All good and important info. I have been in title insurance for 30 years and your example would not be covered. However never purchase a property of any kind without an owners title insurance policy that covers you. Many believe since their lender is getting a lenders policy they too will be covered, no you will not. Many think if property is vacant land they don't need it, they do. If you aren't clear on what title insurance is speak with your title company directly they will be happy to answer all of your questions. Don't ask those questions of your realtor, your lender, your mortgage broker but the title company directly in odered to get accurate information.
Wayne, The "As Is" info you provided will be SUPER helpful for a lot of people who had no idea that they could still have an inspection even though it was selling in "As Is" - Sam
Inspection, a survey, get a copy of the survey Inspect well and the septic you need a letter saying it is working. You need that for the utility company. You need a title policy
I'm in Florida, and I was very interested in a house. I asked my REA if the house was in a flood zone. He said he was not required by Florida law to disclose that information. The house was in a flood zone, and I didn't buy it. ...YOU'RE FIRED! 😂
@@paratroopergirl4064 my broker will not allow me to show a flood zone property without having the client signing a document acknowledging they agree to see flood zone.
Thanks Wayne . I appreciate you sharing your knowledge . As the father of a recent bride , I definitely took your advice ! I put pen to paper and wrote everything down . Should the day come when the kids are ready to buy their first house , I think we will be much more informed . Thank you sir .
No. It's not that simple or straightforward. That process takes years and involves many many public hearings. It's the US govt that determines flood zones
9:34 here's where I'll disagree or add to the conversation... *Do not worry about someone suing you for specific performance* on a real estate contract. Real estate agents and sellers will try to threaten you with this, and pressure you to close on a property. If a seller for example was withholding mineral rights even though it wasn't mentioned in the purchase contract, it could be argued that they had an intent to deceive on the land sale. If they do attempt to sue you for specific performance, the sale of the property is put on hold and hung up for however long it takes to be decided in the courts (which could actually be a few years). They're basically shooting themselves in the foot trying to get money from you for backing out of the contract. While contracts are important in real estate, they're often not worth the paper they're written on...
My first time hearing you Wayne and I’ve subscribed to your channel. Some great tips and even though a lot of this I knew but I learned a lot of new things as well. Thank you so much and God bless you too. 😊🙏
I bought an old house that had an oil run boiler, but they also had a wood fired boiler attached. Did inspection on close, found that they took out the wood fired boiler. I didn't think they could take out something like that.
Yes, inspect an as is property. A seller that doesn't allow an inspection may have liability if they know or should know something that they should have disclosed. As far as surveys, many properties that are older than 30 years, many counties didn't require property surveys to be recorded in their counties and were not recorded if they were done.
I stumbled upon this video. Would be helpful if you clarified where you are. Some things I can say from past experience are not the same depending on the state/county. However alot of good general info.
Wayne I want to know how YOU can NOT 🚫 pay PROPERTY TAX. 🤔 What's the structure to set that up?? Also what's the best way to REMOVE or reduce the PROPERTY TAXES when buying a house sale. Let's say it's selling for $2 million dollars 💰 I offered $1.3 million for the house. THEN do a side deal with an INVOICE for $800,000 for all the furniture. The problem of course is the real estate COMMISSIONS that I believe YOU have to work out on the side as well. Therefore in the TAX ROLL records the house is now VALUED at $1.3 million because that was the SELLING price. Have you ever done a deal like that??? What would YOU recommend. ✅ I also heard that YOU do not have to pay PROPERTY TAX especially if it's 30,000 to $40,00 per year if you BUY it under a NON-PROFIT company PLEASE explain. Thanks 😀🦜 Alan Florida
Most counties/ parishes offer a homestead exemption for your primary residence, and disabled vets and seniors can freeze their taxes (so they don't increase), but I don't know a way to avoid property taxes completely
Are there any good Home Warranty companies? We have had American Home Shield for about 15 years. At first they were great, but they keep getting worse and worse. Now they are terrible, and the contractors they send are terrible as well. The contractors have damaged our house, multiple times, and neither AHS nor the contractor would fix it. The contractors also will always find something extra that needs to be done, which AHS won’t cover, and is outrageously expensive. Do not ever get American Home shield, it is a scam.
