Why it May Be Illegal to Influence a BPO in Real Estate Investing?

A BPO (Brokers Price Opinion) is essentially an appraisal by a realtor. The difference is an appraiser is a licensed professional who does property evaluations using systemized standards that have been pre-approved by his professional association or state standards. These property evaluations take some time and in the final analysis are an educated but subjective guess of the property’s full market value in a normal market. Appraisals should vary from appraiser to appraiser by 5% +/-, BPOs can vary from realtor to realtor by 10% – 25%.

The BPO is derived by standards set by lenders who use realtors for the evaluations because they want to save money instead of using an appraiser. An appraisal of a single family home can range from $250 to $500 while a BPO can range from $35 to $75 depending on the lenders. Often a lender will get two BPOs and still save money. BPOs can and are more easily influenced by investors in a number of ways, some of which are considered illegal.

The most obvious ways that are illegal is to cause damage to the interior of the property before the realtor sees the inside, or as a result of a vandalism that an investor initiates. Interior damage can be the act of knocking holes in the walls or spraying tea stains in the ceilings of different rooms to make it appear there is a roof leak. Both of these strategies are truly bank fraud and California authorities have been bringing criminal charges against investors for years. Other states are following suit and these practices may get price reductions from lenders, but the investors and realtors involved risk jail sentences.

Even more serious is what is known as flopping a property in a short sale transaction. This is where an investor and realtor are in cahoots to essentially price fix the final sale price approved by the seller’s lender. The realtor usually plays with the listing on the MLS (Multiple Listing Service) to make it appear that the offering price that the investor made is the right price. In reality, the correct price could be 15% – 30%+ higher. The benefit to the investor and realtor is a larger profit when the property is sold to an end-buyer and the spread is a profit to the realtor/investor/ team.

Intentionally influencing the BPO in one or more of the above manners, or manipulating the listing on the MLS causes the lender to lose money from the FMV (Fair Market Value) price they should have received. This is unfair business practice and fraud in the eyes of state authorities and the Fed. A guideline to how far you can go with influencing a BPO might be to reverse the positions and put yourself in the lender’s seat. If you were the lender, how would you feel if you knew an investor was pulling some of the above tactics?

In summary, do unto others as you would have them do unto you, might be the best guideline for keeping you out of trouble if you try to influence a BPO. Another great guideline is to fully disclose, in writing, to both the seller’s lender and the buyer’s lender the amount of profit you expect to make. If they approve, in writing, you have a better chance of staying out of trouble. If you get involved in flopping a property you can expect that you may face criminal actions in the future.

Immobilienmakler Heidelberg

Makler Heidelberg

The Importance of a Condo Corporations‘ Board of Directors

Condominium Corporations are not run by any one single entity. In actuality, a Condo Corporation has 3 governing heads: the owners, the board of directors and the Property Managers. The Board of Directors plays a crucial role in this relationship as they essentially run the Condo Corp on behalf of the owners. They represent the owners, and are responsible for virtually all of the major decisions related to the condo’s finances, the maintenance of the buildings and grounds, upholding and enforcing the Condominium Act, the declaration, as well as rules and by-laws. As a result, allocating the right board members is crucial.

What’s interesting is that there are no special skill sets, knowledge or certificates required to serve on the board. The Condominium Act simply states that the condominium corporation must be governed by a board of directors consisting of at least three directors who are –

A.) At least 18 years of age

B.) Mentally competent

C.) Cannot be bankrupt

Do not have a lien registered against them that has not been discharged in 90 days prior to the elections. What’s more interesting, and some might say downright surprising, is that someone with a criminal record can, in fact, become a director. For anybody considering ownership of a condo unit, the competence level of the board may be concerning to you. Not to worry, you will have your say in determining qualified candidates.

Only owners can „vote in“ or „vote out“ directors, or an entire board in rare scenarios. They would do so at the AGM (Annual General Meeting) or a requisitioned meeting (a special meeting usually called or requisitioned by owners, or by a single board member, or multiple members). When a vacancy occurs on the board, if a member were to resign for example, the remaining members may appoint a „temporary member“ to take their place until the next AGM. At that point, the appointed member will become a candidate to the elections should he or she wish to remain on the board. But the owners have final say.

