You can send a private message here through Trulia with more details on the property and reestablish a wants and needs list with me. We can do our best to achieve a sale NOW for you otherwise I have the want and desire to stick with this process until we achieve success.
This market is testing of your patience as a buyer so having a successful Realtor on your side will greatly increase your chances of success.
firstname.lastname@example.org 53033203032... more
Hilary, did you notice how all of the answers to your question were provided by realtors....... And they all discouraged you from buying it from the auction. Instead they're recommending that you purchase through one of them. Interesting.
I'm a real estate investor and I've purchased homes at these auctions. I've walked away from 10x as many as I've purchased. But the ones I've purchased have been 30-40% below market value. The trick is trying to determine what that market value actually is. The process certainly requires plenty of due diligence. Former owners may punch holes in the sheetrock, rip out the appliances. Most certainly suffer from general neglect.
I also find it interesting that the agents are all railing against the auction houses for charging a 5% fee.....that's typically at least how much a seller is going to pay to have their house sale consummated. Oh, and even though the realtors tell you that the sellers are paying for that service....its not true. Approx 75% of the commissions are passed on through to the buyer through a higher selling price, based on empirical studies.
Anyway, I'm a year and a half late on this comment, but posting for the benefit of others as well.
The answer is definitely either Yes. Unless the answer is definitely : "No, its harder!"
So much depends. Have your circumstances changed any since April 2008? Is your income significantly larger? NO - Its stable that means either you work with horses or your income has not grown. - nope not easier.
Was the first house designated owner occupant and then you switched it to rental after you got the house? - Nope, not easier.
Did you buy #1 as a rental house and number two is going to be your primary residence? Okay that should be easier.
Oh that home you bought in April '08 is worth a little bit less than you paid for it. That does not help much.
- If I was the undewriter, being asked to approve your new loan. I would want to see your rental ledger on the rental house showing your tenants lease agreement and tenants steady payment record. I would also highly. HIGHLY reccomend getting your /08 taxes done immediately if not sooner.
The days of stated income are a distant memory. Your income needs to be documented. now that you have a rental property on your monkey's back, that too needs to be documented in a schedule E of your federal tax form. You need all the evidence you can muster to show the underwriter that the rental house is not sucking up the money that you need to make payments on the second house.
If you tell Uncle Sam that you have a loss on your rental property, then that is what the lenders underwriter must also believe. Oh, the underwriter will be real generous and add depreciation back in to the income but that is pretty much it.
Or I could briefly hand you a load of BS and tell you that there is "no issue at all" in the hopes that you would call me and give me your business, but that would be BS.... more