Tuesday, August 17, 2021

Wisconsin passes Home Inspection Integrity Act, good or bad news?



Before this year, in Wisconsin, anyone with a ladder and a pickup truck could be a home inspector.  (p.s. same in California).  The Wisconsin idea is that if they force home inspectors to get “proper” training ahead of time, they somehow will be more credible and provide proof of reliability.  Hmmmmmm.

In theory, I agree that a trained home inspector does have more credibility than not.  I totally disagree about their assertion of “proof of reliability”.  You can still have an inspector who shows up late, forgets an appointment, leaves out sections of the report, etc.  I know plenty of licensed people who are not worth a salt. 

We have this here in Arizona, inspectors must be licensed and follow the AZ Standards of Practice.  In Wisconsin, the Association of Realtors and a home inspection training company call API Home Inspection Training got together to create the Wisconsin Standards.  Interesting, no one from the actual Home Inspection Industry was involved.  Not sure how I feel about that.  Seems like the API wants government to force purchase of their product.  Yuck. 

My biggest objections to the Wisconsin law:

  1. It requires a Summary Page in the Report.  We all know that Buyers, Sellers and Realtors do not read the home inspection reports.  They just want to skip to the sexy stuff and skip the details.  I would have preferred that we leave out the Summary Page and let everyone actually read the report.  Why the hell are we writing these reports if people don’t read them.  

  2. The NON-Home Inspectors have statutorily defined the word “defect” and it is now legally required.  I dislike that because a condition is not necessarily a defect.  A defect to one Buyer maybe different than a defect to another Buyer.  This is a very big leap.

  3. The Integrity Act attempts to codify common language when it comes to descriptions.  This is literally impossible.  One size does not fit all.  Common language cannot possibly cover every home condition.  Inspectors must be able to accurately observe and describe findings that are uniquely specific to the house.  What’s next, are they gonna make all the Home Inspection Software Companies plug in their “one size fits all” descriptions.  Does anyone really think that every house and every condition is exactly the same?

Kudos to Wisconsin for attempting licensure. But as usually with any government overreach, their lust for power and control is setting up a bad precedent.  That’s my opinion, would love to hear yours. 

p.s. Geoff Nowlin is a licensed AZ Home Inspector. 




If you need to buy or sell a home, see us at www.5kflatfeelisting.com.  We look forward to hearing from you. 


Buyers get: Sellers get:

FREE Home Inspection 5k Flat Fee Listing

FREE Termite Inspection FREE Home Inspection

FREE Home Warranty FREE Termite Inspection


Best,

Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor

480-466-3737 (216) 703-5740

www.5kflatfeelisting.com by56083@gmail.com

nowlin.geoff@gmail.com

5K Flat Fee Listing Arizona

We respect your email privacy

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Thursday, August 12, 2021

How to get a proof of funds with no money

Not all proof of funds are created equal.  This one is vastly superior because it also has a matching current bank statement.  Why do you need a POF?  Because it shuts up the Realtors!  When a offer comes into a Realtor, the Realtor immediately begins to play God with the transaction.  They are judging the offer to see should they recommend the Client sign it!  They will call the Lender to see if this offer is legit.  When they call, the office will tell them “Yes, Geoff Nowlin is pre-qualified with us”.  That is the checkmate, the Realtor has to believe, they have no choice. 

This video shows how a Realtor might judge your offer against other competing offers.  Take a peek and call with questions.  If you are in need of this killer POF, enclosed is the link to get it.  Tell Keith, I said hello. Happy Hunting.


Link: https://www.getpof.com/order-22559561?orid=6511&opid=39 


$599/year, $399/6 months, $129/month, 2021

Keith Yackey, Owner, 800-269-6818, support@keithyackey.com


If you need to buy or sell a home, see us at www.5kflatfeelisting.com.  We look forward to hearing from you. 


Buyers get: Sellers get:

FREE Home Inspection 5k Flat Fee Listing

FREE Termite Inspection FREE Home Inspection

FREE Home Warranty FREE Termite Inspection


Best,


Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor

480-466-3737 (216) 703-5740

www.5kflatfeelisting.com by56083@gmail.com

nowlin.geoff@gmail.com







5K Flat Fee Listing Arizona

We respect your email privacy

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Wednesday, August 11, 2021

What to do when the double close is unavailable

 What to do when the double close is unavailable. 

It is possible that a double closing is unavailable.  Doesn’t matter what the reason.  It could be “illegal”.  Rarely the case.  It could be that Title Company policy says “no double closing”.  It could be that no Title Company in your area knows how to double close.  Doesn’t matter, if this is the case, switch to Transactional Funding.

