All Forum Posts by: Sandy Thomas

Hi Ramona, and congrats on getting your first investment property! It is always a good idea to seek multiple referrals for most aspects of a purchase, not just the inspection but financing, property insurance, etc. I did want to let you know that I, as a full-time Realtor, typically provide my buyers with contact info for 3-4 reputable inspection companies that clients of mine have been happy with in the past. When I have an inspection come in that I feel is lacking in detail or the inspector was not a good communicator with my buyer, they will be taken off my list. As a professional, part of my job is to protect my buyers as much as possible, so I try to only recommend highly thorough and experienced inspection companies, and ones that I know have insurance policies in place if something is missed. Bottom line: I would encourage you to not reject your Realtors recommendations outright, as those inspection companies likely have a respected track record and a reputation for being through and detailed. Hope this helps!

@Will Clark really great advice has been given here! One option that I would add would be to check into $0 down and down payment assistance programs, then purchase a house hack (2-4 units) or a property that would work well for air bnbing rooms. If you are considered low to moderate income, and you have verifiable steady employment and decent credit score, there are usually attractive loan options available to you via state housing authorities and community banks. Even USDA loans are $0 down, if you live in a rural area. You will need a bit more than $500 to swing this, though, as you'll need earnest money, cash for inspections (likely another $500) and many lenders require you to pay for your appraisal up front ($500+/- in my area). So keep saving while you get your ducks in a row.

@Felix Goldstein, I appreciate your apology...we can be friends again. :-)

First comment I have is directed @Felix Goldstein:  unlike you, licensed Realtors have fiduciary and ethical responsibility to the clients that they represent.  You saying ""agents/brokers lie ALL the time. it sounds like you relied on an agents lies when making your offer"" would be like me saying "investors lie ALL the time. They are nothing but slum lords who cheat everyone and pull the wool over peoples eyes with trashy/shoddy improvements"  Your comment was offensive to all of us who work hard and fight daily on behalf of our clients.

@Chingju Hu: Read your contract closely. What state is the property located in? There are typically several areas that a contract will be contingent upon. For example, a buyer may be allowed a specific amount of time after signing a contract to review the home owner association documents. If something is revealed in those documents that is unacceptable to the buyer, they may ask for termination of the contract. (I recently had a buyer back out because they found out that sheds were not allowed per HOA CCR's)

If you reserved the right to have a survey conducted, you may be able to terminate the contract if something shows up on the survey that is not acceptable to the buyer (a drainage or utility easement that was unknown, a fence that is over the property line, etc.)

Deals can fall apart over financing, as well. Perhaps your verified funds for down payment are no longer available (you spent it or simply removed it from your bank account) or you have too high a debt-to-income ratio (you go out and buy a boat, financing the purchase)

Also, ask your agent to provide you with recent (past 6 months) comps for the area, using only homes of similar size/age/upgrades.  Just because a seller accepts your offer quickly does not mean that you are over paying.

Finally, the alert that you received saying that it was a "new listing" was most likely auto-generated from the search that your agent set up for you on the local MLS. There are lots of ways for a property to be re-introduced as 'new', including price changes, new photos being added, being temporarily withdrawn then re-activated, etc.

Sorry for the long response, but I hope that it helps.  Best of luck to you!

Regarding their request for a closing extension, you can say no or offer an alternative date.  Perhaps suggest the 26th as a compromise.

In my area, an agent would be in big trouble if they were accessing a property without an approved appointment thru the listing agent or showing service.  

If the lockbox on the door is an electronic one, have your agent pull the recorded accesses thru the computer program for the lockbox.  If it is a manual lockbox, switch it out for an electronic one, which requires a Realtors access code in order to gain access to the key.

No one should be entering the property without you being notified, despite it being vacant.

@Justin R., I am so sorry to hear that you were a victim of this terrible scheme.  Here in Indiana, we have had recent cases where clients lost very large sums of money (6+ figure sums) and it appears that the funds are unrecoverable.

I am a full-time Realtor and my company uses a 2-step identity verification system within our email.  And several of the title companies that I use the most have begun sending everything via encryption services.

This topic was discussed as recently as yesterday at our local sales meeting and we were all advised again to verify all critical data points via telephone before proceeding with anything pertaining to the transfer of funds.

It is truly hair-raising to hear how sophisticated these thieves have become and I am so very sorry that you were damaged in this way.  Best of luck to you as you pursue a resolution!

(P.S. I would personally kick these pieces of sh*ts *sses on your behalf if I could.)

Very attractive website, by the way. Are you the owner of rented.com?

Tanner, it looks like a neat tool but I also could not get it to give me a suggested rental price without entering the property and personal information.  The bars at the bottom just kept pulsating.  I did not want enter the info on step 3.

Welcome to BP, from a fellow Hamilton County resident! There's tons of good information here to help you explore your investment options. Best of luck to you!