My wife and I put our house on the market about 4 months back so we could try to get a larger house for our now born twins. We didn’t get any reasonable offers and now have the house off the market till spring.Well since we’ve taken it off the market at the end of September, my cell phone has been Blowing up with calls from agents. How do I get them to stop calling my phone. I have to answer because it’s also the same number I use for work and I need to answer emergency calls in case they come in.
My house is for sale in the upper midwest. It has a very formal decor (antique reproduction William Morris wallpaper on all walls AND all ceilings). It has custom leather cornices, jacquard and velvet window treatments, and custom window shades. It has ornate brass and frosted glass light fixtures, custom brass doorknobs, and unique/custom vent covers throughout, etc.It was all professionally (and expensively) done by designers and is in excellent shape. The colors are neutral (white, beige, wheat) and there are no wild or colorful patterns.However, I have read warning after warning that wallpaper is a scourge upon sellers and, apparently, it is something of which buyers are exceedingly unforgiving.I received professional estimates and it would cost approximately $30,000 to remove the wallpaper and glue and prep/paint the walls and ceilings. It would cost a little more to also take down the cornices and replace the custom blinds with simple white roller shades.However, the house is already priced much lower (proportionately) than the comps to reflect this. This house is in a very desirable and exclusive cul de sac. Comps in the neighborhood sell for 25-28 percent over their assessed values (and for an average of 4 percent over list price). At $465,000, mine is listed for only 9 percent above its assessment. (However, it is still one of the more expensive houses in town and buyers in this price range are relatively few—especially at this time of year). As a result, we’ve had very few showings and very little feedback.My questions are: 1. Has anyone had a situation as a buyer or seller where decor was a “defect”—that is, so pervasive and so expensive and laborious to “fix” that it either rendered the house unsellable or required a firesale discount? How did you ultimately resolve the decor issue? 2. From a marketing perspective, should we try to lean into the decor and present it as a positive in an attempt to appeal to that “special buyer” who would actually appreciate the design aesthetic and not be deterred by it—and to weed out the people who want white kitchens and gray walls?I’m just curious how others have factored bold decor into their prices and/or offers or how they dealt with it.Thanks in advance for any thoughts you care to share.
I am under contract on a new, standalone, fenced in, build in Nashville. From what I understand, Tennessee allows a developer to knock down a house and build two in its place without going through the red tape that would be required in other regions, due to Horizontal Property Regime regulations here. The two homeowners own their respective houses, but co own the property. I had never heard of this until yesterday but I’ve been under contract for a month.I never received any disclosure that this was an HPR and there’s nothing physical about the house that indicates it is. The trouble started last week. I was at the house with the current owner (prominent developer in Nashville, this isn’t his first rodeo) and my realtor. I asked who owned the fence that separates the 2 new builds. They said they’d get back to me. My realtor calls me the next day and says that I co own the fence with the neighbor and that it sits on the property line. I ask how I can confirm where the property line is and he says I’d have to have a costly survey and that I shouldn’t worry about it unless I go to sell the house.Yesterday I decide that that answer isn’t good enough. I need to know exactly what I’m buying. So I call the seller’s agent directly and ask for the survey. I receive it and I’m confused why there’s no property line between the houses. I do some research and learn about HPRs. I ask seller’s agent if this is an HPR. He tells me to have my realtor explain it to me.My very kind friends find public records showing this is indeed an HPR and there’s a 37 page document outlining the terms of the 2 member HOA. I do not want to buy an HPR or deal with the headaches and risks of co owning the property. I never would have looked at this house had I known.I look back at my contract and it states: “The seller shall, prior to entering into a contract with a buyer, disclose in writing including acknowledgment of receipt: ….(c) if the property is located in a Planned Unit Development and (d) if the property is located in a PUD, make available to the Buyer a copy of the development’s restrictive covenants, homeowner bylaws and master deed upon request…”This was never disclosed to me. Is the seller in violation of the contract? Do I have grounds for a refund of my earnest money? How about reimbursement for the inspection and appraisal fees? I never would have gone under contract had I received the required disclosures, and therefore never would have incurred these expenses. Do I need a lawyer? What responsibility falls to my agent, who declined to assist me when I asked about property lines, and did not educate me on HPRs which are apparently so common in Nashville? What are the chances that the seller will rezone the house?I’m obviously very upset to learn new info just 5 days before closing, and even more upset that I had to enlist the help of friends to dig up the paperwork to confirm what exactly I was trying to buy.
Yet another interesting headline in the world of health and well-being. How Deep Sleep May Help The Brain Clear Alzheimer’s Toxins
A study of 11 sleeping brains sheds some light on the mysterious link between sleep problems and Alzheimer’s disease. The flow of cerebrospinal fluid through the brain appears to be the key.
Have a contract with effective date being 10/12 signed and sent in the afternoon with 20 days to do our surveys and inspections.Does our inspection period end on 10/31/2019 or does it end 11/1/2019?
Me and 3 others own a plot of land in a great location, it’s currently bieng used and leased as car parking lot. The property is paid off. We were contacted by a development company that wants to work with us to develop a gas station and a few small buildings on the property. They will have leases lined up before the construction starts but want all of us to get into a significant amount of debt from the bank to proceed.The entire cost will be $3.5 million. 4 of us and the developer can easily secure funding but as a very debt averse person, I see it as a huge problem. Especially since we aren’t selling the property anytime soon. I brought up the idea of just waiting until we have enough cash between us instead of taking a loan. The developer said he wouldn’t recommend it. My partners agree that it would be less risky to just save up the cash over the course of a few years then do the development.What are your thought about this? Would it be smarter and less riskier to save up the cash or get financing from the bank to do the entire development?
Instead of using the 50% rule, or 1% maintenance, or 20% capex, or whatever, I’m trying to keep track of maintenance costs per month. I just take the price of an item and divide it by the expected # of months it will last. So far I have:Water HeaterHVACRoofChimney LinerDryerWasherStoveDishwasherFridgeFloorsAnything else? I’m only taking into account recurring maintenance/replacements. Not cosmetic upgrades (Ex. Bathroom tile).
I’m familiar with the buy rehab refinance rent repeat strategy for investing, but I was wondering if this is strategy works minus the rent and repeat portion.I’m looking to buy my first house (To live in, not solely investing purposes) in a few months. I’m thinking of buying a foreclosure or REO property, getting a hard money loan for the rehab, refinancing the property once rehabbed to pay off the hard money loans. Is this a sound/wise move?I figure this is kind of like a flip minus having to pay closing costs, so a property that wouldn’t make total sense to buy as a flip (Becsuse they would have to pay closing costs) would be less appealing to flip investors.Please let me know your thoughts!