According to the Condominium Act, the directors of a condominium corporation are held to the standard of „the care and diligence and skill of a reasonable prudent person.“ They are expected to act in the best interest of the owners and the building, and they are expected to ensure that rules and declaration are applied uniformly and consistently. Boards are not allowed to refuse to enforce rules, even in the rare case where only one owner issues a complaint. Failing to enforce rules fairly generally leads to a wealth of problems down the road, with financial problems being just one of the many potential outcomes. These problems can ultimately lead to diminished resale value of the owners‘ units.

With the requirements put forth by the Condominium Act being so loose and vague, owners may find themselves working with a „bad board“ who don’t seem to have the owners best interests in mind. A potential solution is for a condo to pass a by-law which would indicate specifics in terms of who can be elected to the board, provided that this by-law is within the scope of the Act. For example, it can be specified that „all directors must be owners“, as owners have an invested interest in the condos well being.

When boards fail to enforce or follow rules, the owners may issue their right under Section 134 of the Ontario Condo Act, allowing them to seek a court order which would force the board to comply. With that said, the Act unfairly permits the condo corporation to charge 100% of the legal fees incurred by the board and the owner in obtaining compliance. In turn, seeking such a court order may end up costing the owners an obscene amount of money.

Moreover, the Board of Directors is responsible for hiring a management company. Property Managers can be thought of as the Board of Directors „arms“. They carry out most of the tasks required to maintain an orderly building, including but not limited to: collecting all fees from owners in a timely fashion, ensuring that invoices are paid, keeping proper records, maintaining adequate insurance, providing recommendations related to policies and procedures, carrying out enforcement based on policies and procedures, handling tasks associated with maintenance, and much, much more.

Allocating the proper board members is absolutely crucial to the success of the owners. The board represents the owners, and as such, should be accountable to them. A good board will communicate clearly and openly with the owners, address resident complaints, follow and enforce rules, maintain an orderly building, and ensure condominium corporations‘ fiscal health.

Immobilienmakler Heidelberg

Makler Heidelberg

Why a Good Bartender Has the Skills to Be a Good Real Estate Agent

Some people do begin their real estate careers right after high school or college, but most come to real estate after doing something else. Some have retired, and other are just looking for a change of pace.

When writing agent bios I always look at those past careers to see how they can tie in to real estate sales. Often past experiences can reinforce the skills that the agent wants to emphasize.

Some past careers make for a tougher transition than others. For instance, school teachers have to teach themselves listening skills after years of being the one doing the talking. On the other hand, a good school teacher has the skills to educate buyers and sellers about the reality of today’s market.

That’s one skill that a bartender might not have, but I think good bartenders possess the majority of skills needed for a successful career in real estate.

My definition of a good bartender is one who has a following – a person who is a „draw“ for the establishment where they work. They can mix a good drink, but it’s their people skills that turn occasional customers into „regulars.“

So what skills do bartenders possess that would make them be good real estate agents?

A good bartender knows how to listen. Just think of the time they spend listening to their customers. And while they may not have to listen wholeheartedly to everyone, they need to pay close attention to their regulars. Just as good real estate agents need to pay close attention to their buyers and sellers.

And then they’d better have a good memory. Not only does he (or she, of course!) need to remember what each person at the bar wants when they hold up a finger for another drink, he needs to remember what to set down in front of a regular when they walk in. And then, he needs to remember what that person does for a living, the names of their children, etc. Agents need to remember the personal information along with their clients‘ wants and needs.

A good bartender respects what the customer wants – he doesn’t try to suggest that something else might do. As an agent, he probably won’t show someone a home on a busy street if they’ve specified wanting to live on a quiet cul-de-sac.

A good bartender can talk to people from all walks of life and treat them equally. He must be non-judgmental and friendly, in all but the most extreme cases. And when faced with those extreme cases he has to think and act quickly without getting flustered. Good practice for dealing with the surprises buyers and sellers sometimes spring on an agent.

A good bartender knows how to keep confidential information. Good bartenders can’t be gossips. Can you imagine how fast they’d lose their following if they started mentioning that Mr. Smith came in for a drink with Miss Jones, or if they mentioned that a salesperson from X company was involved in a long conversation with the owner of Z company? In real estate, keeping client information confidential is a must.

