Location Location Location (LA 839)

Transcript:

Steven Butala:                   Steve and Jill here.

Jill DeWit:                            Hello.

Steven Butala:                   Welcome to the Land Academy show, entetaining land investment talk. I'm Steven Jack Butala.

Jill DeWit:                            And, I'm Jill DeWit broadcasting from a sunny southern California.

Steven Butala:                   Today Jill and I talk about location, location, location. All week this week we're going to talk about true real estate cliches.

Jill DeWit:                            Some are good.

Steven Butala:                   And, next week we're going to talk about ones that are ridiculous.

Jill DeWit:                            So, true meaning they are real estate cliches and there's ones that we do believe in.

Steven Butala:                   Yes, and there worth. You need to know about them. And, if you already know about them you need to think about it once again and maybe laugh about it a little bit with us.

Jill DeWit:                            Exactly.

Steven Butala:                   Before we get into it let's take a question posted by one of our members. On a LandInvestors.com online community it's free and as you're listening to us or really probably watching us drop your questions below into the comments section on YouTube.

Jill DeWit:                            Cool. Joe asks about a 1.29 acre property and found out there is an illegal septic system on the property and the county is requiring that it be disposed of before anyone builds on it. "I had a guy about to buy it but he somehow discovered this by calling the county after he had already signed a purchase agreement and closing was held up for two months due to a title company error." Goodness, "No on at the county or township informed me of this problem when I called. Of course, the person that sold it to me didn't tell me probably because they just wanted to dump the problem on someone else. What would you all do in a situation like this?" I know what I'd do.

Steven Butala:                   What would you do?

Jill DeWit:                            Write it off.

Steven Butala:                   Well, [inaudible 00:01:40] and it's expensive.

Jill DeWit:                            Or, unload it. I would be very of course up front, and honest, and transparent about it and I would have the price adjusted to make it a good ... How do I say this? Because of the problem I would have it reflected in the price and sadly it bums me out that the person who did this to him. I don't know if I would say, here's my thing. Do I want to go back and fight it with that person?

Steven Butala:                   Well, hold on a second. Let's take a couple of steps back.

Jill DeWit:                            Alright. I'm getting all into it now.

Steven Butala:                   This is not the norm.

Jill DeWit:                            This is true.

Steven Butala:                   I intentionally left this question in here.

Jill DeWit:                            Okay.

Steven Butala:                   Our producer chose this question and we all know Joe.

Jill DeWit:                            Yes.

Steven Butala:                   And, he's a super good guy and he's going to do the right thing but and you have a choice. This is very rare that this happens, very, very, very rarely.

Jill DeWit:                            That's true.

Steven Butala:                   And, maybe not often enough that celebratory questions and stuff don't happen through this venue but it happen...