Here's the idea: Borrow 100% of the money at 2% per day.  Borrow for just one day.  Meaning, you have your closing to purchase today and you’re closing to sell tomorrow.  I affectionately call it the Today/Tomorrow Closing.  

You can borrow this money from a hard money lender.  You must have both closings ready and scheduled otherwise, the HML will not do it.  Mentally prepare yourself for this strategy to be rare.  But, from time to time, you may encounter a house at a wholesale price that can be turned very quickly.  This would be the candidate for Transactional Funding. 

If you run into one of these and need help, just call. 

If you need to buy or sell a home, see us at www.5kflatfeelisting.com.  We look forward to hearing from you. 


Buyers get: Sellers get:

FREE Home Inspection 5k Flat Fee Listing

FREE Termite Inspection FREE Home Inspection

FREE Home Warranty FREE Termite Inspection


Best,


Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor

480-466-3737 (216) 703-5740

www.5kflatfeelisting.com by56083@gmail.com

nowlin.geoff@gmail.com












Check out our unique real estate services and advantages

Geoff & Mia Nowlin

480-466-3737

www.5kflatfeelisting.com

nowlin.geoff@gmail.com

We respect your email privacy

Friday, August 6, 2021

How to make a real estate contract assignable?!

 How to make a real estate contract assignable.

In the old days you would write this in the Buyer Line on the real estate contract: Geoff Nowlin and/or assigns.   The and/or assigns does work legally and as it relates to contract law.  The problem with and/or assigns is that it can put doubt in the Seller’s mind.  The Seller may think; who is buying the house really?  I don’t understand this?  I think I will take the other guy’s contract.  So instead of and/or assigns.

Use: “Buyer may choose how to hold title in any corporation, LLC, partnership, family limited partnership, sole proprietorship, trust, personally or any legal entity.  Vesting changes shall be done in advance of COE in order not to postpone the COE and are at Buyer’s discretion.”  

Notice that I did not use the words “and/or assigns”, that is on purpose.  Should the Seller be queasy or nervous.  If any Realtor asks; “What about this vesting paragraph?”.  You can simply say, we have not decided which corporation we want the property in.  We will get with our Lawyer and decide this before closing.  Which sounds perfectly logical.  

The truth is that you want this language in the contract so it makes your contract assignable at will by YOU!  In some States assignability is a check box.  Like California, so don’t check the box, just add the vesting paragraph to an addendum.  Remember, anything in an addendum supersedes anything in the contract.  In Colorado, the very first line of the contract says “NOT ASSIGNAMBLE”.  You simply add the vesting paragraph to the addendum and vola, your CO contract becomes assignable.  Happy wholesaling, call with questions.  

If you need to buy or sell a home, see us at www.5kflatfeelisting.com.  We look forward to hearing from you. 


Buyers get: Sellers get:

FREE Home Inspection 5k Flat Fee Listing

FREE Termite Inspection FREE Home Inspection

FREE Home Warranty FREE Termite Inspection


Best,


Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor

480-466-3737 (216) 703-5740

www.5kflatfeelisting.com by56083@gmail.com

nowlin.geoff@gmail.com












Check out our unique real estate services and advantages

Geoff & Mia Nowlin

480-466-3737

www.5kflatfeelisting.com

nowlin.geoff@gmail.com

We respect your email privacy

Thursday, August 5, 2021

How to wholesale real estate in six minutes

 How to wholesale real estate in six minutes.

Wholesaling a contract means selling your position in the contract.  Here are the steps

. get a property under contract

. find a buyer who would like to buy you out of it

. sell your contract to him/her

That is really all it is.  This video shows you the steps, the contracts and my fastest Student who got a check 1 day after learning how to wholesale real estate from me.  If you would like to embark on wholesaling, please give me a call.  I can teach you how to do it in 1 day. 

If you need to buy or sell a home, see us at www.5kflatfeelisting.com.  We look forward to hearing from you. 


Buyers get: Sellers get:

FREE Home Inspection 5k Flat Fee Listing

FREE Termite Inspection FREE Home Inspection

FREE Home Warranty FREE Termite Inspection


Best,


Geoff Nowlin, Phoenix Realtor Brett Young, Cleveland Realtor

480-466-3737 (216) 703-5740

www.5kflatfeelisting.com by56083@gmail.com

nowlin.geoff@gmail.com











Check out our unique real estate services and advantages

Geoff & Mia Nowlin

480-466-3737

www.5kflatfeelisting.com

nowlin.geoff@gmail.com

We respect your email privacy

How to cash flow a property

This quick video shows you how to cash flow any property.  The math is basic for any grade level.  The key is to get good software to do it ...