All Forum Posts by: Lou Veiga

Hey Bob,

Welcome to BP. There's tons of info here. If there's something you can't find, the people here are always willing to help.

Check out the Podcasts too. They're great!

Lou

I agree with Mark's comments. There is a house down the street from me that was foreclosed. I was driving home one day and there was someone out there cleaning up the yard, so I stopped to talk to him. He gave me the name of the realtor he was working for. I called and talked to her to see if the bank was willing to sell before listing it on the MLS. She said no. The banks will not sell until it gets listed. This one is owned by Wells Fargo.

I am considering a deal on a property for a flip where the taxes are higher than normal. The town has the house assessed at $212k and the taxes are $6500/year. I can pick up the place for around $48k. Repair costs should be about $18k-$20k.

I talked to a local realtor and he said the ARV is about $120. I would put it closer to $100k. The house next door has been on the market since March and is listed for $140k and still has not sold.

From a potential buyer standpoint, the taxes can make a big difference since it can raise or lower the monthly payment dramatically. Just curious what the success rate is trying to get property taxes lowered? If I can get them lowered, that should make selling it easier.

Just because he's asking $15k more, doesn't mean he'll get it. I'm sure there's some room for negotiating and he'll still neeed to cover the real estate commission costs. By the time he's done selling it, he might break even. Not too bad on his end if he can do that...free living for a year.

It is kind of interesting though.

I was just curious if anyone had experience with buying forclosures at auction in New Hampshire. I have attended a few but have not seen any sold to a third party. Seems like most of them go back to the bank because there isn't enough equity in them to get the starting bid low enough for investors to buy them.

My question is, if one does sell, what type type of deed does the buyer get? I believe it is either a Quitclaim or Limited Warranty Deed but I just wanted to confirm.

Also is it possible to get title insurance on these before closing? In New Hampshire, we have 30 days after the auction to come up with the rest of the money.

If we do get a quitclaim deed, when it comes time to sell the property down the road, I'm assuming the buyers will get their own title insurance and end up with a warranty deed assuming the title was clear to begin with. Is that typically how it goes?

Looks great! I can't wait to hear the details on it. What kind of flooring is that?

@Raymond B.

Thanks for the link. I checked it out briefly. I'll definitely be spending more time there looking through it. Lot's of great stuff!

Thanks for the feedback!

I agree with your last statement to amend the agreement to only properties she shows or introduces me to. I think that is fair. I just can't see giving up 3% on a transaction she has nothing to do with.

Thanks again!

Hi @Joel Owens

I know this is an old post, but I'm going through this right now. I have an agent I worked with in the past. She was my agent when I bought my house 15 years ago. A few years ago, we were thinking about moving, she showed us a bunch of properties, but we never pulled the trigger. We decided to stay where we're at. She's great to work with, very responsive, etc.

I contacted her last week to look at some investment properties. So I signed as a customer. After looking at 3 properties and talking to her, I thought it would be in my best interest to sign as a client. She sent me an exclusive buyer agency agreement. After reading it, I was a little hesitant to sign it, because it states she gets a 3% commission on the purchase of any property purchased within the timeframe of the agreement.

The problem I have is, what if I buy something at a foreclosure auction or from a wholesaler. Even if she had nothing to do with the transaction, I would owe her a commission?

So do most investors here do? She told me that most of the ones she has worked with typically do not sign an exclusive agreement.

Any suggestions?

@J Scott It looks awesome. I love it!! Thanks for taking the time to post this thread and updating the progress as it went along.

I wish I would have come across this sooner. I put in an offer on a house a few days ago. I was planning on doing a complete tear down and rebuild (just keeping the foundation). I put in a low-ball offer because I wasn't too comfortable with my estimates. After reading this thread, turns out I probably wasn't that far off, but someone else put in a higher offer, so I didn't get it.

There is so much in here to learn. Very inspiring!

I'd love see more of these, maybe on a rehab.

Thanks again!!!