Profile picture for Bert Pope

Bert Pope's Advice

Contributions are sorted newest to oldest.

  • 82 Contributions
  • 0 Best Answers
  • 17 Helpful

Bert Pope wrote:

Do you get a better deal after a property has been foreclosed on?

Answer
This is a question I am asked a lot in Florida. All Bank foreclosures have to be valued at fair market value as determined by an appraisal or BPO(Brokers Pricing Opinion). The federal government audits the banks to see if the sale was within the value range.Now, from what I have found with most forclosures(excluding local lenders) is that they will not negotiate much, maybe 5% or so, for the first 60-90 days. Then the price will drop some. But the longer it is on the market, the better the negotiations are. Just keep in mind: value is relative, whatever work it needs, you have to look at that cost, plus time and effort. That is cold cash out of your pocket to update a property.The best, most unbelievable buys I've seen, were FDIC auctions and Owners that need cash and own the property out right.In Miami you really need to watch yourself with the condos, there are fantastic perceived deals there. But, the deferred maintanence burden from all the foreclosures on the buildings is huge, due to the lack of income from all the foreclosures. Banks, by Florida Law only have to pay up to 2 years of back condo fees. Someone is going to have to pay, dont let it be you.This is where a good local realtor can help you alot.Please don't focus on the seller, if your looking for a deal, focus on the deal. look for that low hanging fruit, it is all around you. 
January 20 2012
(1)

One mistake potential sellers make in the winter time...

Response
Come to Florida
January 05 2012
(0)

How do I sell my house myself? Eliminate the leech r.e. agent?

Answer
If you can do it, absolutely, it is like building your own home or paving your own driveway. There are fees to be saved if you can do it yourself.Now, if your home is newer, in a newer subdivision, hopefully plenty of drive by traffic, I think you got a good shot of not messing up to bad.But, if you have a condo, or your property is older than 20 years old, or in an older development, I wish you all the best, but your liability is huge.You definately need to have a good real estate attourney helping with the paper work.Listen to Cindy Quinton in her post, she has some good ideas for you as well.Here's some free advise too. get a home inspection done to share with the potential buyers.
January 05 2012
(0)

does an MLS lisitng with Zillow appear on Realtor. com?

Answer
The MLS is the Multiple Listing Service that realtors use to share their listings with each another. Realtor.com does have access to All MLS's across the nation and provides them on the internet for free.From what I understand Zillow will pull information from MLS's it might have access to and possibly from Realtor.com, but Realtor.com does not pull any information from Zillow.If you are seeing a price on a home on zillow it does not mean it is in MLS or on Realtor.com
January 05 2012
(0)

home values

Answer
There is not a person on earth that can "pin point" the exact value of a property. Appraisers are not going to determine market value they are there to support and verify market value for lenders.What a buyer is willing to pay determines price.In zillow, dont just look at the one property you might be interested in finding out about, look at all the surrounding properties that have similar features and size/age. This is what no computer can do.you cant get an exact but you will know around where the value could be.
January 05 2012
(0)

in virgina, spouse is on deed not mortgage, can husband sell house without permission

Answer
All the owners of the property have to sign the deed in order to sell.It is relatively common to see only one on the mortgage.But please consult an attourney, this would eventually be found out at the closing.I have had a local attourney closing a property have a man try to pass off his girlfriend as his wife to sign the documents. She even had his wifes drivers license.They got in big trouble.
January 05 2012
(0)

Determining resale profit of a home we plan to be in for 6-8 years...?

Answer
I could spend an hour on just this question. The key word in your senario to me would be utility.Make your home perfect and enjoy. Many folks think at the end when you are trying to sell then remodel for selling, I believe that is foolish.Congrats! you are already ahead of the game. When you go to sell in a few years, guess what, people like yourselves will appreciate the modifications and will pay for them at a premium value.I'm going to ask you one question: did you use the fact that it had only one garage and a poor master bath when negotiating? I bet you did.Where did you buy it in relative value (with 1 car gar)as to where you will sell it(w/ 2 car gar). The same with the master bath too.Utility is key with any investment property i.e. resturant, office, etc.There are many other benefits like other smart realtors here have pointed out, enjoy that home.Merry Christmas.
December 19 2011
(0)

Seller not budging on asking price, advice?

Answer
You obviously like this home. Please dont get caught up in the emotions of the negotiations. Stop worrying about what he is doing and buy that home.Your realtor can guide you better, but as an outsider I suggest you give the purchase price and try to get, maybe some closing costs or warranties/ allowances.Merry Christmas.
December 19 2011
(0)

OK credit but need to make two big purchases in the next 3-7 months

Response
First purchase your home then after closing on your home, buy your automobile. Motgages are much tougher than purchasing a car. Using your VA is a great way to purchase your home. Also, if you have a relative that has excellent credit, try getting them to get a credit card issued in your name off their card, you will piggy back off their credit and it could bump you up 30 points or so.Good Luck and Thank you for your service to our nation.Merry Christmas!!!!
December 18 2011
(0)

Can I deny the buyers access to my property after inspection contingency?

Answer
I have read this whole stream here, interesting. In the south we call this "hen pecking". They have a deal and want just a little more. peck,peck,peck.Now first, listen to your realtor, they have the pulse of the situation and can guide you the best. But as an outsider, I would suggest you to be the bigger person, dont focus on the door damage situation or how many times they have been in the vacant home, if it ends in a sale, so what.You need to be polite, and gracious, yes it might be hard, but when you send a message to this buyer, show appreciation. Then apologize and tell them that you have given all the credits etc. that you are able to and you want to help them any way you can.Be polite. It works wonders. The just want to know they cant get anymore out of you.
December 18 2011
(1)