Profile picture for Tim Mellor

Tim Mellor

Agent

8 Recent Sales (last 12 months)

Real estate agent (10 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Foreclosure,
Short-Sale

Advice

  • (36 Contributions,
  • 1 Best Answers,
  • 6 Helpful)

Contributions are sorted newest to oldest.

How do I list a home as a building lot?

Answer

Unless there is major structural damage, the home may be fixable.  An investor may want to tear everything out down to the studs and redo the interior if that is an option.  If you don't want that to happen for whatever reason, you may want to pay for the tear down yourself and then list the property as raw land on the MLS.  Or you can advertise it as raw land and require the buyer to sign an addendum requiring a tear down (you may want to consult an attorney on legality/enforcement of doing this).My in-laws live in American Fork and they still live in a home they built themselves around 40 years ago.  

  (0)
Can my landloard require me to purchase and pay for dwelling insurance.

Answer

Thanks for the clarification!  This is strange indeed.  If the owner has a mortgage, and the bank realizes that the owner has cancelled his insurance, the loan could be called due.  If the tenant is getting the insurance, what stops you the tenant from raising the deductibles as high as they go and reducing the coverage?  I don't think the owner thought this one through. 

  (0)
Can my landloard require me to purchase and pay for dwelling insurance.

Answer

The landlord is requiring you to purchase renter's insurance for your benefit and protection (as well as hers).  The cost is minimal and protects the value of all of your belongings.  If the home you live in burnt down and you lost your place to live as well as all your belongings how quickly could you bounce back?  I have this in my contracts as well, but don't really follow up with the tenants to confirm that they actually buy the renters insurance.  But when and if they come to me to cover their furniture, I can show them that they agreed to purchase the insurance and I have no responsibility to replace their belongings.  Purchasing renters insurance is a win win. 

  (0)
My home is NO LONGER on a forclosure-How do I get it off your website?

Answer

If I understand correctly, you don't want it completely removed from Zillow, but you want certain information updated.  It sounds like you are working with another Realtor, so any change would need to be initiated by that Realtor.  Zillow is just posting the information provided by various sites, so you need to get it changed at the source.  What a beautiful home, best of luck.  

  (0)
Short sale advice: How to ask the bank to asses damages in their estimation of house value

Answer

I recently pulled out of an offer because the home had a history of sickness due to mold, so I did an airborne mold test and the numbers were off the charts.  The VA replaced one panel of sheetrock because there was obvious black mold on it, but would do no more than that.  I argued that would do little to nothing to get the mold spores out of the air.  I wanted to rent a negative air machine, clean all surfaces with bleach and replace carpet and pads.  They gave me the old line that I was buying it As-Is and if I didn't want it they would find some other naive investor who wouldn't do his due diligence.  Ok, so they didn't quite come out and say that, but that's the feeling I got.  The moral of the story is this, do your due diligence, send them proof (photos, inspection reports, bids, etc...) and if they won't work with you than move on or deal with the problem yourself.

  (0)