Wayne, my neighbor bought a 3B2B residential home and is making it into 3 seperate apartments. He did all the work himself, added walls, a kitchen, etc with no permits. What kinds of legal problems is he facing going forward? Bank that holds mortgage? Homeowners insurance? Etc…
@@sophiewallace8662 agreed, but it kind of is when there’s 6 cars in the street, 2 of which are continuously parked in front of my front yard and 1 directly across from my driveway so that everytime I try to back out I hafta try not to hit any of them. And, BTW I LIKE my neighbor and don’t want him to get in trouble where he gets sued by a renter bcuz something happens that was not done w/proper permits to begin with.
Great content! Thanks for sharing. I'm look at a few properties including raw land. Do you have a reccomended broker to work with in the Central Arkansas area?
Great info. I just had an inspection done on a potential rental property. All the system including the roof are out dated. The HVAC is 15 years old but it still works. It has a tenant paying $1,000. Asking was $95k. I’m purchasing it for $90k. My concern is this may begin to break down like the HVAC, water heater, plumbing etc. The owners purchased the home for $61k. Last month and didn’t upgrade anything. I’m not sure if I should take a chance on this property or not. What do you think? It’s right at market value.
If you adjust your playback to 75, a slower rate, Wayne sounds normal and is easier to listen to. No offense, Wayne, but you have a rapid speech pattern. Thank you for all the info!
One more thing to add which may be rare but never would I ever buy a historic home. You will be bled dry fixing it up if the city is involved. Also you should do your own inspection as much as possible before the inspector you hired looks at the property. Do not use an inspector that the real estate agent recommended. They work in cahoots and overlook serious issues. The inspector should provide photos of roof trusses, tiles, shingles and whatever you requested. Use a thermal imaging unit and ask if he will check for leaks.
You are amazing, that God for your caring & loving spirit for helping people. God is more than please. I'm a veteran, looking for a place for my Prison Ministry. I'm currently looking to sale my and move into something much bigger. Love to talk to you plus I'm 100% Disabled
I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?
The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.
You're right, I and a few Neighbours in Bel-Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 37% in the last quarter
Mind if I look up your advisor please? I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now
I've been stuck with the popularly ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Melissa Terri Swayne after inputting her full name on the web, she seems highly professional with over a decades of experience
Hey , you should 100% try owner financed land. Just google that . Landwatch, land search I think has them. You can pay monthly . No background checks . Honest information for ya ! Hope that helps
First minute looking at those old aluminum framed single pane glass windows encased in brick. No way, never mind, all the other out of date and code safety issues.
how long is the warranty for for 800? you just said the condesser was about 900 so it is a wash and even if seller pays you could of got that money so buyer is paying.
Full disclosure: I'm not (and never have been) on an HOA board in any capacity. I have no income ties to any HOA - and also never have had income ties. However I do live in an HOA. Single family home, in a community with 1100 homes & townhomes. The HOA takes care of the snow plowing of the common area sidewalks in the entire neighborhood. It pays for the electricity of the street lights. It maintains all the lawns and playground equipment in the 3 main parks and numerous small green areas. It does maintenance (landscaping of flower beds, repairs of sprinkler systems for common areas, etc.) It also maintains exterior perimeter and common area fencing. I do not live in a part where my property touches any of the fencing maintained by the HOA, so I'm responsible for all my fencing. The HOA does no maintenance of my property whatsoever. It is all up to me. My HOA simply polices the neighborhood to enforce owners keep their properties up to community standards. We don't want any fluorescent painted properties. 2-ft tall weeds growing in the front yard. Christmas lights up all year. Broken down cars sitting in someone's lawn. Properties with half the paint peeling off. Junk yards in someone's backyard that are visible 5-ft above the fence. Because the HOA does very little work for us, they charge very little. My dues are $80 each quarter. About $30 of that goes to escrow for perimeter fence replacement every 20-25 years. Are HOAs perfect? Hell no. Is leaving a neighborhood up to the care that each individual homeowner/tenant would do on their own without enforcement perfect? Hell no. If you are ok with living next to the junkyard, falling apart, broken down cars on the front lawn, busted windows boarded up, 2-ft tall weeds instead of a front lawn, etc. home, good on you. But when it comes time to sell your house, you can look forward to buyers demanding $50,000-$100,000 price cuts because of that (even though your neighbor's issues are not your fault). Some HOAs are are intrusive, run by nothing but Karens. You can find countless videos of them on RUclips. But some aren't bad. I'm fortunate enough that I live in one that is not bad. I would not want to live without an HOA. In my state, all new build communities are required to have an HOA. It has been like this for at least 35 years. We've been in our house for nearly 30 years.
