All Forum Posts by: Raad Qumsieh

I checked with another broker and he said I can buy empty contracts from office max or something like that...

Hopefully this will be my first deal! I have been trying to find properties on the MLS for 3 months now with no success whatsoever. The market is so hot and competition is high. Anyways, I have a lead from a bandit sign just called me today and I'm going to look at the house next week. Seller asking price is $69,000. They have mentioned they have problems in the basement and it needs to be waterproofed. Water leaks in there A LOT. They mentioned basement and outside has cracks(horizontal) I'm not sure if the walls are bent or curved in yet until I check it next week. The house is 106 yrs old in a nice old neighborhood, all houses there around that age. Comps are selling there around $130k-$160k, but they are nicely rehabbed! My question is, should I take a contractor with me to the first meeting with the seller to see the property as I am no expert on repairs at all? And should I offer less than her asking price (of course depends on how major are the repairs)? I heard from one of the flippers that if you are not "embarrassed" from your offer then it must be a bad "high" offer. What do you guys suggest? Any input would be appreciated as this would be my first experience in the world of investing and flipping! Raad

Hey all! Need your help in this, This is my FIRST time buying a property off the market (MLS). I am a licensed real estate agent in Missouri. I asked my broker if I can use our state contracts to purchase property off the market and she advised me that I couldn't use a Realtor contract for something not listed on the MLS for the e & o insurance purposes. She advised me either to use an attorney or go online to legalzoom and try to get a purchase agreement from there. Could any of you have a better advice for me? I'm confused here and not sure where to start... Should I have the contract ready for the seller when I go see the property and give an offer right there? Where do I get the contract from then? Raad

@Account Closed thank you so much for the info. I'll start working on that and see how it goes.

@Account Closed

Very interesting input!! I loved how you put these things together. 0 contingencies are the best contingencies, and I wonder why I've been putting offers left and right and never got one deal yet! Here in St. Louis area, market is hot, and I've been dying to get my first accepted offer to start this journey!

How would a listing agent get my offer serious? Am I doing anything wrong other than contingencies? I only put inspection contingency. I would appreciate your input on this.

Raad Qumsieh 

Thanks @Tom Day, makes perfect sense. What if I still have my inspection contingency in my highest and best, and they sent me the seller addendum and I sent an inspector and he figured a foundation problem, would it still be bad business if I did not sign the seller addendum?

@Tom Day 

Tricky Question, hopefully you would be able to help me out here.

I am putting a "counter offer" tomorrow for Highest and Best offer on an REO Single Family. This is my FIRST DEAL if it goes thru (fingers crossed!). Now, In my first offer I included an inspection contingency and also it is all cash offer, the bank countered for Highest and Best, due to multiple offers. I read somewhere that,for buying purposes, it is better to remove the inspection contingency as it will give me a higher chance to win this bid. Now, if I do remove my inspection contingency, AND they accept my offer, CAN I back out of the deal with no penalty? I am saying so, because usually, the bank, after accepting my contract, sends back a "seller friendly" contract of their own that needs to be signed and returned before a deadline. IF I DID NOT SIGN that contract by the deadline and i wanted out, do I have any penalties? Please advise

Thanks in advance!

Raad Qumsieh

Hey all, I'm putting an offer on a house to do a flip. My broker made me aware of the power lines next to it, stating that buyers might fear those houses close to power lines. Can you give me an advice if you have to retail it to potential buyers? Should I go for it and buy the house and flip it? Thanks, Raad

@Steve Ipock I just wanted to make sure the mold issue is fixed and dont have to deal with it later. If installing new windows and sheetrock will eliminate any mold, i have no problem with that. Court was a last resort if theyre not willing to fix the problem.

Gena Kirkwood I have not been to a doctor yet. I have bought the mold testing kit, but there is an optional 40$ fee to send it to their lab to see what kind of mold I got. I guess I wouldn't know unless I send it to the lab. I'm not sure why they wouldn't bring a company to test the mold in their own apartment...and my wife is worried it might be a serious issue. They're not working with us on a test. Is that a red flag?