Although this post was written to First Time Home Buyers, I thought it actually applied well even to first time investment property buyers.  Take a read of Nichole Frederickson’s post on South of the River News.

Steve over at Minnesota First Time Home Buyers started his own Stupid Property Repairs version called Fix-Up’s Gone Bad.  Get over to the First Time Home Buyer Blog there and take a look.  I especially love the toilet paper roll on the floor!  Probably the first time you have ever tripped over the toilet paper!

I will be taking some much needed R&R with Amanda.  We are taking a Royal Caribbean cruise to Jamaica and Grand Cayman.  No phones, no email, no Internet.  Be back Feb 2.

Thanks.

Scott

Wow.  Ten posts already!  This version is dedicated to a rash of stupid plumbing and bathroom repairs that I have recently come across.  Many of these are from North Minneapolis Real Estate, but all ends of the Twin Cities seems to be participating.

I am not sure why it is so hard to do good repairs in bathrooms.  Maybe it is because next to the kitchen, it is the most used room in the house.  I don’t know, but as you can see below, more than a few people couldn’t figure it out!  Enjoy.

Now I think I understand why the City of Minneapolis requires a special license to be a plumber in their city!

Are you searching for an investment property? Maybe you just like to browse the MLS looking at housing prices. My other website, MNIREA.com was designed with the investor in mind. I have pre-configured searches or you can make you own.  It is easy and fast.

Stop over and Search the MLS Here.

Whenever my customers purchase a foreclosed property, the selling bank requires us to use the title company that they chose.  Keep in mind that it is actually the buyer’s choice on who to use for title work, but the REO bank will always strong-arm the buyer via bank addendum’s to use their chosen title company.  I must have been to 15 different title companies in 2008 for all the REO houses that I sold!  Unfortunately, I have found that probably 90% of those title companies are terrible at what they do.  They are slow to respond to requests, they miss items on the HUD, and they have miserable customer service.

Finally, ALTA (American Land Title Association) has launched a lawsuit against HUD, banks and asset managers who are requiring buyers to use a particular title/closing company. In a letter to the Federal Housing commissioner, the American Land Title Association accused HUD of violating RESPA because it is directing title and closing services involving HUD-owned properties. According to ALTA, many other lenders also have assumed this practice on their bank owned real estate. For clarity, I have copied for your reference Section 9 of RESPA that deals with this practice.

The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. The purposes of RESPA are

1. to help consumers become better shoppers for settlement services and
2. to eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement services.

Section 9: Seller required title insurance
Section 9 of RESPA prohibits a seller from requiring the home buyer to use a particular title insurance company, either directly or indirectly, as a condition of sale. Buyers may sue a seller who violates this provision for an amount equal to three times all charges made for the title insurance.
Please see the website below for further information:  http://www.hud.gov/offices/hsg/sfh/res/respamor.cfm#HE2