All Forum Posts by: Scott Schnabel

I don't know your market but here in Northeast Ohio buildable land has been difficult to find.  My niche market has been finding land for homeowners to build on. If it's even decent $40K seems low. What do I look for;

Zoning, Setbacks, utilities, easements, Deed restrictions, flood zones, wetlands, dimensions, neighborhood, and comps.  Most new builds to day are ~60 ft wide.  average sideyard setback is 10'.  S you need ~80' of width

I think looking at it as an investment will require a long, long hold time and even then...

Contact your insurance company immediately

Depends on your comfort level.  Multi family will probably have at least 1 paying tenant to offset losses during a changeover.  Single family will have no one paying (except you) until you can get it rent ready again and get it leased.

I wouldn't be so quick to celebrate.  I think it will actually cost consumers more.  Good agents will get paid more.  Bad agents won't.

Example; a listing agreement calls for a 6% brokerage commission.  Up until now an agreement was in place to share a percentage of the 6% with the buyer's brokerage.  Typically 3 and 3. That's ending.  Now the buyer's agent will get a Buyer Agency Agreement that details out the minimum compensation they will accept.  If they don't get it from the listing brokerage they'll require it to be paid by the buyer.

All of this is supposed to happen by July.  It's going to get messy.

Standard MLS disclaimer in my market

Information is Believed To Be Accurate But Not Guaranteed 
Listing information is derived from various sources, including public records, which may not be accurate. Consumers should rely upon their own investigation and inspections.

VA Construction loans are tough. Typically the buyer makes and interest only payment on the loan during construction. VA doesn't allow this so the moneys to be paid are added to the project. Sometimes this creates appraisal problems.