A good bartender has to have people-management skills. He needs to be able to say „You’ve had enough“ without turning a customer into an enemy. That takes a bit of finesse! This skill could translate well into the finesse that’s needed when clients ask an agent to do things that go against regulations.

So – if you’re a bartender and thinking of a change, consider real estate. You have the skills!

Immobilienmakler Heidelberg

Makler Heidelberg

The Best Way to Find Vacant Houses For Sale

Finding vacant properties is often much more difficult than it would first appear to be, as said homes generally don’t have an owner who can be contacted in relationship to making a sale. This may be because the house is a new build, but in some cases the house may have ended up being abandoned for whatever reason.

However, if you are interested in buying a vacant property, there are still a number of different avenues that you can consider exploring to find them.

Ask A Real Estate Agent

Your first step should be to contact a property industry professional to get their take on the situation. Many will not maintain a full database of vacant properties in the same way that they maintain one for properties that are for sale, but they may be able to point you in the right direction in regards to who you would need to speak to in your particular state.

You may even get lucky and find an agent who specialises in this form of property sale, though those are fairly rare and will often cost a pretty penny if you want them to search for you.

Find The Owner

In some cases a vacant home will still have an owner and has simply been abandoned for one reason or another. In these cases you may find that the owner is a very active seller – if you can find them in time.

The key here is getting any new address details, if they exist. You can try speaking to neighbours or leaving a note at the house in case the owners return, but you can also check tax records to see if they filed a new address. You can even try sending a postcard to the house you are interested in, with a written message stating „Do not forward – address correction requested“, which the post office will return with new address information, if they have it.

Driving Around

Vacant houses often have a certain feel to them that people can detect when they pass by. Overgrown gardens and a slight eeriness are commonly reported and can be tell-tale signs that nobody is in the house.

As such, if you are trying to find a vacant property then it could be a good idea to simply drive around a couple of different areas every day to look for the signs that a house no longer has an owner. You can then start looking into ways to buy it.

Speak To Postal Carriers

As invasive as it might sound, there are few people who know the state of a property better than the people who deliver mail to it.

Try to arrange a conversation with the mailmen and women who deliver to a particular neighbourhood and ask them, politely, if they are aware of any properties that don’t appear to be housing anyone at the moment. If you’re lucky they may just give you the information you are looking for, allowing you to start looking into ways of acquiring it.

Immobilienmakler Heidelberg

Makler Heidelberg

5 Tips for the First Time Home Buyer

Buying a home is a big step in your life and should be a very exciting time. Unfortunately, many individuals rush into buying a home with out considering the implications is has on their future. If you’re considering making the move to own it’s important you weigh all the options, and consider what if anything will affect the feasibility of you’re purchase. If this is you’re first time in the housing market consider the following before you make your big move.

  1. Get Your Finances in Order

    Have a lot of debt racked up? If thats the case, you may want to play catch up before you even think about buying a home. Bad credit is bad news for those who want a buy a new home. In most cases you will need to get a mortgage before you buy and this means your credit will be under scrutiny. Start getting acquainted with your credit score and begin fix the problems well before you apply for a mortgage.

  2. Think about the Future

    If you have a job or other obligation that may require you to move or travel for extended periods of time you want to think twice about rushing into the housing market. Buying a house is a commitment that will tie you down to a particular location for at least a few years. It’s not easy or economically feasible to pack up and sell your home at the drop of a hat.

  3. Educate Your Self

    As a first time home buyer one of the worst thing you can do is go into the market unprepared. Familiarizing your self with words and phrases that are used will allow you to better comprehend the market. A better understanding of the home buying process will enable you to make a well educated decision when it comes to you’re final purchase. Entering the market blindly can turn you’re home buying dreams into a nightmare.

  4. Be Rational

    We all want to live in the home of our dreams. Unfortunately, like most things in life, the housing market must be approached from the bottom up? Renting is the start of the home owners journey. With your dream home serving as the final destination you will most likely need to take a few stops on the way there. The logical step is to buy a house you can afford not one that lands you in economic turmoil. Consider your first home an investment that you can improve upon over time. Once the home is improved you can sell it and bring yourself one step closer to your dream home. Buying out of your league can be a huge problem so set a budget and find a home within your means.

