Posted by Randy -IL- on January 22, 1999 at 01:36:06:
You live in Atlanta and you’re investing in Philly? I have to ask, How can you get anything done on the deal? I would assume you have relatives or an agent nearer to the purchase than you are. What are you going to do with a house 600+ miles away? Unless I was going to make an absolute mint on the deal, I wouldn’t even consider it. Atlanta is a pretty big place with deals galore.
Provided that you can perform the deal efficiently and make some bucks, then go ahead. I don’t know much about the real estate laws in PA. I do know that in most (if not all states) agents are required to present ALL offers to purchase property. If the agent is refusing to present the offer, then he/she is breaking the law. You may try reminding him/her of this requirement. I would assume that it would be impossible for you to accompany the agent to present the offer. That is a good way to get a positive chace to explain your deal in the best light. But your just too far away.
How did you aquire your own house? Maybe you could try the same thing. Do you have equity in it? Maybe you could get an equity loan on your house to buy the other. I would just make VERY sure that my own home is not at risk of foreclosure due to the distance involved.
I know several 600 unit+ landlords who don’t purchase more than 10 miles away. They do this because they can react to situations involving the properties and the surrounding market immediately. They have become very rich focusing on a market niche. Well, as they say, if it isn’t broke then don’t fix it!
I wouldn’t even consider buying that far away. There is much greener pastures right around the corner!
I live in atlanta,GA and I am looking at a property in philadelphia, PA. The property is an estate sale for $45,000. The executor wants all cash and it seems that the agent wants him to do a all cash deal also. There are no mortgages on the property. The real estate agent said the only way he would suggest a creative financing to the executor would be if I send him some financial information about myself.
A. What type of information should I send him.
B. Should I try to just get a bank loan. (I am not working. I am a full time student. I have a very nice savings but I do not want to use it. I do have income of $1,500 a month coming in. I own the home I am in now.)
C. What type of creative ways can I get the seller to sell without cash coming out of my pocket. How can I make this a sweet deal for him. By the way I will also be purchasing a second house for $5,000 that need repairs. I want to do a second on this to do the repairs and either flip or rent out.
Alex:
You can e-mail me directly by clicking on my name above. You didn’t say why you are so interested in the property. I am a cash buyer and I pay a $1,000.00 finder’s fee to anyone who tells me about a property that I wind up buying. If the deal is so good that you want to do it from Atlanta it will go fast. Please contact me right away.
Posted by Bill Gatten on January 22, 1999 at 15:35:00:
Alex,
First of all, I’d let that Realtor know that he/she may be breaking the law if the listing agreement doesn’t stipulate specifically not nothing other than a cash offer would be accepted, and he/she refuses to submit ANY reasonable offer to the seller. I’m presuming the laws in Penn. are pretty much the same as anywhere else.
Its not the Realtor’s job to determine what kind of offer should or should not be presented for the seller’s consideration. Refusal to submit an offer by a licensed Realtor can even be seen as a device to foster one’s own enrichment at the expense of their client.
With this information and .50 cents, you may be able to buy a cup of coffee, unless the agent thinks you’d be willing to back up your threats in court.
- Posted by alex