Jim

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Jim, in Seattle
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Jim's Answers (7)
Cleo Jones, Home Buyer in Los Angeles

If I agree to buy a property "as-is" but also have an inspection contingency, how does that work?

Asked Tue Aug 26 2008, 00:55 by Cleo Jones  -  Los Angeles  -  Home Buying  -  12 answers
Jim answered:
Buying a house that needs repairs can be a great deal, especially if you plan to place the property into service as a rental. Why? Tax writeoffs. Repairs are deductible in the year they are paid for. I'm a landord, and actually look foward to repairs. I know that at the end of year, I claim my depreciation, mortgage interest, and repairs--and get a big check. You can stagger the repairs out if you wish. It's all perspective, and how you look at things. Broken heating system? Bring it on! I'll buy it! - Tue Sep 9 2008, 17:28
llaneque, Home Buyer in Los Angeles

The status of the house is now "looking for back-up offers, what are my chances to be able to buy it?

Asked Mon Sep 1 2008, 18:57 by llaneque  -  Los Angeles  -  Home Buying  -  11 answers
Jim answered:
You are asking the wrong question. What you should do is to walk in the opposite direction as fast as possible. Price wars in this market are for amateurs. If you want to waste your time and money, then engage in a bidding war. You will end up paying far more for the property than you have to. Good luck - Tue Sep 9 2008, 17:20
Raven, Home Buyer in Sacramento

Any advice for someone that would like to approach the landlord of the house he is renting about buying it?

Asked Thu Dec 27 2007, 01:25 by Raven  -  95818  -  Home Buying  -  5 answers
Jim answered:
This is what you say: "I'll pay you top dollar for your house, sir."

What else would you say? If the house is generating positive cash flow for the landlord, unless the landlord absolutely needs to sell, he probably won't. How do I know this? I'm a landlord, and because my house is cashflowing, unless I am stupid, I will insist that you give me top dollar. Next question, please.

Landlord/Investor - Sun Aug 17 2008, 19:02
Sophie, Home Buyer in Sacramento

And the waiting begins. What can we expect from our realtor in terms of following our offer on a short sale?

Asked Sat Aug 16 2008, 21:01 by Sophie  -  95818  -  Foreclosure  -  10 answers
Jim answered:
You are asking the wrong question. What are YOU doing? If your realtor is getting the run around, do the following: Visit the bank in person, after making an appointment with the bank. Bring your friendly real estate attorney with you. Insist that the bank move on the transaction ( your counsel can do the talking). I had the same thing happen in a purchase of mine. You have to have patience and you can never lose your temper. Don't make demands. Make the bank tell you what they plan to do next.

Good luck! - Sun Aug 17 2008, 18:55
Ocean Hill, Buyer & Seller in Santa Monica

I am moving to Alpharetta. I don't want to buy now because I feel that prices will continue to go down.

Asked Tue Apr 29 2008, 16:39 by Ocean Hill  -  30005  -  Market Conditions  -  53 answers
Jim answered:
If you are an investor, the best time to buy is NOW. Maybe the market is falling, but it always goes back up. If the market is falling, then bid accordingly. Bid low. Very low. I'm betting that there will be more millionaires made in the next year or so because of this foreclosure cycle. So, if you care to step into the fray, please do so. You can't make money in this market if you are afraid to invest. Good luck - Sun Aug 17 2008, 18:16
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