  5. Ask For Help

    Don’t be determined to have a go at it alone. Buying a home is a complicated process and sometimes it really helps to have someone walk you through it step by step. Agents are more than willing to help you look through home listing, find what your looking for, and ultimately take you from start to finish.

Immobilienmakler Heidelberg

Makler Heidelberg

Foreclosures and Your Income Tax

Deemed Sale

When you lose your home to foreclosure, or the property is given back to the lender (Deed in lieu of foreclosure), a deemed sale or exchange has taken place under Section §1001(a) of the Internal Revenue Code. This sale or exchange of property could result in a tax gain or loss, and the recognition of cancellation of debt (COD) income to the taxpayer. Cancellation of indebtedness will result in taxable income to the taxpayer unless there is an exception within the statute (IRC Section 108) which is beyond the scope of this article. One important factor that will determine the treatment for tax purposes, is whether your loan is Recourse or Non recourse.

Tax Treatment of Your Foreclosure

When an asset is sold, the difference between the amount realized and the taxpayers „adjusted basis“ in the asset will determine the amount of the gain or loss recognized. The Amount realized will either be the fair market value of the property (FMV) or the face value of the debt, depending on whether the debt is classified as recourse or non recourse. Accordingly, if the debt is non recourse, the amount realized is going to be the face value of the debt, creating more gain, but no cancellation of debt income. Conversely, if the debt is recourse, less gain is recognized, because the FMV of the property as of the sale date, is used instead, but there is the possibility of having to recognize COD income. This COD income will be the difference between the Face value of the debt and the FMV of the property.

Know Your State laws Consumer Laws

The tax treatment of your home foreclosure is going to depend on whether your home loan was a Recourse or Non Recourse loan. Some States have laws preventing banks from coming after homeowners on unpaid loan balances, for primary residences, which creates a non recourse situation.

Recourse Loan:

1 – The amount realized is the FMV of the Property.

2 – The adjusted basis is what you paid for the property or acquisition cost, plus capital improvements.

If the property was a rental, then you have to subtract depreciation from the adjusted basis.

3 – Cancellation of debt income is the difference between the fair market value and the face value of the debt.

4 – Gain or loss is the difference between the fair market value and the adjusted basis.

5 – Attribute reduction and/or the elimination of deductible losses due to any forgiven debt income exclusion under IRC Section 108, due to the debt cancellation, must also be calculated, which is outside the scope of this article.

Non Recourse Loan

1 – The amount realized is the face value of the debt.

2 – The adjusted basis is what you paid for the property or the acquisition cost as in (2) above.

3 – Cancellation of debt income is not an issue with recourse debt.

4 – The gain or loss is the difference between the face value of the debt and the adjusted basis.

Immobilienmakler Heidelberg

Makler Heidelberg

Apartment Building Investing – Find Motivated Sellers

As the creator of the „Buy Your First Apartment Building E-Course“ I have many potential students and beginning investors ask me, „How do I find motivated apartment building sellers?“

There are many ways that investors use to find motivated sellers, however, what I see happening many times with beginners is that they start looking for properties to purchase before they thoroughly understand how to identify a truly profitable opportunity. Here are my recommendations for how to begin learning about multifamily investing and then how to find motivated sellers.

Begin by learning what makes mult-family property profitable by taking these steps:

  1. Study and learn about what makes an apartment building profitable.
  2. Read as many books about real estate investment and apartment building investment as possible. It is a lot easier to learn from other people’s mistakes. There is no need to reinvent to the wheel.
  3. Find a reputable real estate investment club in your geographic area and meet with the commercial investor members. These „old hands“ are a valuable source of market information.

After the aspiring multi-family property buyer has received a thorough education by reading books, industry magazines and networking with other commercial real estate investors then he or she is ready to begin the process of searching for an actual property to purchase.

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A great reference source for finding well educated commercial real estate agents is the CCIM website. The CCIM is a professional designation that qualifies a commercial real estate professional as capable and knowledgeable in the field. You can also find commercial real estate agents using a simple search on the web.

When searching for a commercial real estate agent take these steps:

  1. Speak to a number of commercial realtors in the area and ask about „pocket listings“. Pockets listings are apartment building owners that the experienced realtor might know who are serious about selling their building but they have not listed the property yet.
  2. Find a commercial realtor who specializes in multi-family investments. A good commercial realtor who specializes in multifamily properties should have a great knowledge of what apartment buildings have sold for recently.

