All Forum Posts by: Sloane Rowan

Arrests of adults is public knowledge yet sometimes the data feeds take awhile o maybe his legal name is different than what he uses?   I agree that you should ask the Sheriff to help.

If her story checks out and you are like me (sympathetic to things like this) you could keep the deposit up until you are reassured that you do not have other expenses that warrant keeping it.  I would just let her know that you want to return it but have to make sure you will not need it for any damage, cleaning etc.  This might encourage her to leave the unit in the best possible condition because she probably really could use it.

That is really nice of you to be so accommodating during this time for her and the kids and Karma will be on your side :)

Good Luck 

I agree with Brian.  It should only be as an absolute last resort because you will wind up paying more than you need to for the property in terms of sale price and interest.  If the property is a below market value sale price because it needs work etc and your market is steadily rising at a normal rate it can be considered if it is the only way you can buy it.  Just due your diligence and make sure title is clear, inspections etc. 

Here is the rundown:

http://www.homebuyinginstitute.com/news/hud-issues-fha-flipping-rules-626/

The Law of Agency is at play if the broker's you are asking are not officially in a buyer agency agreement with you. Basically if you are asking any agent that you have not signed an agency agreement with, by law works for the seller even if they are not the listing broker. When a buyer speaks to a broker about anything more than the MLS information they must first explain to you the Law of Agency and a good broker will explain the above as well as the specific benefit of enlisting their help as a buyers agent. This agreement has nothing to do with a fee (although there are the rare agents that will ask you to guarantee their commission, but that is a contract and has nothing to do with the Law of Agency.

Once you are clear on the Law of Agency it is always in a buyer's best interest to sign the Buyer's Agency form because once signed a broker (NOT the listing broker - see below) now works for your best interests and they can now research and share every tidbit of information with you.

Keep in mind that if you are asking the listing agent their allegiance is to the seller and they cannot present you with a Buyer's Agency agreement.  The listing agent can offer you Disclosed Dual Agency which legally means that both the seller and buyer agree in writing to allow the dual agent to represent them both.  The benefit of this is zero to both buyer and seller, in fact the only one who benefits is the broker.  When you think about it how can an agent give both buyer and seller proper representation.  A good way to think of Dual Agency is that both buyer and seller receive equal representation and that means no representation because it just cannot ever be fair to all parties.

Now if it was the listing broker you asked, I would go to another broker and talk to them about representing you for this one transaction.

If you asked another broker and they told you they couldn't tell you information the only reason would be because you were not offered or would not sign a Buyer's Agency agreement.  Even if the brokers work for the same company anyone but the listing agent can help you as a Designated Dual Agent (all brokers in the same firm technically work for the seller until all parties involved sign a Designated Dual Agency agreement at which point the broker working for the buyer has a 100% fiduciary and ethical responsibility to the buyer )

I am certain I probably made it sound very confusing but it can be involved, it is also the #1 reason a broker will be sued for malpractice simply because they either ignored it and got greedy or didn't truly understand the simple complexity of it.

In a nutshell:

All brokers in the MLS work for the seller UNTIL an agency agreement is in place to protect the buyer. That is also why you shouldn't give out too many details to any broker about your interest in any property (especially open houses) until you have signed a Buyer Agency Agreement.

Feel free to reach out if you'd like me to further confuse the situation. lol

(I actually love real estate law which is why I know all this because I have taken every college level class possible)

Here is some info from NAR http://www.realtor.org/field-guides/field-guide-to-agency-disclosure

Cleveland is on the "hot and getting hotter" list where much of CA is now considered overvalued (again).  Cleveland is on the same steady growth chart as Charlotte and Austin and every recent market projection shows a 3 -5/% steady growth for the next 3 years.  I would buy 2 in Cleveland lol

Typically you cant go conventional you will have to reach out to a private lender. Courthouse sales are cash with no other options. Usually no inspections of the property either, if this is your first one I would research as much as possible on the property, lender(sometimes you can contact them and get info with a little creative sleuthing), title etc. If you have any questions i am happy to help. I have done a couple back in NY for a client as well as several REO's (which can be a cleaner buy but a bit more money.)

Hi Veronica,

I know of 2 potential properties just outside of Charlotte in Union County pretty much right over the county line.  Let me know what type of properties as far as condition, clear titles etc you are willing to consider.  Have your flipped other properties in the area?  (I only ask because 1 of the properties is in far worse shape than the other so I am trying to get a feel of what your ideal would be)  Some people just want cosmetics and others are good with total gutting.  I had these in mind for a group I work with and they decided to go for an industrial property in West Charlotte because of recent rezoning.  

Sloane

Hi Ryan!

Good for you!  I was just checking out your website and wanted to give you a heads up that the tabbed pages when clicked state "page not found"  Your home page is awesome and I was interested in reading more.  I wanted to let you know because I know how irritating it can be when dealing with sites..

Best of luck for your mailers and everything!

Hi All,

So my partners and I are very much wanting to rehab an old industrial site or the likes of into living space to sell, rent etc.  Naturally my eyes have been on Noda, Midwood etc and I have been watching the Meck County zoning board rezone building left and right for other developers.  We are small potatoes in this and I am wondering if anyone has any insights as to other such areas that would be a good fit as well as any knowledge of any buildings that are for sale that may work?

I have worked on a lot of projects in my time but never one specifically like this so I am thankful for any advice.  Basically we are wanting to take an old building and convert it to a few apartments or townhouse/condos or even to start small and just convert to a single dwelling.  

Thanks again for any help!

I just read this article this morning!  Evidently there was a national RE report on investing and Charlotte was ranked 3rd best!  

http://charlotterealestatecafe.com/charlotte-was-j...