All Forum Posts by: Sam Leon

HAHA that's true I feel this way when I call newspaper to stop delivery between 12/22 to 1/2 when I got visit my parents I was thinking it's like announcing you are going to be vacant during the holidays.

I have noticed when you post an online ad that does automatic syndication to site such as Zillow, hotpad etc etc etc...there are errors on the feature list.

I guess that came from the differences in various databases, and some features are listed on one and not on another and how they handle the mismatched features when syndicating.

For example, I used postlets last week to post an ad for a unit within a four plex building.

On Zillow I saw the ad a few hours later, indicating I had a pool, a doorman, a deck, a garden, a porch and an intercom. None of those are true and none of those were flagged on postlets...well I remember explicitly checked NO POOL and NO INTERCOM and postlets didn't have an option for doorman. I checked other sites and there are other feature errors.

This could certainly create false expectation...could potential tenants complained about false advertising? "Hey I didn't have a doorman you said there is a doorman!"

How do you all deal with this? Turn off these automatic syndication feature and go to each site and post your own ad?

Is there a better place to do this then postlets?

Do you still put up a FOR RENT sign on the yard or on the gate?

Of course this depends on the location and whether you get foot traffic or may be a neighbor might want to switch places...

But with online ads I put down clearly the terms - security deposit, first month, last month rent plus app fee etc etc etc so those who don't qualify most likely hopefully (yeah I know...) won't call. However, if you put up a FOR RENT sign with a phone number then you are back to taking random calls from whoever read the sign and you have to spell out the terms again. Or is there a way to direct them to the online location instead of just a plain phone number?

Options:

- put a web address or a QR code on the sign to direct them to the ad. No phone numbers.

- put phone numbers but say for additional information please go here first...

- put a transparent box on the sign with printed flyers with the same info as the online ad.

Another group of people without SSN would be foreign students. These students will only be assigned a SSN if they are working part time on campus - like a research assistant, or they have special authorization to work off campus.

If you are in a college town this is an important demographic.

Question, does smartmove takes information from the potential renters and only give you recommendations? Do you have access to the information the renters provided to smartmove? Or do you still need to collect from the renters directly their info - employment, previous address, contacts, references...

I like an online service but I wanted to make sure you can access the information besides just the final recommendation.

this is common practice in Miami. Sad.

I had one owner agent two years ago when I went to see the property that he knew the bank's bottom line number because he went through several prior contracts. He said he would tell me that number and sign off the contract if I agree on a side deal to buy his pool furniture for $20,000 which consist of several plastic chairs you can get at Walmart for $9.99.

I really wish something can be done about it. Its all over in Miami.

Wayne, yes I guess I need to be more assertive when I call to inquire about a property.

Many times the LA will be reluctant to show me the property by saying "well...we got offers on it already from owner occupants, it's a waste of time for me and you to see the property until AFTER the waiting period is over..." and so I waited, which means I either have to submit an offer without seeing it, or I have to convince the LA to show it to me regardless.

Another lesson learned.

well the LA told me I can't submit an offer until after the waiting period.

I later out found out it's not that I can submit it, it's that the bank won't consider investor offers until the waiting period is over. So they end up accepting that offer they had with the HOA escrow. I don't know if they have any other offers. I am betting that buyer must be financing. May be they are also applying for some sort of renovation loan - Does Freddie Mac have some sort of loan packages that covers both property plus renovations? May be they are trying to get that.

Had my eyes on a Freddie Mac property. Called the listing agent to inquire, said they already had an offer from someone, an owner occupant.

LA asked if I am investor or OC, I said investor looking for pay cash. He said well you could write up a contract as a OC just have to sign an affidavit. I said nah, I'll wait the 15 days and will call you back then.

After the waiting period is over I called the LA and he said yes there is a contract but he thinks it will fall apart. I asked why? He said because there is a lot of damages to the house and the HOA has asked for the repair amount to be put into HOA escrow and the buyer doesn't have the money to do that.

So if they need a new roof estimated 20K a new kitchen 10K they need to put 30K into escrow, and once they finished the new roof, the HOA will release 20K back to the owner, which means the owner needs to have double the repair amount to make this work, and the LA says the owner does not have money to do repair, yet the bank accepted his offer and now they are in the middle of negotiation with their HOA to sort out this escrow issue.

Now I have gone through executing contracts with Fannie Mae but not Freddie Mac but I have never seen anything in any of those REO addendums that allows the buyer to work into it any special provisions for HOA escrows and I have never heard that the bank would be willing to work with the buyer on stuff like that.

Is Freddie Mac basically obligated to accept owner occupant contracts no matter how much contingencies and potential issues there are, they basically have to accept those offers before they even consider investor offers or would they look at them side by side at some point?

Anyone with experience buying on this site?

There is a property I am curious about on there but it says "Buyer will receive a Special Warranty Deed (SWD) or equivalent"

I understand SWD basically the seller is only giving warranty of the title for the period of ownership, in this case it's a bank and they didn't take possession until July of 2013 after they claimed it back after the county auction. So basically that's only 3 months, right?

What could "or equivalent" mean? Quit claim?