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  1. Place an ad on Craigslist stating what you are looking for:
  2. „Looking To Sell Your Apartment Building? I am a commercial real estate investor interested in buying multi-family property in Philadelphia between 5 and 100 units. I am looking for owner financing over five years with 5% down or will buy with a 20% down payment and a bank loan.“

    Or, here is an ad that I copied directly from Craigslist this morning:

    I BUY MULTI-FAMILY PROPERTIES W/SELLER FINANCING OR QUICK CASH. Need to sell?
    Moving? tax benefits run out? call me for a offer.

  3. You can also place the same ad in the commercial real estate section of your local newspaper but be prepared to pay a handsome sum for the ad and also be ready for unsolicited calls for real estate agents. Newspaper ads do work but you are better off using free or more direct methods like direct mail.
  4. Another strategy is to contact the owners of commercial real estate directly. This can be done in a number of ways. Multi-family owners can be located by researching the tax records of a metropolitan area. Usually, the owner of record will be listed along with his or her or contact information. The next step is to write a letter that explains who you are and what you are trying to accomplish. The purpose of letter to have many interested apartment building owners contact you. You should leave your phone number, mailing address and email address for sellers to contact you. You should make it very easy for the sellers to get a hold of you. Remember, you will need to look at dozens of deals and sellers before you find the one that fits your investment criteria. You can also contact owners directly by telephone. Keep in mind that multifamily property owners are usually very busy so you might want to write a script or have talking points written down so you are able to get right to the point and get your message across accurately.

Immobilienmakler Heidelberg

Makler Heidelberg

Real Estate Marketing Strategies: How It Changes, With Changing Times?

Most of us, have lived through, a variety of real estate markets, from a buyers, to a sellers market, to, what many consider, a normal, balanced market. Sometimes, this occurs, over an extended period of time, and often, we witness, changes occur, without much notice. For example, in the last year, or two, we have gone through, a strong, sellers market, where there were more qualified, potential buyers, than, homes, for sale, on the market. After, over a year, of ever – escalating, home prices, combined with little available inventory, we, then, observed, a little cooling, and more of a balanced situation. Many factors are involved, including: perceptions (buyer and seller); local area; overall economy, local economy; interest rates and availability of mortgage monies, etc. With that in mind, this article will attempt to briefly, consider, examine, review, and discuss, some recommended, marketing strategies, for a variety of circumstances and conditions.

1. Sellers Market: When inventory of houses, for sale, is extremely limited, and conditions, are such, where many qualified buyers, are seeking a home, there are two possible strategies, which might be most effective. One, which, we see, most often, is pricing the house’s price, in the highest range, believing that the number of buyers, will bring, a higher price. Another possibility, especially for a homeowner, who wishes to market/ sell his home, in the shortest, possible, period, is to price, the house, on the lower end of the real estate market. When this strategy is used, it often, brings, far more views, and action, and we often witness a bidding war. I did this with a client of mine, during this past, recent market, and received 22 over – asking price, offers, in the first weekend, and the house sold, for more than fifteen percent, over the listing price. Sellers should interview potential agents, and discuss, marketing strategies, and which might work, best, for a specific property!

2. Buyers Market: When there is more inventory, than qualified buyers, we often, witness a buyers market. Obviously, in these circumstances, the best approach, is to conservatively, use, a Competitive Market Analysis, in determining the listing price. Remember, in the vast number of instances, the best offers come, in the first few weeks, after it’s been listed, so, those who price the house, too aggressively, often suffer. Price the house, right, from the start!

3. Balanced Market: When neither side, experiences, a significant advantage, over another, we see, a balanced market. In these instances, smart pricing, and accentuating a property’s strengths, against the competition, in the local area, is a necessity, for success!

A wise homeowner, interviews potential agents, and hires, the one, who has the vision, and understanding, to use a strategy, which works, best, for the particular property. Since, for most, their house represents their single – biggest, financial asset, doesn’t that make sense?

Immobilienmakler Heidelberg

Makler Heidelberg

A 5 – Step Plan To Prepare To Buy A House

Although, owning a home of one’s own, is often considered, a major component of the so – called, American Dream, wouldn’t it make sense, to effectively, plan, to ensure this doesn’t become a nightmare, instead? After, over fifteen years, as a Real Estate Licensed Salesperson, in the State of New York, I have created, what I, often, refer to, as the RICH IDEAS, for proceeding, wisely, in terms of buying a house. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, a 5 – step plan, for properly, effectively, wisely, being prepared for this process, and proceeding accordingly.