Wayne, A clean shave 🪒 and a delicious heavy hot chocolate 🫕 close to family members will clean up your noble spirit and make you even more prosperous and happy, please leave that sexy mustache.
Despite all the financial struggles I and my family faced, everything is finally falling into place! $47,000 weekly profit and riches I'll always praise the Lord
I raised 47k and Elizabeth Regina nelsen is to be thanked. I got my self my dream car 🚗 just last weekend, My journey with her started after my best friend came back from New York and saw me suffering in dept then told me about her and how to change my life through her. Elizabeth R. nelsen is the kind of person one needs in his or her life! I got a home a good husband, and a beautiful daughter. Note: this is not a promotion but me trying to make a point that no natter what happens, always have faith and keep living!
Elizabeth Regina has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of life's.
We’ve never had a good inspector. Found lots of issues after the purchase.
My dad died when I was 19. This is the help I need in my life.
All good and important info. I have been in title insurance for 30 years and your example would not be covered. However never purchase a property of any kind without an owners title insurance policy that covers you. Many believe since their lender is getting a lenders policy they too will be covered, no you will not. Many think if property is vacant land they don't need it, they do. If you aren't clear on what title insurance is speak with your title company directly they will be happy to answer all of your questions. Don't ask those questions of your realtor, your lender, your mortgage broker but the title company directly in odered to get accurate information.
Wayne, The "As Is" info you provided will be SUPER helpful for a lot of people who had no idea that they could still have an inspection even though it was selling in "As Is" - Sam
never assume anything! do you r research!! Wayne's 11 points are spot on
Inspection, a survey, get a copy of the survey Inspect well and the septic you need a letter saying it is working. You need that for the utility company. You need a title policy
Mr Wayne, as a realtor I never miss your videos - it helps me keep up on my game and I share them with my clients.
You’re a good realtor if you share that kind of information with your clients. Good for you.
most mineral rights have been sold a long time ago. but if available get them!
Depends on what part of the country you're in.
I'm in Florida, and I was very interested in a house. I asked my REA if the house was in a flood zone. He said he was not required by Florida law to disclose that information. The house was in a flood zone, and I didn't buy it. ...YOU'RE FIRED! 😂
@@paratroopergirl4064 my broker will not allow me to show a flood zone property without having the client signing a document acknowledging they agree to see flood zone.
Wayne, you are the best! Thank you for all your advice, time, and videos!
Concise and to the point. Awesome.
Never have the seller fix your roof. Get your Own estimate and have them repair it.
Thanks Wayne . I appreciate you sharing your knowledge . As the father of a recent bride , I definitely took your advice ! I put pen to paper and wrote everything down . Should the day come when the kids are ready to buy their first house , I think we will be much more informed . Thank you sir .
I can tell how knowledgeable you are the second you opened your mouth :) subscribed now❕
Great Job Wayne.....you do fabulous on these videos!
Really appreciate your straightforward, no nonsense vids. 👍
Thank you!
My real estate agent lied to me about erosion.
They change non-flood zone to flood-zone sometimes, too.
No. It's not that simple or straightforward.
That process takes years and involves many many public hearings.
