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Problems...

1) When doing comps I looked at townhouses, but failed to notice that the townhouses I was looking at are FREEHOLD (no condo fees), which makes a big difference in value! So as it stands either the seller lied about the appraisel, or it was a botched refi appraisel for about $15k above market value. With me then coming in at about 7% above that, there's simply no way this thing will sell.

 

2) I drove by to check on my signs and noticed that the signs INSIDE the house are gone, obviously they were removed by the seller :lol::lol::angry:

 

So I have a message in to him to find out what the hell is going on. As it is the open house is on hold, and it's looking like a cancellation of the contract may be in order...unless I get a damn good explanation.

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False alarm. The deal is still on but the price is dropping to $149,900, and I've postponed the open house until next weekend, so I can get the contract changed.

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Kimberly, he claims he was getting dirty looks from his neighbors but says he put one of the signs back up in the window after my call. Of course it's not going to do much good considering the sign pointing into the complex is gone. After this I think I'm going to skip condos, they're more trouble than they're worth in my opinion.

 

Gary, I had checked out prices and thought his numbers were accurate, but I was looking at the wrong type of house (freehold townhouse instead of condo townhouse, which around here makes a difference of $20-$30k+ in value).

 

However, I have since received 2 emails from a realtor friend with sold and active condo townhouse listings. Turns out that there are a number of condo townhouses that have sold for over $150k in the area. And 2 or 3 in the same complex that sold last winter for a bit over $140k. Most active listings are well over $140k, it looks like the online listings I get are just the tip of the iceberg. So $149,900 should be easy for RTO.

 

LESSONS LEARNED SO FAR:

1) Signs around the neighborhood are the cheapest and best marketing available. Over half of the calls I've received have been from 7 hand-made $2/pc. signs. On the next house I don't plan on putting an ad in the paper at all!

 

2) Set up a notification service for buyers on your website. I've signed up 7 or 8 new people to my buyers list in 3 days.

 

3) Work with a realtor to get reliable comps!

 

4) When shopping for a digital camera, make sure it has a really good wide angle feature and a high-quality flash, both of which are critical for taking indoor pictures of houses.

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he claims he was getting dirty looks from his neighbors but says he put one of the signs back up in the window after my call.
So what? They won't be his neighbors much longer if he allows you to market like you need to!
Of course it's not going to do much good considering the sign pointing into the complex is gone.
Were your directional signs taken down also?
After this I think I'm going to skip condos, they're more trouble than they're worth in my opinion.
Doug, it's way too soon to make such a statement. While condos are not my favorite either, to ignore that market entirely is a mistake. Take it on a case by case basis. If the numbers work, and the homeowner is easy to work with, take the deal. Three grand is three grand. Be it a condo, a mobile home, or an igloo, (that's a Canada shot I just had to toss in there).

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Michael, 2 of my directionals were taken down on one street. The other 3 were still up on Saturday. Even with those signs disappearing, I've still received at least half of my calls (nearly 50 so far) from those signs!

 

LOL, yeah the igloo market is HUGE around here. The only problem is getting insurance, since they tend to melt in the spring :)

 

Latest update: I have an appointment to show the house to a buyer on Thursday. She's seen the house online and driven by. She says the down payment and monthly payment aren't a problem. So we'll see how that goes.

I still have a couple of other people I haven't been able to get hold of yet.

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Guest Jim FL

Doug,

I noticed you are losing directional signs for a deal you are selling.

I have that happen all the time as well.

Especially the ones on step stakes at corners of streets leading into developments or subdivisions.

One way I've found to make them last longer is to attach them to street sign poles.

To do this, I just went to a home improvement center, here we have Lowes and Home Depot, I'm sure you have something like that there.

I went to the electrical section and purchased plastic zip wire ties.

About 12 inches long.

Then poke two holes in the top and bottom of the directional signs, threading the zip tie thru.

Wrap this around the pole and pull the zip tie closed securing the sign tight.

These still get taken, but the average citizen does not have anything handy most times to cut those ties, so it takes them longer to come down.

 

HTH,

Jim FL

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Thanks for the tip Jim, I'll keep that little trick in mind! It sounds better than the razorblades I was considering :)

 

I need some advice folks. I have another buyer who wants to see the house tomorrow afternoon. However, I still haven't heard back from the seller to confirm that it's ok with him (I called this morning after I set up the appointment for Thursday with the other buyer).

 

So do you think I should go ahead and show the house even if I don't hear back from the seller by tomorrow? I have a key, but I don't know if it's a good idea to just walk into his house without getting the all-clear.

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Doug,

That's your call. You should have that figured out with the seller. If you don't, I'd call first so you don't walk in on something you don't want to walk in. You can take that hypothetically or literally, but it's just my opinion.

Regards,

Adam

PS Jim, you're right about the signs. That does usually stop people from taking them down.

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Adam, we had agreed to the open house, but didn't talk specifically about private showings. LOL thanks, I'll be sure to call before I leave, and yell when I open the door :)

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Doug, your number one priority with this property is to move it ASAP. That can only happen with showings. It needs to be made clear, with every deal and homeowner, that full and unfettered access is a must. If the property is vacant, we get the key and we do our thing. If it's occupied, then I explain I will always call first and let them know I have a showing. And when I do call I don't ask if I can show the property. I tell them I am. I can't state emphatically enough that you cannot allow a homeowner to impede your ability to show a property. Of course, most are on your side and are very willing to assist you in this matter.

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here we have Lowes and Home Depot

 

up there it's called a trading post, 1 beaver pelt should do the job. :);)

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Michael, excellent advice, thanks! I can already see how much smoother the next deal will go with all the things I've learned from this one.

 

The seller just got back from holiday this morning and called to say there's no problem with me showing the house today, tomorrow, or anytime. So everything's a go. Both of these buyers sound very eager and actually they sound a lot like the last person I RTOed a house to... no questions about the price, and no problem with any of the terms, just: "You mean I might qualify to buy this? Awesome!"

 

Tony, the Igloo Depot :)

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