All Forum Posts by: Richard Martin

Amber: I agree with many of the comments here. Like Joe I submit low offers all the time for clients, especially investor clients. If I know a client is a serious investor then I will go along. If they are a fool that is not respectful of my time I won't work with them. I have seen too many smart investors offer a low amount and have it accepted. Find another agent.

I was just listening to a webinar on BoA's updated Equator program. The speaker partially addressed this question. The agents are allowed to enter their own BPO's and formal appraisals along with repair cost estimates into Equator. He said the bank will consider this additional information.

I agree with Monica. Yes they will negotiate. But just because you found something don't assume that they will agree with you. You mention roof and plumbing. Did your inspection find the roof was leaking? Just because a roof inspector said it needs to be replaced will probably not be enough. Could a repair stop the leak. Don't assume you will get a new roof. Recently we found a main roof beam needed to be replaced due to termite damage. Home price was $160k. Bank accepted a reduction of the full $16k beam replacement cost with three estimates.

Robert- You have some $$$, are 28 and single. You have a lot of years to get an MBA. This is a great time to be investing. Do it now.

I have an MBA. When you do get one be sure it is from a top or second tier school otherwise there is no real value except your own satisfaction.

Others may have a different thought but you may 1. talk to the First Am Escrow Agent you used and ask them 2. work with your friendly Realtor who may be accommodating I don't think I have ever been asked to not share my login with a client.

Mike- As far as I know your First Am account rep needs to sign you up.

I was the first to buy into a disaster in Salinas CA four years ago like you describe. All the issues noted above plus many more. VERY scary idea at the time. Still no financing. Still HOA in trouble, still some shootings. But the HOA is slowly getting things cleaned up. Gangs less of a problem with investor owners who pay attention to their tenants. Four years later nearly all of the 385 units have changed hands mainly through foreclosure. It's a cash cow. My tenants are great. I wish I had bought ten more and retired.

It took me submitting 30 offers on 30 properties for one bank to finally accept my price. Average list price was $130k. I offered $65k. That set the market and sales took off.

Good luck.

Yard signs but put number of bedrooms, baths, and price on the sign to reduce calls.

No one has yet mentioned Postlets.com It syndicates to 12 web sites including Zillow and Yahoo. It creates HTML code to create a very nice, near professional Ad for Craigslist or wherever. Accepts up to 18 pics and it's FREE.

I have also had excellent success with Rental Open House depending on location and type of property.

Becareful I have had scammers from the UK steal my Ad info on Craigslist and direct contact to them.

Sheila:

I know you want to do the right thing but the systems in place doesn't make it easy. I have had many clients as deep or deeper in debt than you are. The last figure I saw shows about 34% of home sales in Maricopa county are Short Sales. You are not alone.

There are many fine Realtors in AZ with lots of experience doing Short SAles. Meet up with one of them. But before you do anything have your agent connect you with a CPA or attorney that specializes in Short Sales.

I don't see exactly where in AZ you are but your house should sell quickly, your agent should get the needed lender approvals quickly allowing you to move on.

Lynn: Most Realtors take their fiduciary responsibility to their clients very seriously. A reputable agent won't be trying to cheat you out of that good deal. They want/need you to give a good referral to a friend who is not buying bottom of the barrel. For Realtors referrals are their lifeblood not a single deal. My former office manager busted her butt to help a client buy a $14k mobile home in Salinas because that is what she could afford. I helped a lot of clients buy $50k condos. If you show yourself to be a serious buyer most agents will be happy to work with you or will refer you to a qualified agent with less on their plate.

So to answer your question on how to find a good agent. Walk into the brokerage in the market you are interested in and ask to speak to the floor agent. Ask the agent all your questions, tell them your story. If they are working the floor they are active agents and not snobs. You will do just fine. If at any point you think they are not doing right by you, walk away.

All this being said, Gaberville has a population of what about 1000 with Redding being 160 miles away. If you want to find a property near you then I can see your problem. If so become a Realtor yourself. Classes, test, first year Association should be less than $1k. This $ amount is likely made on the commission on the property you buy. You can hang your license with someone like Zip Realty down in Marin.