It's the US govt that determines flood zones
MANY. MANY. THX 4 GREAT INFORMATIVE VIDEO
KEEP UP GREAT WORK
9:34 here's where I'll disagree or add to the conversation... *Do not worry about someone suing you for specific performance* on a real estate contract.
Real estate agents and sellers will try to threaten you with this, and pressure you to close on a property. If a seller for example was withholding mineral rights even though it wasn't mentioned in the purchase contract, it could be argued that they had an intent to deceive on the land sale.
If they do attempt to sue you for specific performance, the sale of the property is put on hold and hung up for however long it takes to be decided in the courts (which could actually be a few years).
They're basically shooting themselves in the foot trying to get money from you for backing out of the contract.
While contracts are important in real estate, they're often not worth the paper they're written on...
I agree.
Excellent Advice!
Great stuff Wayne, thanks again.
My first time hearing you Wayne and I’ve subscribed to your channel. Some great tips and even though a lot of this I knew but I learned a lot of new things as well. Thank you so much and God bless you too. 😊🙏
I bought an old house that had an oil run boiler, but they also had a wood fired boiler attached. Did inspection on close, found that they took out the wood fired boiler. I didn't think they could take out something like that.
Doesn't sound like something that should have been removed, unless it was specified in the contract.
@@TheRealWayneTurner nope, it was not in the contract....
The current chapter I'm reading in real property valuation
Oh my goodness! Just found you today! Your awesome!
Yes, inspect an as is property. A seller that doesn't allow an inspection may have liability if they know or should know something that they should have disclosed. As far as surveys, many properties that are older than 30 years, many counties didn't require property surveys to be recorded in their counties and were not recorded if they were done.
I stumbled upon this video. Would be helpful if you clarified where you are. Some things I can say from past experience are not the same depending on the state/county. However alot of good general info.
He's in Louisiana
Great information. Thanks.
Thank you and God Bless you, Sir!!!! Love your videos!! Very helpful!!!👍🏻
Great information thanks
God bless you!
Appreciate the info Wayne.
Great speaking voice, and easy to listen to.
Our inspection brought the price of the house down by $30,000. Always have an inspection.!
Great video. How does one get a Title Policy if paying cash for the property? Where do they go and what is the procedure? Thanks.
Wayne I want to know how YOU can NOT 🚫 pay PROPERTY TAX. 🤔 What's the structure to set that up?? Also what's the best way to REMOVE or reduce the PROPERTY TAXES when buying a house sale. Let's say it's selling for $2 million dollars 💰 I offered $1.3 million for the house. THEN do a side deal with an INVOICE for $800,000 for all the furniture. The problem of course is the real estate COMMISSIONS that I believe YOU have to work out on the side as well. Therefore in the TAX ROLL records the house is now VALUED at $1.3 million because that was the SELLING price. Have you ever done a deal like that??? What would YOU recommend. ✅ I also heard that YOU do not have to pay PROPERTY TAX especially if it's 30,000 to $40,00 per year if you BUY it under a NON-PROFIT company PLEASE explain. Thanks 😀🦜 Alan Florida
Most counties/ parishes offer a homestead exemption for your primary residence, and disabled vets and seniors can freeze their taxes (so they don't increase), but I don't know a way to avoid property taxes completely
As always thank you for this great information.❤❤
Are there any good Home Warranty companies? We have had American Home Shield for about 15 years. At first they were great, but they keep getting worse and worse. Now they are terrible, and the contractors they send are terrible as well. The contractors have damaged our house, multiple times, and neither AHS nor the contractor would fix it. The contractors also will always find something extra that needs to be done, which AHS won’t cover, and is outrageously expensive. Do not ever get American Home shield, it is a scam.
Agree we had to drop them
Wayne, my neighbor bought a 3B2B residential home and is making it into 3 seperate apartments. He did all the work himself, added walls, a kitchen, etc with no permits. What kinds of legal problems is he facing going forward? Bank that holds mortgage? Homeowners insurance? Etc…
@@gracegirl6399I don't think it's legal to put in multiple unit housing where it had been single family, as in cutting up a house. Do y'all?
