All Forum Posts by: Jim Gordon

If you want to sell property in Wisconsin you need to take your classes and pay all your fees and dues and align with a broker there.

To get a portion of the commission the first thing that you need to do is get your real estate liscence. It is against the law to pay commission to someone without a liscence Why don't you ask your parents to give you a bonus if you find a sucessful buyer for the property?

The second and more disturbing thing that you bring to light is the thought that the brokerage is not motivated to sell the property. How do you think they get paid? They only make money upon the transfer of the property. To me that is a lot of motivation --" it don't sell you don't get paid"

Have a trustworthy REALTOR® come to your home and give you advice on that. There is no way someone can tell you without seeing your house what will increase the value. Another thing that you don't want to do is increase the value over the area. If the majority of the homes in the neighborhood are of a similar style and price range you may never be able to get back the cost of upgrading the home.

There is no place on a residential appraisal form for house color.

Make another offer at 65% of after repaired price. Some lenders are now giving more weight to an owner occupied offer. A REO in my area just went at about 90% of after repaired value. Lenders are looking to maximize the return on the property after all it does reflect on the P/L of the lender.

One thing to keep in mind, this was shared with me by an asset manager. They have an algorithim that they follow in dropping the price. One of the things that they look at is the number of offers that they have gotten. It does not matter if the offer is for 1$ or almost full price an offer made counts so if 10 lowball offers come in the price drops come slower. Not all lenders are doing this but look for more to do it.

By the way I just got a client into a Freddie Mac home last month. We made an offer and had it rejected came back 45 days latter with the same offer and they accepeted. Sometimes if the deal is there for you it will wait, just karma. Don't be upset if you miss one deal there are a lot more coming.

I would make sure I had my repair money lined up before you make a purchase. Would you open a store because you could get a good deal on the rent and fixtures and then try to come up with money for merchandise?

Also the agent that said you have to hurry or you will lose it, is this the sellers agent or your agent? If its the listing agent that persons job is to represent the seller to get the highest and best deal for the seller. What do you think the repair costs of the property are and will this be a buy and hold or a fix and sell?

When you made your offer was it at 60% of the fair market value in a repaired state or 60% of what they have it listed for? The lender knows what the property is worth and if they have a house listed at 80% of market value they will find it hard without further support to drop that much.