All Forum Posts by: Michael Medinger

The MLS will only have those rental listings that have been placed there by members of the service. I'm not sure how it is in Texas, but out here in California comparably few rentals end up on the MLS. And so I'll echo rental homework via Craigslist, etc.

In rural areas, the local newspaper classifieds are excellent also.

They absolutely can, and probably should if they are interested in entertaining buyers. Without knowing much about the situation, I can only think of a few reasons why an agent wouldn't want to talk about that stuff over the phone: at the top of the list is that they flat-out don't know, for example because they are servicing a bulk listing (distressed property, etc).  Or maybe the agent was just having a bad day.

A listing agent should be able to rattle off a few amenities to a prospective buyer.  @Russell Brazil is correct about comprehensive HOA disclosures only coming under contract, though. Don't expect a litany of affirmative representations about a property before there's anything in writing.

I've taken a couple swings at the sheriff's sales, but every property I've shortlisted has redeemed or settled prior to auction.  So no bids!

Oh well.

Hey there @Jason Chan and welcome!  I hope your quest for a California RE license works out well.

So you have wealthy uncles - do any of them happen to have a real estate broker license?  They might let you put your license under their shingle rent-free.  :v

Each brokerage varies with regard to how they make their nut from real estate agents.  But do keep this in mind, especially in California: a productive agent is worth his weight in gold to a broker.  While you are doing your schooling for licensure, get to know brokers.  And when you are interviewing, keep yourself in the driver's seat.  Be very choosy about who you decide to run with.

My general advice to a new agent choosing a broker is to go with either a small boutique firm, or a large corporate one - each depending on your needs and taste.  Small brokers will be able to give you individualized attention, while large firms have substantial training programs as well as brand recognition.  In each case, ask plenty of questions and make sure you go in with a well-grounded understanding of their expectations, up to and including fees and commissions and what not.

Good luck to you!

For anyone interested in the history of this issue, pick up "How The Other Half Lives" by Jacob Riis at the library.  In summary, it's a pictorial documentary of New York City slums in the late 19th century.  At the heart of the issue was the phenomenon of people turning tenement housing into penny-rent 'hotels' that promoted urban blight and extreme poverty.

This book prompted bans on short-term subletting in New York and copied by other densely populated cities like San Francisco; these laws are the basis for the illegality of Airbnb and other similar websites.  

There are obvious differences between then and now.  In the 19th century, such arrangements were beacons for vagrancy.  Today, crummy rooms offered on the internet will never rent out in a competitive marketplace.

@Angelo Wong: Honestly, contact a lender in TN and ask.  Your Realtor probably has someone like that in his pocket already.

@Abdul Azeez: 

The only impact the appraisal will have on you under those circumstances is the course of your financing.  A lender will generally only lend based on an appraisal value, and so you would need to make up the difference in cash if you intend to proceed.

I suggest running your numbers again under those circumstances to see if it still makes sense.

That said, a low appraisal can be used as an opportunity to renegotiate the purchase price.  Or, alternately, to walk away from the contract.

My best advice for getting appraisals to come in at the right number is to build a relationship with a direct wholesale lender.  Banks tend to be more conservative in general because it's their bottom lines at stake.  While direct wholesale lenders do have standards (they won't lend on an uninsurable property) the appraisers they hire don't like killing deals.

You know the old saying that one should always sell in the summer?

Well, there's really no good reason for it.  But it remains important because perception, however irrational it may be, is reality in the market.

I have had my best sales in the month of December.  Families often transition at or around the first of the year, and no one is selling except, well, me.  Low supply, high demand, seller wins.

Go figure.

Regarding title at auction: I HIGHLY recommend building a relationship with a title officer and let him or her know what your plan is.  A good title person will happily give you a preliminary splat sheet a couple days before auction so that you can know if there are reasons to exclude on that basis.  Then if and when you win a bid, bananaphone your title person and get it insured.  You will have time to do so prior to payment.

As for availability of properties, they get either cancelled or delayed more often than not.  A buyer should go into an auction with several properties of interest, with due diligence performed well in advance, and (last but not least) have a cap on your highest bid.  The absolute worst thing a buyer can do is overpay at auction.

Well... the absolute worst is actually buying a property with a massive IRS lien on it, but again that's why you have your title officer on board.