All Forum Posts by: Linda Osborn

@Alissa Rodman

I don't think selling will affect your credit score much. But if you do not have another place to live, and have the income, I personally don't think selling is the best choice, either.

First, it will generally cost between 7-9% to sell ($206k × .08 = ~$16,480), so you would most likely have to bring money to the table. Maybe less if you have already identified someone to purchase for cash who does not have or need an agent. On top of that, you would then have to find a place to live. Your costs may be less than $1700/mo, but the living conditions most likely would be a step down. If you compare your mortgage payment (along with the tax advantages and equity gain over the longer term) to the cost of renting a comparable place, staying may be the best choice.

That said, if you decide to move, I think selling now is better than 4-6 months from now. I believe covid will affect Austin in the short term, and housing prices may dip over the summer. Too many people have pulled their homes off the market now or are holding off until stay at home orders are lifted. Between this, the "normal" seasonal increase of home sellers in the summer (which, when combined, may cause a short-term glut), and the reduced number of buyers able to buy due to current economics, I think prices will go down before they go back up.

If you want to discuss this further, feel free to Connect and/or DM me.

Best of luck!

I agree with @Bruce Lynn and @Danny Webber. Interview many of them. I can recommend several, but it really depends what you are looking for. Many of the large offices have great training, but may be restrictive on the types of transactions or may not even be aware about different types of investor transactions. However, smaller offices may be limited on the amount of support they can provide you...so it also really depends on how comfortable your are being on your own. And all of them have a different feel or culture, so you'll have to explore which you'll fit in best with.

Hi Todd, welcome to BP! 

In response to your question (1) hopefully a contract (if you're an investor) or (2) if you are or have an agent, a listing agreement. To be really safe, if you have a contract you can record the contract with the county for a few $$. The contract is legally binding, and if that happens you'd have to prove that you were under contract with the seller when the buyer approached him/her. Also, many (but obviously not all) sellers don't really know what to do so the buyer would have to convince them they do know what to do (with regard to paperwork, money, and legal issues.) Other than that, nothing really stops it from happening. Which is why you'd want to get the property under contract asap. 

Nice job @Stephanie Cravens! Nice to see it can still be done!

Hello @Brittney Witt,

First, a full disclosure. To-date I personally have not attempted to wholesale a property, although I have plenty of investor friends and acquaintances who have. I am a licensed real estate agent and a private money lender and I have a very large network of both licensed agents and non-licensed investors. Also, I am not familiar with the real estate laws or contracts required in Florida, so I am speaking very generally here. 

This is my answer to your question: I would bring two contracts filled out the same way, leaving blank the offer price until you agree on a price with the seller. If they agree to sign, everyone should sign both and you should leave them a copy. I would have several blank copies with you as well, just in case either of you makes a mistake or you need to start all over. If they do not sign, leave them a copy of a blank contract so they can read it if they have not done so before, as well as your card (or something with your contact information). If you can, bring a CMA or other examples of what comparable properties are selling for for your discussion. Also, if you have access to something that gives you generally pricing for repairs and replacement (roof, flooring, paint, etc.), bring that so you can start to estimate what it would cost to fix the place up. This will both help you with your negotiations, and give you some idea of what the investor who purchases from you will need to spend to improve the home. Remember, you are there to solve a problem, so spend most of your time listening and asking questions so you can be sure you are solving the correct problem.

Hope this helps. 

Hello @Brittney Witt,

First, a full disclosure. To-date I personally have not attempted to wholesale a property, although I have plenty of investor friends and acquaintances who have. I am a licensed real estate investor and a private money lender and I have a very large network of both licensed agents and non-licensed investors. Also, I am not familiar with the real estate laws or contracts required in Florida, so I am speaking very generally here. 

This is my answer to your question: I would bring two contracts filled out the same way, leaving blank the offer price until you agree on a price with the seller. If they agree to sign, everyone should sign both and you should leave them a copy. I would have several blank copies with you as well, just in case either of you makes a mistake or you need to start all over. If they do not sign, leave them a copy of a blank contract so they can read it if they have not done so before, as well as your card (or something with your contact information). If you can, bring a CMA or other examples of what comparable properties are selling for for your discussion. Also, if you have access to something that gives you generally pricing for repairs and replacement (roof, flooring, paint, etc.), bring that so you can start to estimate what it would cost to fix the place up. This will both help you with your negotiations, and give you some idea of what the investor who purchases from you will need to spend to improve the home. Remember, you are there to solve a problem, so spend most of your time listening and asking questions so you can be sure you are solving the correct problem.

Hope this helps. 

And additional question....would your private money consider a 2nd lein at a reasonable rate, or 1st lein only?

Any chance he would consider a down payment with a wrap (you take over payments of his mortgage), or is that out of the question? 

I agree, these are pretty good terms. It never hurts to look at a couple more lenders, but you will generally have to sacrifice good rates for more down payment / reserves. 

Welcome to BP @Austin Lucas! Lots of great info here...and a perfect place to start!