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Home Buying in Philadelphia : Real Estate Advice

  • All3K
  • Local Info306
  • Home Buying1K
  • Home Selling146
  • Market Conditions50

Activity 1,487
Wed Jun 21, 2017
Dianehallwashington answered:
what does off market means?
0 votes 10 answers Share Flag
Sat Jun 10, 2017
Lawrence suh answered:
If i buy a two bed room house and want to add a third room to suit my family size, what is approximate cost of the third room?
0 votes 12 answers Share Flag
Wed Jun 7, 2017
Drusso asked:
insurance to sell the house. Gave him till december, the guy admitted in a personal letter he knew this ahead of time but doesn't feel he owe me money
0 votes 0 Answers Share Flag
Mon Jun 5, 2017
Icemanmatt69 asked:
we`ve tendered an offer on a short sale in PA, we`ve been informed that the settlement date may need to be extended
0 votes 0 Answers Share Flag
Sun May 21, 2017
Hairstonpropertyinvestmentsllc answered:
Some Realtors HATE wholesalers lols, some are investor friendly. So of course they will tell you these things that its illegal to wholesale real estate and bird dog.

Pros as a Realtor
Having access to MLS (which is awesome).
Saving Commission (If you plan on buying/selling several properties per year).
Being able to see listed properties yourself.
Make your own appointments to see properties.
Have direct access to lock box codes.
Being able to submit your own offers.

Cons as a Realtor
Everything you make must be paid through the broker first, then to you. Fsbo, mls transaction, it doesn't matter, even if you are disclosing everything, which everyone does. Payment comes from the broker.
You cannot put out bandit signs or hand out business cards unless you have the broker's info on it as well.
You cannot pay unlicensed birddogs.
You cannot advertise a home that is unlisted.
You have to disclose that you are an agent which can be a deal killer for some people on some deals.
Passing the exam
Hang your license with a broker (although not hard)
Paying MLS dues
Take a course for the exam (but preparing for the test you will learn a lot about real estate)
Do continued education training (but not really a bad thing).
Follow a strict code of rules and ethics (no creative financing).

Pros as a Wholesaler
You don't have to get paid through a broker.
Not having to disclose that you are a wholesaler (unless you want to).
No exam.
No MLS fees.
You can put out bandit signs or hand out business cards with only your information on it.
You can pay birddogs.
Can advertise a home that is unlisted.
You typically make a larger spread on deals than a realtor would.
Can use other creative strategies for acquiring properties.
Learn skills that will help you later on in your investing career.

Cons as a Wholesaler
No direct MLS access.
No direct access to lock box codes.
Not able to submit your own offers.
Not able to see listed properties yourself.
Let's take a $50,000 house for example.

As a Realtor you receive a 3% commission of $50,000 property, you can cover the cost of your license for one year. But, you're not going to receive the entire 3% commission unless you have already served your time to become a broker. And some brokers like Re/Max, Keller Williams, Century 21, etc may take up to 50% of your commissions.

As a Wholesaler you may receive upwards of 90% on a $50,000 property. If you get the property under contract for $5,000 you can sell it for $50,000 to an end buyer. You may only need to do 1 deal to cover your marketing cost and there are no license fee's. That can certainly cover your marketing cost.

So you can see why some realtors would hate a wholesaler ...they see it as a conflict of interest. Some will tell you its illegal to put a property under contract without a real estate license, but I'm a wholesaler. I actually go to closings using a real estate attorney..... these realtors will tell you that just to keep you from doing what your doing. Not all real estate agents are investor/wholesaler friendly.

Besides ...the assignment fees you could potentially make from assigning your contract to an end cash buyer will run circles around the commissions these real estate agents make. No shade on being a real estate just saying I'd rather INVEST in real estate than SELL real estate. The only good thing about have a real estate license is having MLS access to run the most accurate comps.

If you want could be both. Get your license and sell the pretty houses on the MLS, wholesale the ugly ones. Me personally, id rather just put all my focus on my wholesaling business and just build a relationship with an agent to run comps for me, or work on getting access as an unlicensed assistant to the MLS so you could run comps.
... more
0 votes 8 answers Share Flag
Sun May 21, 2017
Alan May answered:
It doesn't really matter whether Agent 1 and Agent 2 have the same broker, or not. If you signed an exclusive buyer's agreement with Agent 1, and then bought a home with Agent 2, it's very possible that you could be legally owe a commission to Agent 1.

Read your agreement carefully, or consult an attorney.
... more
0 votes 2 answers Share Flag
Sat May 20, 2017
Sernestine59 asked:
Tue May 9, 2017
Liangguanxiang asked:
Tue May 9, 2017
Kathy Burgreen answered:
Trulia is a media company - not a brokerage. Realtors and lenders reply to consumer questions at their convenience and if they want to. I reply to questions and I didn't get to yours or I don't know the answer. ... more
0 votes 1 answer Share Flag
Thu Apr 27, 2017
Patsend42 answered:
Trying to understand buyers assist it seems to be all in the buyers advantage. they offer a lower price and still want you to help pay . what is this
0 votes 15 answers Share Flag
Wed Apr 26, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

I would need some more details but you have enough of a down payment and assets as long as you income and credit support the new mortgage.

If you have any other questions or would like help with this you are welcome to get in touch with me. ... more
0 votes 1 answer Share Flag
Tue Apr 18, 2017
Ollie_parham answered:
Tue Apr 18, 2017
Jtsteak answered:
If you buy and hold a good number of properties over your lifetime the answer is NO. This insurance product is Wayyyy overpriced for what you get. Unfortunately, the title companies are fleecing the general public, due to antiquated laws still in existence from before the internet and easily available access to records. Educate yourself and do your own title search. If you are buying property that is fairly new and not many entries in the title search.
This title insurance is unnecessary. Just my 2 cents, as a real estate investor who also does not use agents and pay commissions.
... more
1 vote 16 answers Share Flag
Fri Apr 14, 2017
Eric answered:
Not sure about 20% down, but this resource can help you to find more info about Stated Income loans or No Doc Loans ... more
0 votes 13 answers Share Flag
Tue Apr 11, 2017
khaleelahcobb asked:
Mon Apr 3, 2017
Thomas71500 answered:
I am a semi-retired 65 year old woman who is looking to purchase a home in Palm Bay,Fl 33905 zip code. I am currently paying $960 a month for rent. My credit score has plummeted because I had to return a car after being taken advantage of by the dealership's salesman whom they fired. My score is between 550-606. I was considering using the Rent-to-Own program specifically for the above reasons..true I can save on my own, but it will be difficult to save paying $960 month for rent. Do u know of a legitimate Rent-to-Own Program. I appreciate any help you can offer. Thank you ... more
0 votes 25 answers Share Flag
Mon Apr 3, 2017
Jesu49 answered:
Never too old. If you die and leave a mortgage, they can repo the house and the bank may make even more money when they sell a nice home again.
0 votes 25 answers Share Flag
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