I’m hoping that we have the BTR format down tonight – it just took more money! We will be discussing the real estate purchase contract, disclosures, disputes, liquidated damages, specific performance, REOs/short sales, MERS, and other general legal topics relating to real estate. Copy of our purchase contract here: Residential Purchase Contract
Click below to listen at 7:00pm, and call (877) 317-7373 with your questions and comments!
My frustrations with the BTR control panel continued tonight – the opening song started before I realized that I had no off button. So enjoy the full version of “Heartbreaker” live by Led Zeppelin, or fast forward about five minutes:
We talked about the general market conditions, and how the flurry of activity we’ve seen lately is unlikely to cause higher sold prices. If there is a surge of new listings over the next few months, they will likely be a result of sellers being enticed by today’s list prices, which are a false sense of the real market. In other words, prepare for a glut of overpriced listings for the next few months.
I also got off on a tangient about what and where this blog is, and my enthusiasm about it. I don’t have much, if any, sense of who reads this blog, or what you the readers want out of it. So look forward to a new survey coming soon!
Our friend Adam Rappoport will be on Blog Talk Radio this Monday, February 27th at 7pm. (Note the earlier time!)
Adam is a long-time local realtor who got into the house-flipping business with houses he bought at the courthouse steps. When the competition for trustee-sale properties pushed margins so thin that the risk became uncomfortable, Adam started investing in properties out-of-state.
We’ll be discussing all the above, and will be comparing the benefits of out-of-state investing vs. the local market. Join us Monday at 7:00pm!
Thanks to Tom for being on the show – and for everyone who listened!
Some of the highlights:
tj and the bear asked about ballpark costs, and Tom broke his general remodeling expenses per room.
He does the work himself on these rooms:
Kitchens – $10,000 to $12,000
Bathrooms – $2,500
Engineered hardwood floors – $4,000
Work done by contractors:
New 200 amp eletrical service – $5,000
New plumbing – $5,000
Roof – $4,500 to $6,000 (comp shingle)
Jeeman called in and described his struggle to get a reasonable quote for an overall remodel, and we agreed that it is good to get plans done first, then have general contractors gives quotes so you can compare apples for apples.
Tom mentioned several TV shows who have approached him looking to document his ‘team’, and fabricate some drama. Tom is willing to tell it like it is, but no takers for that package so far.
Tom also said that he sees plenty of deals on the MLS, though it is hotly competitive. He is a believer in cruising the neighborhoods looking for possibilities, and that the South Park project was a result of such an effort. He had to drive to Lakeside a few times to track down the owner, but finally prevailed.
The South Park project requires a two-car garage per the city, so the remaining buildable lot only allowed for a 1,350sf house. Tom changed to a two-story, 2,000sf plan instead, and hopes for a completion date in Fall, 2012.
The Bay Park remodel hasn’t hit any snags, and is a lighter project because no square footage is being added. We talked about Bay Park being an up-and-comer neighborhood, and that there could be pockets of appreciation in certain areas like it.
Tom is coming right along on his major remodel in Bay Park – the photo at the right was taken since Friday’s video (click to enlarge).
Tune in Monday night, February 13th at 8pm when Tom joins me on Blog Talk Radio right here at bubbleinfo.com.
We will be discussing his strategies for finding properties, where he gets his design ideas, the process of remodeling, and the specific strategy of how to sell for top dollar.
There is a funky thing about Blog Talk Radio.
They don’t have any code for leading into the shows – the listening button just goes live at 8:00pm with no notice. So if you tune in a few minutes early and don’t see any place to click to listen, wait until 8:00 on the dot, and it will suddenly appear – and we’ll be rocking!
Gibson, Ford, Brock, Seaver, Kaline, Morgan, Niekro, Lasorda, Sutton and now Hammerin Hank. We’ve lost some of the greatest to ever do it this year. @TommyLasorda is gonna have a hell of a roster to manage up there. #RIPLegends
Comments on December Existing Home Sales https://www.calculatedriskblog.com/2021/01/comments-on-december-existing-home-sales.html The delay in the buying season has pushed the seasonally adjusted number to very high levels. For example, this number of sales, (NSA) in July, would have given a 5.3 million, as opposed to 6.76 million SAAR.
"Where do we begin..2020 has been a year for everyone. When COVID hit and shut down both my husband and my businesses, we were left with a mortgage and very little income coming in. We were stressed, scared and felt stuck. We made the hard decision to sell our home and move out of state. We contacted the Klinges' and spent a good hour going over what we hoped we could accomplish. Jim and Donna came over with comps in hand and suggestions on improvements to get our house ready for the market. It was overwhelming to think about, but Donna was there and one step ahead in every scenario. more "
"Jim and Donna Klinge made the sale of our condo extraordinarily easy. They know the market and gave us sound advice backed by details and very considerable experience, reflected both in the initial pricing and subsequent negotiations. They work together as a team and are always available to talk. more "
"I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in more "
"Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community... more "
by Ann Romanello
"Jim educated us, helped us find the perfect house, and then negotiated us a great deal. I would hate to be sitting across the negotiating table from ... more "
"Jim is thorough and will be brutally honest about the homes he shows you. He provides great service and follows through until the very end and even ... more "
"I highly recommend Jim as a buyer’s agent. Working with Jim, we closed this week on a San Diego condo. Jim prepared a list of comparable sales to ... more "