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Sunday, March 31, 2013

4Plex Closed in Less Than 30 days

4Plex Closed in Less Than 30 days

Yeah, we closed the fourplex in less than 30 days. The fourplex was priced right so no problems with the appraisal. Lender worked the loan with an excited buyer. The seller worked all the repairs that were asked down to the very last day.
Everything may not have been easy as it seems but we worked everything out. One hiccup was the verbal on the amendment. Example: Buyers agent wrote one line: “Fix and repair everything circled on the inspection report.” So when it came to doing the walk thru the buyer’s agent asked, “Are you fixing the Arc Fault Circuit Interrupter (AFCI)? I told her it said, “Although new homes are required at the time home was built may not have been required, for safety reasons consider upgrading the electrical system to include AFCI.

My seller said, “Don’t you all start nick picking everything after option period is over.” So of course I read it again and again, and then I did one better and called the inspector. He said it isn’t required he just has to put it on the inspection report because that is his job to state new codes.  So between that and reading it is “Suggested” we didn’t change them out. Through my interpretation the inspector didn’t say fix and or repair. So that means that nothing was broken.
Yes it is the usage of words. Any variation with what is written may require more direct written language. I personally never like written on the amendment see attached and circle the inspection sheet.

Other than that all repairs were being fixed.

Tuesday, March 19, 2013

Negotiating Home Warranties

I have a military couple moving to Fort Hood and looking for a property. They have their eyes set on a particular house and it been inspected. After reviewing the inspection sheet they are concerned about the AC unit.

What I want everyone to know is that we can get a licensed HVAC inspector to come and find out if the unit is or isn't in good condition. If there are any conditions after that inspection then it can be negotiated to be fixed within our option period.  I also advised my clients to call different home warranty companies. Get the best company the has the highest coverage for HVAC. We can negotiate the seller to pay for the warranty.

Don't let things scare you when in fact it can be negotiated to help you the buyer.


Monday, March 11, 2013

Putting the Perfect Clients Together Can Make the Deal

          It’s always important to talk to other agents in the office and find out what some of their clients are looking to purchase. After talking with one of my co-workers I found out one of her client was looking for a fourplex to purchase.  Just so happen one of my clients called me and told me he needed to sell his fourplex.  I paused for a minute and thought about my co-workers client.  I immediately told my client to have his fourplex ready to show two days from now between 11:30 and 2pm. 

I showed up first to talk with my client and to make sure we were going to put a good product on the market.  Go over some numbers with him, take pictures, get measurements and discuss any repairs taking place. Then an hour later the buyer showed up to view the property. He viewed it with his agent and after seeing all of the units he was ready to write an offer.

My client received the offer late that night and signed the next day with all terms met (contract). This was a great opportunity bringing both a ready seller and ready buyer together.

***************Preparation meets Opportunity*****************

Sunday, March 3, 2013

Purchasing Property With Cash

For those of you that have enough cash to purchase a home you definitely want to make that move.With cash clients have the option to under bid on a house a substantial amount because they don’t have to pay a lot of mandatory fees.
The lender fees are the mandatory fees that make a big difference in the cost. The lender fees may consist of doc prep fees, admin fees, tax fees, courier fees, attorney fees, recording fees, tax certificate fee, wiring fee, title company fee, termite inspection, survey, pre-paid items and more. It’s very important to know that all of these fees don’t have anything to do with your mortgage payments. Also using a lender may take a standard time of 30 to 45 days. These are simply the fees associated with the loan. With a cash closing it may only take 2 - 3 weeks or less to close.
I have a quick closing with one of my houses because it is a cash offer. We have the opportunity to close so fast that the home owner won’t even have to make another mortgage payment.  The owner of this house was just about to have the floors remodeled for a fast sell too, but when opportunity came to knocking it was time to answer. The house received a contract in less than 30 days.
Welcoming a great 2013 and a prosperous year.