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Category Archives: business of real estate

Wayback Wednesday… Don’t be Dumb Like a Bank

Sign of the times - Foreclosure
Image via Wikipedia

A couple of years ago I wrote a post about a particular property.  It was a foreclosure, and the bank acted stupidly.  And I’m not saying that lightly.  Had they accepted my client’s offer, they would have sold the property a year earlier and for $40k more than they eventually got.

It is an interesting read…

Now I see a lot of people making the same mistake from the other side of the fence…

I see buyers trying to deliver one last beating to the bank… often during the inspection phase… and losing a great deal over things that are trivial.  I understand it.  That doesn’t make it any better…

I had one client that was angry that the bank accepted his offer.  He thought they would counter.  I had warned him that they might accept of reject, but not counter.  Some of the banks have a number.  If you offer $1 over the number, they accept.  If you offer $1 below, they reject.  During the inspection period, this client made a LOT of demands.  The bank rejected.  No counter… no discussion.

Don’t make the same mistake the banks were making.

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Flashback Friday… Get Out of Your Mortgage for FREE?

Caution, On the Grid, on the Net:  Free Tibet!
Image by cobalt123 via Flickr

Don’t expect it to actually happen…  I wrote about this phenomena a year ago, and there are still lots of practitioners claiming it can be done.  They all say that they have done it, but I have been able to find no verified cases where the mortgage was set aside by one of these operations…  Delayed, perhaps… but not set aside.

The bottom line is that it could happen… could.  BUT, it is WAY more likely that you will spend thousands of dollars on legal fees, and be strung along for months and months… or even years, and then end up in worse straights than when you started.

The line sounds great, and to  a non-legally trained mind like mine, it seems logical.  But, my industry friends tell me that it just isn’t realistic in the real world.

Take a read…

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Wayback Wednesday… The Dirty Little Secret…

Secret Bunker
Image by marcmo via Flickr

Here is a post that actually goes back three years, but I posted it two years ago on this blog.  It is about the ‘Dirty Little Secret’ that the folks offering to list your house for $999 (or whatever) don’t want you to know.  Yep, they have a business plan, and there is an integral part of it that they will NOT tell you about.  If you ask them about it directly, they will hem and haw… but it is pretty doubtful that they will come right out and tell you…

I’m NOT telling you that one of those services can’t be a great option, but only if you know the secret, and go into it with your eyes wide open.  In fact, I offer a similar services… but I add something that they don’t.  It doesn’t alter the basic premise, but there is a reason why my discount listing plan is different…

But you’ll have to talk with me to find out all of the details.  Don’t worry, I don’t bite.

BTW, I have had a lot of discussions with discounters and they don’t like that I have said this out loud…  They can’t counter it… but they are mad at me.

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There IS a New Real Estate Transfer Tax in the ObamaCare Law

Assorted international currency notes.
Image via Wikipedia

One of the forums in which I participate has had stories on both sides of this issue for a couple of months… with the more conservative members saying that there is a 3.8% sales tax on the sale of homes, and those that are more supportive of the President and his policies saying that there isn’t.

Neither side was real specific about their information source… talk radio for some, blogs for others… nobody seemed to be going to the source… the 20,000+ page law signed by the President.  In all fairness, there is a LOT of room in 20,000 pages to hide a lot of little Easter Eggs like this.  And being fair to the other side, if there isn’t a tax, the bill isn’t going to say “there is not a tax” anywhere…

I have an answer…

There is indeed a tax on the sale of real estate.  It doesn’t apply to many people, but it WILL apply to some people that have profit from the sale of their homes. Starting in 2013, those with incomes over $200,000 will have to pay a 3.8% tax on profit from the sale of their primary residence or investment properties.  The exact amount will be based on a formula that includes the profit from the property and the income above $200,000.  The tax is not an income tax, but rather it is a “payroll tax”… officially it is a Medicare Tax.

It does not just apply to real estate, but also applies to investment income and dividends.

The bottom line is that both groups are right… and both are wrong.

But…

It will drive another nail into the luxury real estate market.  It has been in the doldrums for a while.  Adding new taxes will not get it going again.  And if you are thinking that this only affects ‘the wealthy’, think again.  Those homes are not built by ‘the wealthy’.  Those homes are not renovated by ‘the wealthy’.  Those consumers are more likely to hire contractors to do improvements.  And they are more likely to update more often…  They are a driver in the housing sector.  This added tax is NOT putting gas in the tank…

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Norcross, GA Market Report – April, 2010

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,41, but that only included the area inside the city limits, and it has seen tremendous growth since that census. The City of Norcross revamped their old town a long time ago, and it has served as a model for other towns in the area. It is also home to Meadow Creek and Norcross High Schools. One of the things that Norcross is known for locally is the beautiful older homes in the downtown area. They have maintained their historic flair quite successfully.

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