What you always wanted to know about real estate but were afraid to ask. Episode #309

Hello. Welcome to Todd Miller TV joined here today with Oana. Today’s episode is called, What You Always Wanted to Know About Real Estate But Were Afraid to Ask. And the reason why it’s titled like that is because when you type something in o Google and then you click on the WordPress blog, the person that owns that WordPress blog can see what you typed that got you to their site.

So what I did was I wrote down a bunch of things that people had typed in to Google and then hit search and it got – went to my site. And I know that none of these were specifically answered but they found a video maybe or something that had similar answer.

Oana: OK.

Todd: So, we’re just – I’m going to ask you the question and we’re going to keep it kind of short, you’re just kind of answer it for them. If they’re the one that answered this question, they’ll know.

Oana: OK.

Todd: OK. And there’s a point to this, if you get to the very end of the video, you’ll get it. OK. Number one, are real estate prices going up in Las Vegas?

Oana: Yes.

Todd: OK. Good. Number two, how to sue for fixtures removed from a property I bought?

Oana: You don’t.

Todd: OK. Next, house always in top three but doesn’t sell. So the person is telling them, “Oh, it’s one of our top three.” But they’re never getting offers on.

Oana: There is something wrong with the property.

Todd: Something wrong with the property, OK. So the list price is probably OK but there’s something wrong with the property.

Oana: Right.

Todd: People are getting it but they’re not liking it. Investor not living in house get cash for keys.

Oana: No.

Todd: No. Good. All right. OK. Full price offer, does seller have to take it?

Oana: No, because it’s more than just about the money. It’s about the terms. So if somebody offers you full price but they’re not going to close escrow for 25 years. No, you don’t have to take that.

Todd: Right. And this is just – it’s not in – the listing, is not an offer to sell. It’s just an invitation to – for someone to start an offer.

Oana: Absolutely.

Todd: Yeah. OK. How to tell what other realtors are bidding on a property?

Oana: Good question. There really is no good answer because usually, the bids are sealed.

Todd: OK. Good. Buying properties before they are on the market.

Oana: Well, if they are not on the market, then they don’t have a list price so then the seller hasn’t determined what the value of the property is so they’re not going to sell it to you because they don’t know what the market value of the property is. Sellers, they only want to have the property on the market for no less than five days to give buyers in the marketplace an opportunity to view the property and make offers because remember, what they want is the highest dollar for the property. And the only way they’re going to get that is by having buyers compete for the property.

Todd: OK. If you are doing a short sale, can the bank foreclose?

Oana: Yes.

Todd: They can. Right. They tell you that. A lot of people, I’m sure you’ve door knocked people and said, “Your house is foreclosed.” You’re the listing agent now. And they’ll say, “No, no, no. That can’t be right. We’re doing a short sale.”

Oana: Actually, I had one today where they had an accepted offer so they were doing a short sale. They had an accepted offer. They got everything into the bank. They were closing escrow just a few days and I got to door knock them and say, “I’m sorry. Now, your property is bank-owned.”

Todd: OK. Last question, can I buy a second home during Fannie Mae first look?

Oana: No. Don’t even think about it.

Todd: OK. Good. All right. So, here’s the feedback I have for them, OK? On my blog, there’s a little tab that says, “Feedback”. It’s on the left-hand side. So as you’re watching the video, look that way. It’s over there. And if you just click on that, you can type in questions and I’ll either do a blog about that or I’ll do a – I’ll just answer your question or you can call or text or Twitter or Facebook or whatever.

But there’s a feedback. It’s anonymous. You can just put in your stuff and then I can answer the question. That’s probably easier than type into Google and then randomly searching through especially if it’s really specific. I mean Google is not necessarily very good with very specific things.

Oana: I love questions. Questions are great.

Todd: Questions are great. OK.

Oana: And they’re fun.

Todd: Awesome. Well, that was it.

Oana: OK.

Todd: All right. So that’s my update for today. Thanks for watching and hope to see you on another video.