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All Locations : Nationwide Real Estate Advice

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Activity 508,169
A few minutes ago
Vgetting answered:
Everything in moderation the minimalistic look is the rage, no clutter! Too much of anything makes it look less attractive and like it was on sale for a quick fix. Clean and tidy is the best seller! A new coat of paint brighter and happy colors! Preferred by clients: open spaces, bright, hardwood floors and ceramic tile, quartz, marble and granite on counters with under mount sinks. Adding fresh flowers never hurts. ... more
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A few minutes ago
Bill Dunn answered:
This is an old question but it has some new answers so I'll pipe in my 2 cents.

I started paying a few dollars a month for zip codes on Equator a year ago (early 2017). I figured for a few dollars it couldn't hurt. I've never paid the $400 fee for the Agent Elite due to skepticism. Since then I've received at least 15 listings in part due to luck (and I am not a lucky person). I got started when an asset manager called me to ask if I was interested in working with them. She said their current agent wasn't doing the reports and that cost them money because they get penalized ($$$) by the lender when the reports aren't completed on time.

I watch the foreclosure list at the courthouse each month. I usually receive listings shortly afterward. However, due to "right of redemption" the listing may not hit the MLS for 6 months.

Now, let me share with you the most frustrating aspects of these listings. These foreclosures involve a LOT of work. For example, biweekly inspections. With my biggest lender's listings I have to visit and photograph (with datestamp) each house every other week and complete a report on Equator. I have to do an initial BPO and sometimes a BPO after 3 months DOM. These are not paid BPOs. I have to do occupancy checks after the home has sold at the courthouse and inventory the personal belongings so the asset manager can determine if a personal property eviction is necessary. They expect me to pay for the utilities and they reimburse me. For any needed repairs (like a broke sump pump to keep the basement dry) I have to get quotes, pay for the repair and then they reimburse. I've learned to keep my mouth shut. The reimbursement isn't speedy either. After many repairs and utility bills I have a small nightmare to manage for which I am not compensated for except with more listings and that isn't guaranteed.

And if that isn't enough the granddaddy of them all is the listing agreement includes a fee paid to Equator at closing as a "technology fee". That fee has gone from $150 to $200 on each listing. Even the listings that had an initial tech fee of $150 have an increased tech fee of $200 when they lower the price on the house. Asset managers like Carrington include a referral fee which further reduces the net pay. A lender I've had two listings with on Pyramid wouldn't even let me work with buyers when we listed a home.

One more aspect is that some of the asset managers, the companies themselves, also have their own title and property management companies. One of them even has an online auction website they use to sell these foreclosures in addition to, or instead of, using the MLS. So then I have an auction aspect to deal with. This garners a lot of attention but auction buyers don't bid much on these houses so they don't sell due to the minimum reserve and I've wasted my time. They don't even send me a yard sign that says "Auction". Working with their title companies can be a nightmare. An absolute nightmare. I had one of these title companies acknowledge they knew the taxes on the closing statement were wrong but their policy was to "use last years taxes" and refused to correct it. The tax assessment had nearly doubled since last year. Also, one of the asset companies files the foreclosure deed filed at the courthouse only after they get a contract on the house. Then they have to do another title search to ensure it has a clear title. All of this usually delays closing because they do all of this this after the home goes under contract.

The thing about these low paying foreclosure listings is that if I don't do them, someone else will, unless ALL the Realtors in my area stood up against this low pay... which is unlikely.
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A few minutes ago
Magnifico_gal asked:
We are currently renting. We had some rowdy neighbors move in and they wake up my 4 month old during the day when we are trying to nap. Long story short we want to move.
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A few hours ago
Nada asked:
We signed the residential purchase agreement on January 1. Closing won't happen until January 26 at the earliest. Are we on the hook for Jan HOA fees
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A few hours ago
Laura asked:
What do i do ?I was blessed and have been granted a grant paying all move in expenses including bigger deposit!!
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A few hours ago
Elle asked:
I had a credit card that went into collections in 2013. I settled with the bank and paid the card off for the agreed upon amount a little over a year ago. It now shows up as closed with…
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A few hours ago
Lambert.bonnick answered:
Is the Property at 49 Spenser Road Brixton, London SE 24 Insured and by which Insurance Company.
0 votes 50 answers Share Flag
A few hours ago
Poppy53373373 asked:
A few hours ago
Mpcentury21 answered:
I have great lender that has gotten my buyers loan with credit score of 560. Lot of programs out there for you. If you need more info, email. Mpcentury21@aol.com
Be glad to help you


Marilyn
Texas / Louisana
... more
0 votes 24 answers Share Flag
A few hours ago
Mpcentury21 asked:
sale?. I see original loan amt was $124k, but was also sold from 2 different lenders & just found out was a Texas equity loan. 7 yrs, in court not sure taxes were paid during this time…
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A few hours ago
Madison.fleeup asked:
Have little time to move, no military housing provided in Austin Texas, Must be flexible in contacting time due to currently deployed.
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A few hours ago
Jacquelinethompson902 answered:
I am searching for single family usda homes in Texarkana Texas area
0 votes 24 answers Share Flag
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