Can my ex-agent claim her commission even after abandonment?

What do I do if I am still interested in that property?  I feel I should not be hindered just because my agent is upset.  Situation was beyond my control.  Please advise.  Thanks in advance.

@Josh Goertzen

Last week I had an inspection done for a SFR. The report was good, listed problem areas and recommendation of fixes. What was missing was a estimate for what he recommended. When I had one done on my current home years ago the home inspector listed all problems and included was estimates of what would cost (approximate)to fix. That was helpful in decision making and saved time. Imagine getting individual estimate from plumber, HVAC, drywall, roofer etc.

Did I get a less competent inspector?  Is that the norm these days?  

How do I vet home inspector?  

@Rick Albert

Thanks for your input, Rick.  Agree with your comments.

@Chris Seveney

Thanks Chris.  Your input about buyer's sentiment definitely helped.

I know settling in Florida is expected.  Just wasn't sure if 7/10 inch is considered normal, if it's ok to leave it alone (not fix it) and...

* Am I required to disclose it if it is considered 'normal' and I don't fix it?

* Am I required to disclosed it once it's fixed?

BP members, I have a dilemma and hoping some of you have answers.

I entered into a contract for a SFH investment property, had inspection done and suspected foundation problem. There was crack in the floor tiles that ran through the kitchen floor and into the hallway. Not hairline crack but a continuous crack probably about 7-8 feet long and wide enough to put a credit card into the crack. There were crack on ceiling above the kitchen and of course few walls too (interior and exterior). Foundation/structural engineer determined a water downspout on one side of the house caused the soil erosion. The foundation settled 7/10 inch on that side of the house. He recommended 2 'pins' to fix the problem at a cost of $6670.00. The selling agent and home inspector tells me it's common and he sees it in 50% home he inspect(central Florida).

Questions I have are,

1.  Is it common and how bad is 7/10 inch settling?  Can it be left alone because it is 'normal/common'?

2.  I believe the seller now has to disclose it to other buyers if I do not buy it?

3.  Am I required to disclose this when I sell in the future after it has been addressed/fixed?

4.  If so, will it spook future buyers even if the foundation has been taken care of?  

5.  Should I just walk away?

Thanks in advance.

@Jon L.

You are welcome and good luck with your endeavor.

@Wesley W.

Why not the traditional hinge door?  The bifold tend to have problem with the track widening and roller coming off the tract in time.  Neither one allow full access to the entire closet i.e either half closet blocked with sliding type or part of closet blocked with bifold especially in a smaller closet.

@Jon L.

I am thinking whatever questions you have, couldn't that be answered by Ai?     

@Drew Mullin

What kind of capital are you talking about?  

You are looking for crew to do the renovation part?  

Do you have properties in the pipeline to fix and flip? Any particular type of property you are targeting? Condo? SFH, high end homes?

Do you have an agent to sell after fix/flip?  You don't have much info in your post.