Outer Banks Real Estate

[FairWeather]

Hello All,

Read this if you want to, ignore it if you want to.

I have permission from FairWeather to post this....

I know from the FairWeather Fest that a few of you guys are interested in purchasing some Outer Banks Property if the price is right.

In this market we have been in recently, I have kind of tweaked my business plan a little and have started (for about a year now) listing properties owned by banks. Well today, I came into the office and updated my OBX Forelcosure website and figured I would give ya'll a chance to take a look at it and see if anything interests ya'll.

Outer Banks | Foreclosure | Matt Myatt

I promise not to start spamming TBR with this sort of stuff, by might just update this post everytime I update the website - which is about ever 1 - 2 weeks.

Might down the road start some sort of Real Estate forum for different parts of the world. Of couse you would have to be a member in order to post there, but figure everyone is always looking might not be a bad addition.

Thanks for looking,

Matt

[welder]

Look here mister , I know Fairweather and I dont think he would take to spamming his site this way.

You Sir may contact him Via E-mail or PM for the OK to proceed, BUBA.

[jonafare]

Matt.. is there still a title issue with the light house road home.... is the home remodled?

[FairWeather]

Originally Posted by jonafare

Matt.. is there still a title issue with the light house road home.... is the home remodled?

Frank,

That little house went under contract, but it has not closed as of yet. Last time I talked to the listing agent he told me that at that time (about a week bofore the contract) he was not trying to work out a deal till he figured out what was up with the house.

My guess is the bank took a contract and it will be held up when it gets to the title work.

I will let you know...

any interest in a Studio apartment on the island for $199,000????

Matt

[localangler]

Hey Matt can I advbertise for my job. Like if anyone is interested in a free ride to jail. They can contact me and see what days I am working. Then they can start a fight or DUI whatever we agree upon in my area and I can give them a free ride and lodging. All meals will be paid for while they enjoy the luxurious accomidations of the Charleston County Bed and Breakfast (jail). It would be like a mini-vacatation for folks.

[FairWeather]

Originally Posted by localangler

Hey Matt can I advbertise for my job. Like if anyone is interested in a free ride to jail. They can contact me and see what days I am working. Then they can start a fight or DUI whatever we agree upon in my area and I can give them a free ride and lodging. All meals will be paid for while they enjoy the luxurious accomidations of the Charleston County Bed and Breakfast (jail). It would be like a mini-vacatation for folks.

Only if I can be there to watch!!!!

[localangler]

I got an in car camera that does a pretty good job of catching the good moments. However, I did not have one the night a naked (not even running shoes) 18 year old was jogging for Jesus down the road at about 430 in the morning. She had made it a good three or so miles before we got a call about her.

[FairWeather]

Wish I was there for that!!

If anyone is interested just spent my Tuesday updating the site again. Some Killer OBX Deals! Call me when you are ready to buy something!

Outer Banks | Foreclosure | Matt Myatt

Matt

[Greg B]

Saw this article thought of you... be careful.

Lenders stick listing agents with REO liabilities
Complex listing agreements often favor banks
By Matt Carter, Thursday, July 24, 2008.

Inman News


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SAN FRANCISCO -- With distressed and bank-owned properties now capturing a double-digit share of home sales in many markets, some agents and brokers are depending on listings from lenders to keep them afloat.

But some lenders are crafting listing agreements that attempt to shift the risk that comes with sales of bank-owned homes -- including property defects and personal injury claims -- onto real estate brokers.

A listing agreement that leaves a broker vulnerable to a lawsuit can consume the commissions from dozens of sales, real estate attorney Harold Justman warned during a panel discussion Wednesday at Inman Real Estate Connect San Francisco.

"Some of these listing agreements are lethal, or have lethal provisions in them," Justman said. "You may have a knee-jerk reaction, and say, 'Oh boy, now I have 100 listings.' But a year from now, one lawsuit might wipe out all your profits."

When a broker is sued, "legal fees are always bigger than (real estate) commissions," Justman said. "You've got to analyze that listing agreement. You can't blindly sign the agreement the lender puts to you."

Because most real estate agents are used to working with standard listing agreements prepared by their broker, they aren't attuned to the dangers that may lurk within listing agreements prepared by lenders' attorneys.

Lenders have staffs of in-house attorneys who "spend all of their time writing agreements that minimize their risk," and may draft agreements running 30 pages.

If they can, lenders will try to shift responsibility for managing properties to listing agents, and the duty to disclose property defects. Lenders may also stipulate that real estate brokers will indemnify them from lawsuits or other liabilities associated with a property, Justman said.

"These lenders got into problems by not analyzing the risk associated with borrowers," Justman said. "They are now risk-averse, and are trying to shove all of the risk onto the brokerage industry."

In California, the principal of "buyer beware" does not apply, and sellers run the risk of being sued if they don't disclose defects. Lenders will draw up listing agreements specifying that properties are being sold "as is," but require brokers to investigate and disclose any defects to the buyer.

"The lenders are putting all the risk of disclosure onto the real estate broker, and imposing a duty of disclosure," Justman said. Lenders also want to designate listing agents as property managers, obligating them to inspect homes, identify problems and fix them.

"Your E and O (errors and omission) policy may not cover property management, because it is a high-risk, high-claim activity," Justman said. If somebody falls down the stairs and is paralyzed from the neck down, he said, a broker could end up with the resulting lawsuit.

"If you agree to be a property manager, you've walked into a situation where you may not have E and O coverage when you need it," said Justman, a partner with the law firm Fimmel, Justman and Rible.

To help insulate themselves from risk, real estate brokerages can set up corporate subsidiaries to manage properties during the listing process.

But anybody agreeing to represent bank-owned properties should enter into listings agreements with open eyes.

"Anytime you get a document drafted by an attorney, you have to have another attorney look at it," Justman said, "because attorneys don't draft neutral, fair agreements" for parties who are not their clients.

[Libra]

Matt - None on the water (canal or sound side) at this time?