1. Put together/ accumulate sufficient funds, for a variety of requirements and necessities: It’s smart to proceed, as well – prepared, as possible, from the beginning. Well – before, you start searching for a house, begin saving money, in a systematic way. Remember, you will not only need funds, for the down – payment (often, but not always, 20%), but, also, funds for other Closing Costs, including, but not limited to, pre – paid real estate taxes, utilities, and other, so – called, escrow items. In addition, most lending institutions require a demonstration, and proof of funds, equal to several months, of mortgage payments.

2. Obtain a copy of your Credit Report (if husband and wife, get both): You are entitled, once per year, to request a free copy of your Credit Report, from one of the major credit organizations/ companies. Review this document carefully, and correct any errors. If your rating is not, as high, as a lending institution may seek, begin to take steps, to enhance and improve it, sooner, rather than later!

3. Pay – down other debt: Lending institutions use formulas, to determine one’s qualification, to receive funds. These are generally, focused on, one’s percentage of debt to income. Therefore, pay – down your other debt, prior to beginning the process!

4. Don’t add any other debt: Avoid acquiring any more debt, regardless of how convenient, and/ or, appealing, it may seem, at the moment. Don’t fall into the trap, of, accepting new store charge accounts, because doing so, may compromise your credit worthiness, when you seek a mortgage!

5. Shop for homes, within your means: Avoid the trap, of becoming, house – rich, and seeking to purchase a home, beyond your comfortable means! Know, how much, you can afford, comfortably, and securely, so you choose, wisely, and remain, comforted!

Since, for most of us, the value of our house, is our single – biggest, asset, doesn’t it make sense, to proceed, carefully, and wisely? Will you be up to this task?

Immobilienmakler Heidelberg

Makler Heidelberg

Tips to Help You Buy House Building Materials

If you are going to build a home or work on a remodeling project, make sure you consider the building materials first. This is important to keep in mind if you have never bought this type of stuff from the plumbing store before. It’s important that you go for the right building materials. Given below are the things that you may want to take into account when choosing these materials. Read on to find out more.

Purchase Costs: Purchase costs are not limited to the initial costs of products or materials. Make sure you consider the cost of installation. Plus, you need to find out how quickly you may need to get a product replaced. For instance, it’s better to buy products that are expensive but may last longer.

Operating Costs: Basically, these are energy costs that are paid on a monthly basis. This may include irrigation, cooling systems, heating and appliances, just to name a few.

Appliances and their Repair Costs: This includes simple stuff, such as HVAC air filters. Keep in mind that you need to be more careful when it comes to buying building material for your house exterior. The reason is that the exterior of your house will be exposed to all types of harsh elements.

How to buy Home Building Materials?

This decision depends upon your residence location and the stuff you want to purchase. We suggest that you choose a local store to buy your desired items. A great benefit of buying locally is that you can go to the store and check each item before you place your order. Given below are some important points of sale:

Box Stores: These are quite popular with most homeowners as they can be found everywhere. However, you have limited options to choose from as far as brands are concerned. Plus, they will have a variety of products for customers.

If possible, you can take a friend with you so you can finalize the items you want to buy. So, this is important to keep in mind.

Local Lumberyards: They don’t work with a lot of manufacturers but offer a whole host of products in order to meet the needs of builders. The good thing about them is that their experience and stock sizes are reliable.

Salvage Companies: These providers are a great choice if you want to reuse something, such as hardware, doors, and a fireplace mantel. Although there is a lot of hype regarding making stuff with pallets, this phenomenon is not new. Therefore, you may want to consider these companies as well.

Online Resources: This is a great choice if you want to buy small items and tools. Many manufacturers come up with fresh products, such as deck construction materials that are packed in squares unlike the eight-foot boards.

The Takeaway

Long story short, these are a few tips that can help you purchase house-building materials. Keeping these pointers in mind is a stroke of genius if you don’t want to end up making the wrong choice. Hope this helps.

Immobilienmakler Heidelberg

Makler Heidelberg

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