All Forum Posts by: Charlie MacPherson

The seller decided to list with someone who claimed to be an equestrian specialist, so I didn't get the listing.

As a business broker now (Realtor then), I suspect this could qualify for an SBA or USDA loan.  You would have to talk with a lender to find out.

This can go very, very wrong.  When I was a Realtor, I had a situation like this with a buyer who could just barely afford an entry level home and there were precious few of them on the market.  Even though we didn't like it, we agreed to let the seller stay post-closing.

We did a significant holdback of funds, but she stayed so far beyond the closing (4 weeks, which was supposed to be no more than 1) that her daily rental rate completely consumed her holdback funds.

My buyer was stuck with a big clean out cost too, as she was a borderline hoarder.  I learned at the closing that the buyer had no plans for where she would live next.

It was a disaster as my buyer had given notice at his rental and had to scramble to extend - which his landlord could have refused.

If you do this, be sure to make the holdback at least twice what you think you'll need - and set the daily rental rate high enough that it's going to hurt for the seller to stay.

I am working with a person who is a medical doctor.  She is interested in an 18-bed, $4.2M assisted living facility I have for sale.  

We are hoping to get a HUD/FHA 232 loan because it allows a 35 year term for assisted living acquisitions, which of course drives down the debt service.

She has $200,000 liquid, but needs $840,000 (20%) for this loan program.

If you're interested, propose your terms and let's talk!

There is a legal process called a "petition to partition" whereby the court can force the sale.  In some states (and laws will be different i different states), the court will allow one party to buy out the other.

Check the laws in your state.  You should also consider mediation.  It's a lot cheaper and friendlier.

It sounds like you want to go under contract but don't have your loan arranged. 

If I'm reading that right, the seller's request is more than reasonable.  He wants to be sure that you can actually perform to the contract - and at this point, you cannot as you don't have the funds necessary to close.

That's because you went out of order.  First, get your pre-approval - and not a garbage pre-approval from a Rocket Mortgage (or similar), where you fill in the blanks on an application and get an almost automatic pre-approval.

The reason I say those are garbage is that the lender hasn't reviewed any of the supporting docs, like bank statements, pay stubs, etc.  Nor have they verified employment or even done a hard pull on your credit.

Once you have a proper pre-approval, then go shopping and put a property under contract.

The seller is smart.  They are not going to let you tie their property up for 30 days without knowing that you can actually buy the property.

You have your marching orders.  Now go get a proper pre-approval!

Former Realtor here.  Something that your training classes and broker should have pounded into your head is that there is no such thing as a "standard commission", nor should you ever utter those words. 

In my RE classes, we were instructed that if we were ever in a situation with other RE agents and a discussion  of commissions came up, we were to loudly excuse ourselves from the conversation in order to avoid charges of price fixing.

If you are worth your salt, stick to your commissions.  It's hard enough to make a living as an agent without lowballing your own income.

Two important points:

1. If the wholesaler thinks he can sell it for a significant profit, so can you.  List it with a good, full-time agent.  You get the full profit (minus the Realtor's commission) and also get professional representation at the same time.

2. $1,000 is peanuts for a deposit.  He can most likely default on the contract and lose no more than $1,000.  In the meantime, you've lost time on the market while he searches in vain for a sucker to overpay him for it.

If you are neither ignorant of the true market value nor desperate to sell RIGHT NOW, a wholesaler isn't the way to go.

I'm representing a business for sale that includes a granite quarry that is 11 acres +/-.  The seller mostly sells granite rubble, but buyers can come with their own cutting gear to take out larger chunks.

The land starts with the hilltop and fantastic views of the river.  As the land drops off, there's another flat area when more houses could be built, still with great water views.  Finally, the land drops off to direct waterfront where a third level of homes could be built.

The quarry is located in downeast Maine, between Belfast and Bucksport about an hour from Bar Harbor.

The price will be determined by a commercial appraisal, but is estimated at $1.2M.

Disclaimer - There has been no permitting done, so your due diligence is required.

Interested?  Contact me through BP!

Talk with a mortgage broker. If my memory is correct, 580 is the lowest credit score that can be approved for FHA and USDA lending.

Read your contract.  If there's no help there, I think your stuck.  You had the opportunity to inspect and took it.

Unless it was misrepresented, I think you're stuck.