Geoff Nowlin is a Phoenix Realtor. Today, Geoff is actively soliciting Clients and delivering high quality, tech and satisfaction to Clients all over Phoenix, Maricopa County and Pinal County Arizona. This Blog is about all things Real Estate.
Not easily! That’s the truth. Today, I took a nice Lady to see 2 rental homes. By the time I got back, to make application, they were gone. How can someone rent in an environment like this? We decided to switch strategies. Normally, I don’t handle rentals for others. This case is a personal friend. So my strategy is gonna be making the application site un-seen.
This strategy is terrible for the Tenant because they have to spend at least $50.00 per application + the mountain of paperwork required. In AZ, the Dept. of Real Estate has a standard application (that almost NO property management companies take). The property management companies want everything on their forms. Which means not only do Tenants have to give $50.00 to each of them, but they also get to re-write the application over and over and over again. What a colossal hassle.
When you select your Realtor to find you a rental. Make certain they are willing to allow a pre-showing application otherwise you will never get a house. Happy Hunting.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
Typically, when you make your offer at 65% of After Repair Value on your fix and flips, you will have competition. Your competition is typically:
All Cash Offer
VA Offer
FHA Offer
Conventional 30-year Offer
Contingent upon Sale Offer
The Seller’s Realtor will almost always dump the VA and FHA because they are a pain in the rear to bring home. They will definitely dump the Contingent offer. Possibly they will dump the 30-year conventional offer. The one the Seller’s Realtor really, really, really likes is an All-Cash Offer because they get paid fastest and easiest.
Using the GETPOF.com proof of funds letter, this hard money lender will give you their bank statement to prove funds. When Seller’s see this, they lump you into the same category as an all-cash buyer. Remember, you are not actually paying cash, you are borrowing hard money to make the purchase. Realtors lump a cash buyer with a hard money buyer because hard money is the equivalent to cash. Yes, its dumb but that is what happens.
I have routinely gotten more successful acceptances using the GETPOF.com proof of funds letter. If you have any questions, please call me.
If you need to buy or sell a home, see us at www.5kflatfeelisting.com. We look forward to hearing from you.
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:
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.
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.
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.
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.
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.
