Home Buying in Tampa>Question Details

Max Rizzuto, Real Estate Pro in 92126

Looking for an agent that has construction background and that is good with repair estimates and can locate fixers for investors.

Asked by Max Rizzuto, 92126 Sat Aug 3, 2013

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Are you looking for an agent in any particular area?
0 votes Thank Flag Link Wed Aug 21, 2013
Max Rizzuto, 92126, your zip code indicates California. The market is different in Florida vs California. The primary difference is Recourse vs Non Recourse.

Non-Recourse States
•North Carolina
•North Dakota

Recourse basically means that the lender can come after you (has recourse against you) if your house sold at auction or through a short sale for less than the amount owed the lender. If you borrowed $350,000 to buy your home and it sold at auction for $200,000 there is a deficiency of $150,000. That lender can have recourse against you for that amount depending on your state.

Thus, Florida real estate recovering is slower than California because the foreclosures have to go through the judicial system.

Second, Florida contracts are different than California. When you execute a Florida contract you are in escrow and have 15 days (or less) of an inspection period. Then you are going to closing.

Third, contract assignments are frowned up in Florida. Florida title agents are looking for chain of title. Thus, you can not contract a property, and then assign it to another buyer with simultaneous closings. This is considered fraud.

The purchase contracts for California and Florida contain very different terms.

If you are seeking a renovation estimator when buying Florida properties try a renovation app. There are many goods one that you can research and select one that best suits your needs.

A fast assessment is take the asking price, x 10%= renovation budget. If the house needs more repairs figure out if its worth it.

Best regards,

Lynn Brock
Brock Realty Inc
0 votes Thank Flag Link Mon Aug 5, 2013
Max, I have been involved with the construction industry for over 25 years and a Licensed Contractor/Civil Engineer. I am currently working with several clients that are looking for those types of properties. There are deals from $75,000 to $750,000 pending what your interest is. If you need assistance feel free to contact me.
0 votes Thank Flag Link Mon Aug 5, 2013
As Alma has stated below - it really depends on what type of investment properties you are looking for. If you want someone to take on the liability of finding property and then estimating value, then coordinating the transaction and make ready for rent or sale, it may take more than 3% in commission to be able to find someone competent if you are looking at lower priced investment properties.
0 votes Thank Flag Link Sun Aug 4, 2013
Dear Max,

You may have luck if you offer to give a bonus to a Realtor to ensure at least $4,000 commission per deal. Otherwise if you're looking to buy under $100k you may have difficulty finding a competent Realtor that is also able to do the work to estimate your repairs. Cash buyers offering "well above market" value cannot even buy right now.

All the best,
0 votes Thank Flag Link Sun Aug 4, 2013
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