@@Allisillusion-z3f ..why would it not be legal? I've seen ppl do this many times.
Why are you worried about what your neighbor does. Not your business..
@@sophiewallace8662 agreed, but it kind of is when there’s 6 cars in the street, 2 of which are continuously parked in front of my front yard and 1 directly across from my driveway so that everytime I try to back out I hafta try not to hit any of them. And, BTW I LIKE my neighbor and don’t want him to get in trouble where he gets sued by a renter bcuz something happens that was not done w/proper permits to begin with.
Thank you for the great advice
Great videos sir!!!
Great content! Thanks for sharing. I'm look at a few properties including raw land. Do you have a reccomended broker to work with in the Central Arkansas area?
Absolutely! Reach out to me www.wayneturner.com/buying
The love you share is great 👍👍
That house had 0 damage a few months ago. Previous homeowner did a doozy on that one. Graci ave
Whoever did the septic here left their pipe wrench in the lawn and when I cut the grass it about broke my Mower's deck
I hope my property comes with a whale one day 😅 🐳
(love your content, thanks for all you do)
Great info. I just had an inspection done on a potential rental property. All the system including the roof are out dated. The HVAC is 15 years old but it still works. It has a tenant paying $1,000. Asking was $95k. I’m purchasing it for $90k. My concern is this may begin to break down like the HVAC, water heater, plumbing etc.
The owners purchased the home for $61k. Last month and didn’t upgrade anything.
I’m not sure if I should take a chance on this property or not. What do you think?
It’s right at market value.
If you adjust your playback to 75, a slower rate, Wayne sounds normal and is easier to listen to. No offense, Wayne, but you have a rapid speech pattern. Thank you for all the info!
Sometimes I can't get the words out fast enough lol
@@TheRealWayneTurner because you're so intelligent:)
What area is the "1996 disclosure" a law in? Federal, or state by state law?
Good stuff
One more thing to add which may be rare but never would I ever buy a historic home. You will be bled dry fixing it up if the city is involved. Also you should do your own inspection as much as possible before the inspector you hired looks at the property. Do not use an inspector that the real estate agent recommended. They work in cahoots and overlook serious issues. The inspector should provide photos of roof trusses, tiles, shingles and whatever you requested. Use a thermal imaging unit and ask if he will check for leaks.
Very informative…thank you.
Bro, your information on foreclosure is always helpful, but as I said, I would prefer to purchase a brand new house.
You are amazing, that God for your caring & loving spirit for helping people. God is more than please. I'm a veteran, looking for a place for my Prison Ministry.
I'm currently looking to sale my and move into something much bigger. Love to talk to you plus I'm 100% Disabled
great advice
Surveys can take 8 wks to 3 months to get done
It depends on the property
I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?
The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.
You're right, I and a few Neighbours in Bel-Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 37% in the last quarter
Mind if I look up your advisor please? I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now
I've been stuck with the popularly ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Melissa Terri Swayne after inputting her full name on the web, she seems highly professional with over a decades of experience
What company and how do you find a warranty company?
What company do you use for warranty?
Great video!!! Subbed and liked!!!
Thanks for the sub!
Property Disclosures are not required in caveat emptor states.
My big question where can you get a load to buy land ? Nobody wants to lend for land
Nightmare!!! These fools don't understand value, fools!
Hey , you should 100% try owner financed land. Just google that . Landwatch, land search I think has them. You can pay monthly . No background checks . Honest information for ya ! Hope that helps
After watching many videos on real estate, i found your advices are the best. thanks.
Not all states require disclosures. You are always better of doing your own investigation.
First minute looking at those old aluminum framed single pane glass windows encased in brick. No way, never mind, all the other out of date and code safety issues.
how long is the warranty for for 800? you just said the condesser was about 900 so it is a wash and even if seller pays you could of got that money so buyer is paying.
I just followed you , thanks for sharing
Never buy HOAs
Can't HOAs be dismantled?
Full disclosure: I'm not (and never have been) on an HOA board in any capacity. I have no income ties to any HOA - and also never have had income ties.
