Month: December 2010

By Posted on Posted in Buyers, Investment Property, Sellers 2 Comments Tagged with
Dec
21
2010

I was talking with a real estate investor recently and he presented me with an unusual scenario, hypothetical I hope! I’ll change the names just to protect the innocent… so let’s just call this real estate investor, Mr T.Patrick the Starfish

So Mr T is wondering this…. If he finds a homeowner in foreclosure with no chance of recovery and offers to buy the home for $1000 subject to the existing mortgage. He gets the deed and records it, then looks for a tenant or otherwise homeless person to rent the house to with no intention of bringing the mortgage current. Let’s assume for the sake of argument that the home seller and the tenant are fully aware of the situation and they’re ok with it…. although they’re probably idiots, but let’s not ruin our fun just yet.

He rents the house until the bank forecloses and then walks away. The bank will likely offer the tenant a renewal lease or cash for keys to move out. Everyone’s happy?

Maybe I’m having a brain fart right now, but I can’t think of an actual law that’s being broken….. Can you?? I know there’s fraud in there somewhere, I just can’t define it. What law is actually being broken and will this backfire on Mr T ?

By Posted on Posted in Buyers, Listings, Sellers, Snappy answers to stupid questions, Uncategorized No Comments
Dec
20
2010

I guess if I ask a dumb question I get a dumb answer….. like what did you think of the price?  feedback image

South Jersey Home Sellers

Almost every seller wants Feedback from the buyer after showings on their property. What they want is a honest and objective assessment of the property and what they can do to improve the saleability or if anything will entice the buyer to make a reasonable offer.

What we often GET instead of Feedback is a bit of Pre-offer negotiations with the buyer’s agent saying the property is overpriced !  So with the vast majority of responses saying the property is overpriced, I think I could be selling a $1 bill for 50 cents and they’d STILL say it’s overpriced.   So does that really help the buyer in the negotiations, IF they even make an offer?   I don’t think so.

Then if we do get the low offer, the agent explains all the reasons why the buyer doesn’t really like the property. Oh Really??!! Then why on earth are they making an offer ?? Now THAT’s really bad negotiationg !!