All Forum Posts by: Brandon L.

@Stephen Witkowski The real estate agent is there to be your advocate and get you the best deal possible. Simply put. 

There are agents who represent the sellers interest exclusively, there are agents who represent the buyer exclusively, and there is a situation where the agent represents the buyer and the seller (dual agency) This form of "representation" is misleading as the agent legally cannot advise either client because of the agents fiduciary duties to both individuals. 

In your case you should seek out a competent buyer agent to represent you. They will ensure you get the best deal possible in your transaction. For example: In the last deal I negotiated which closed last week I was able to negotiate a subsidy from the seller so large that all closing costs were paid by the seller and the buyer was able to leave closing with the keys to a home, and a substantial check. In addition, the seller paid for a premium home warranty, pest inspection, and some upgrades to the property. At the closing table, the attorney commented that the interest rate on the loan was the lowest she had seen in months. The reason for that is I track the interest rates daily and when they dropped I was able to speak with the lender 2 days before closing and get them to lower the rate. This caused them some extra work in having to redo the closing disclosure paperwork but in the end it's all about getting the best deal for the buyer.

You will not get a deal like this working with the sellers agent. 

If an agent ever tells you something can't be done without even trying to do it first, walk away from them fast.

Hope this helps if you have any other questions feel free to ask.

@Bob Connolly , as the owner you would want to negotiate the highest option price possible. The most common I see are in the 10k-15k range. If a buyer is reading this, of course, you would want to negotiate the lowerest possible price. The lowest I have personally paid is 1k for a 3 year option.

The lease would be a standard rental lease

The option contract the most common I see are 1-3 years but can really be as long as the two parties agree to.

Be prepared for the buyer to default as this happens in a majority of lease option contracts.

Check with a lawyer to make sure you are in compliance with any applicable laws. good luck :)

@Jonathan Smith the before and after pics look great, but I would be surprised if you were able break even after rehab costs, 2 years of holding costs, closing costs, and realtor fees.

@Christian B. from what I gather you want to buy a 4plex. You do not need to spend so much time "learning" you need to spend your time "buying". You certainly do not need a real estate license.

This means getting your credit score in order and finding a reputable mortgage broker and realtor that will guide you through the process and buying at a fair price.

Do not overcomplicate things in your head or you will still be learning 5 years from now.

@Skye Payne you refer to the realtors on craigslist as leads, so I would start with defining what a "lead" is

@Ana Coello interest rates and reviews are no way to judge a lender. reviews can be faked and interest rates are usually very similar especially if you are using banks.

feel free to reach out if you need a referral  

are you sending out an e-vite or something similar with the details?

@Lee Austin I am not lender, but not being able to refinance out of VA to conventional seems wrong. The VA just wants the loan paid off, I do not think they care who pays it. Once the loan is paid you can use the VA again for another loan.

You not being qualified for conventional seems more likely 

Yo don't have to sell the house. If you are a member of Navy fed I think they offer a 0% down product that is not associated with VA. I feel your first step would be to speak with a competent mortgage broker. Let me know if you need a referral

@Ryan D. am I understanding this correctly. Your wife is an agent and you're trying to get advice on how to sell a home? Forgive me, this will sound harsh though text. This is absolutely scary lol.

It scares me because there are people out there that will hire agents who do not know how to sell a home, and the poor seller will lose thousands of dollars because an experienced buyer agent can sniff these things out and clean them out, which is good for the buyer. Not so great for a seller. 

I understand it is not your wife's fault, it's just something scary I see all the time. And if provokes emotion every time :)

Bullet #1: Just because it's typical doesn't mean that is how it has to go down, what kind of negotiator are you if you're already giving up cash before you even have a buyer.

Bullet #2: The reason those houses went under contract is that they were on the MLS. A common mistake by FSBO is thinking if I post in on craigslist they will come. No- they will not come.

Bullet #3. Get a plan together so you can calculate the complete cost of the sale. Most FSBO price the home to high, and believe that if they post it on craigslist the buyers will come, and that is going to have you paying for housing for a very long time.

Bullet #4 A high percentage of home sales use the state approved fill in the blank contracts provided to realtors by the association they are members of. Why would you want to use anything else? Of course, you can get a lawyer but that adds more expense to the sale.

I would suggest selling it on your own to save the commission but have your wife seek out a more experienced agent to mentor her through the process.

@Account Closed the market in Northen Virginia is great. One of the highlights being the Amazon HQ that has recently been confirmed for the Arlington area. There are other companies that are scheduled to move in as well but Amazon takes the spotlight because of their name. 

I recently closed on a property in close proximity and left closing with a check. Don't let anyone tell you there is not affordable investments in the area.

If you have any questions let me know.