However I do live in an HOA. Single family home, in a community with 1100 homes & townhomes. The HOA takes care of the snow plowing of the common area sidewalks in the entire neighborhood. It pays for the electricity of the street lights. It maintains all the lawns and playground equipment in the 3 main parks and numerous small green areas. It does maintenance (landscaping of flower beds, repairs of sprinkler systems for common areas, etc.) It also maintains exterior perimeter and common area fencing. I do not live in a part where my property touches any of the fencing maintained by the HOA, so I'm responsible for all my fencing.
The HOA does no maintenance of my property whatsoever. It is all up to me. My HOA simply polices the neighborhood to enforce owners keep their properties up to community standards. We don't want any fluorescent painted properties. 2-ft tall weeds growing in the front yard. Christmas lights up all year. Broken down cars sitting in someone's lawn. Properties with half the paint peeling off. Junk yards in someone's backyard that are visible 5-ft above the fence. Because the HOA does very little work for us, they charge very little. My dues are $80 each quarter. About $30 of that goes to escrow for perimeter fence replacement every 20-25 years.
Are HOAs perfect? Hell no. Is leaving a neighborhood up to the care that each individual homeowner/tenant would do on their own without enforcement perfect? Hell no. If you are ok with living next to the junkyard, falling apart, broken down cars on the front lawn, busted windows boarded up, 2-ft tall weeds instead of a front lawn, etc. home, good on you. But when it comes time to sell your house, you can look forward to buyers demanding $50,000-$100,000 price cuts because of that (even though your neighbor's issues are not your fault). Some HOAs are are intrusive, run by nothing but Karens. You can find countless videos of them on RUclips. But some aren't bad. I'm fortunate enough that I live in one that is not bad.
I would not want to live without an HOA. In my state, all new build communities are required to have an HOA. It has been like this for at least 35 years. We've been in our house for nearly 30 years.
Disclosures are great, but people can lie. It happened to us. You can't rely on their word alone.
GOD BLESS YOU.
LAND PATEN ??????
I just subscribed ✔️
Thanks!
So you can get a copy of the survey for only $2 and not have to pay the lawyers to do that when closing on a home?
Watch out for scammers in comments mentioning making thousands because of their financial guru
When we bought our first home the wooden blinds were taken out of every room.
Do you have a comprehensive checklist that we can print out?
10 Things You Need To Know About Land by Cheryl Sain (I bought this and is a great little book)
Property 26 times, way lower
Absolutely good stuff ✍️ !
Wayne, A clean shave 🪒 and a delicious heavy hot chocolate 🫕 close to family members will clean up your noble spirit and make you even more prosperous and happy, please leave that sexy mustache.
Even with the disclosure, they purposely leave out information...don't trust these. Realtors and sellers claim ignorance
🙏
Man talks 100 miles a minute
Way too fast
You know you can slow down the playback speed?
I'm from California, thought his talk speed was normal and perfectly paced.
You need to listen faster. 😅
I usually speed people up 😊
Despite all the financial struggles I and my family faced, everything is finally falling into place! $47,000 weekly profit and riches I'll always praise the Lord
Hello 👋 how do you make such weekly?? I'm a born Christian and sometimes I feel so down of myself because of low finance but I still believe in God.
It's Elizabeth Regina nelsen doing she's changed my life. A BROKER- like her is what you need.
Wow! I'm kind of in shock that you mentioned the expert, Elizabeth Regina Nelsen. What a coincidence!!
I raised 47k and Elizabeth Regina nelsen is to be thanked. I got my self my dream car 🚗 just last weekend, My journey with her started after my best friend came back from New York and saw me suffering in dept then told me about her and how to change my life through her. Elizabeth R. nelsen is the kind of person one needs in his or her life! I got a home a good husband, and a beautiful daughter. Note: this is not a promotion but me trying to make a point that no natter what happens, always have faith and keep living!
Elizabeth Regina has really set the standard for others to follow, we love her here in the UK as she has been really helpful and changed lots of life's.