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Taylor Brown's Advice

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  • 67 Contributions
  • 3 Best Answers
  • 12 Helpful

Taylor Brown wrote:

what RESEARCH do I need to do before buying RENTAL properties ?

Answer
Because the full gament of a person's complete circumstances is impossible to detail in a post on a website, the best bet for you is to consult a trusted real estate expert about your options. An experienced agent can provide you with information about the pricing, (changing, falling, stabilizing - whatever is applicable) of investment properties and homes in your areas of interest and assist you in strategizing. Further, it is probably in your best interests to consult a financial consultant and/or an attorney about your options. The more you know, the more heads you have looking out for you, the more likely it is that you will have a clear perspective and be able to make a solid decision for you and for your family. Diversification is possibly something one of these advisors will bring up.. Good luck to you!
November 05 2010
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How do I get a estimate on my home?

Answer
Best bet for you is to contact a real estate agent who specializes in your area and ask him/her to provide you with a comparable market report - detailing the sales prices of similar properties in your area that have sold in the last 3 to 6 months.
November 05 2010
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How come Zillow wont fix the price my home sold for which in incorrect?

Answer
My colleague hits it on the mark (see above). Many real estate websites with information about Chicago real estate listings draw/base their information on the information posted by listing agents/brokerages on the MLS. Is there a particular reason why this information is a concern for you?Is it your current home that you just bought as the purchaser?Or were you the past owner/seller of the home in this transaction? Either way, when it comes time for an appraisal, comps for a future sale, etc. - if you decide to sell or refinance - the professionals will go to the source of the information - the MLS. For now, best bet for you is to contact the agent who represented you in the sale of the home (if you were the buyer, then contact your buyer's agent - if you were the seller, go directly to the agent who listed your home) and see if the information is posted correctly on the MLS. Good luck!
June 24 2010
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Proof of funds for cash Offer

Answer
In our area a seller won't even consider an offer without proof of funds.  As far as the listing agent seeing the balance of your account and thinking you'll pay more because you have it in the bank, that's insulting.  They don't know what other financial obligations you have for that money.  You should pay at or around the true market value (hopefully a little below) and that is that.  Do you think that Donald Trump is over charged for real estate because he's a billionaire?  You are right, getting a statement each time you make in offer is silly.  Adding special wording like another agent mentioned is just game playing, and can annoy the seller at best.  Make your offer based on the market value of the home and you'll be fine.Best of luck,Dreamtown
May 06 2010
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I am looking for a good VA loan realtor with multi-family experiance any takers?

Answer
You may just want to try calling the VA credit union.  Last client we had with a VA loan tried 3 lenders and the VA credit union had better rates, though you have to be very diligent because their customer service left something to be desired.Best of luck,Dreamtown
May 06 2010
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What can I do as a Buyer to stand out and get my offer accepted when there are multiple offers in?

Answer
There is a lot of good advice here and some bad too, like someone telling you to "ideally go over the list price," without having done a market analysis this is just wrong.  Jerry there is an excellent article on Multi-offer Strategy that you should check out.  It goes into detail about how to make your offer more attractive to banks and offers explanations about why these things help rather than just giving you a bullet point list of things to do. It will educate you on why these things are important and education is power in a multi offer situation.http://www.thechicago77.com/2010/04/short-sale-and-foreclosure-multi-offer-strategy/Best of luck,Dreamtown
May 06 2010
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1. Do you think the new house buyer credit will be extended?

Answer
This is what as known as a crystal ball question.  Most analysts are in agreement that it will not be extended, however just like the weather the government can be hard to predict.Dreamtown.com
April 29 2010
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Waiting on a bid on short sale home.

Answer
Don't bank too much on the assurance of your Realtor at this point Murphy's Law still applies in a big way.  Not to make you nervous, but the buyers are largely in the dark when it comes to short sales and it's always good to get as much information as possible directly from the listing agent or short sale management firm (whichever is managing the short sale) as they are the gate keepers to the progress of the deal. Some things to have your agent ask the listing agent to determine the progress of your offer:Has the Internal BPO been ordered?  Has it been completed?  If yes - you're well on your way.Has the seller submitted a COMPLETED short sale packet? Has the foreclosure date been postponed?Are there any liens other than the 1st mortgage? If so, have the been settled?Most importantly: What is left to be done before the bank signs off?Make sure your agent is calling the listing side every other day at the least!Saw a couple GREAT short sale articles on TheChicago77.comOne was on Multi-offer strategy in a Short Sale situation, you should check it out:http://www.thechicago77.com/2010/04/short-sale-and-foreclosure-multi-offer-strategy/And another Great one on the Short Sale process from the seller's side which will educate you on the things you should be asking of the seller:www.thechicago77.com/2010/02/the-short-sale-process-part-1-how-to-hit-a-bulls-eye-while-blind-folded/If you have the time, it never hurts to keep looking if you're not getting answers.  A tight lipped listing agent generally means they are inexperienced and/or problems with the file.  If things are running smoothly they should be forthcoming with the progress of the loan. Best of luck!Dreamtown.com
April 29 2010
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appraisal

Answer
Maria is correct - and unfortunately what Beno95 said is not applicable here as an FHA appraisal cannot be challenged and once it has been done it will stick with the property for six months.  The only option would be for a renegotiation on the sale price or for the agreement to be nullified - hopefully you have verbiage in your contract to give you an out and keep your earnest money.Best of luck,Dreamtown.com
April 29 2010
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What is the typical Realtor commission fee being paid in Princeton Jctn these days? Lower than 6% ?

Answer
This is a commonly asked question and the answer is always the same: Commission is a negotiable thing and more times than not you get what you pay for.  Many brokers will discount the commission for a decreased amount of service.  What it comes down to is, do you think your house will sell in this competitive market for the minimal services a discount broker will give you or do you recognize the value of the extra effort a full service broker will put into getting your home sold?  Obviously you should ask the broker what they will provide for the commission they're asking for and ask a few brokers to compare their services verses the commission they're asking for.  Any good broker should be able to justify their commission.Best of luck!
April 13 2010
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