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20009 : Real Estate Advice

  • All37
  • Local Info2
  • Home Buying12
  • Home Selling5
  • Market Conditions0

Activity 30
Mon Aug 29, 2016
Kelly asked:
Post link:
0 votes 0 Answers Share Flag
Sun Aug 28, 2016
Eileen Keefe asked:
Fri May 13, 2016
Susan Isaacs answered:
Hi Stuart, are you still considering this? Row house definitely better than a condo. Let us know if we can help!
0 votes 3 answers Share Flag
Fri Mar 18, 2016
Kathy Burgreen answered:
As a former realtor, the truth is realtors control what information is published to websites and what is hidden. Realtors want consumers to contact them for specific information like HOA fees, pets allowed or not, pool access, handicap access, accurate school information, etc.

Therefore, you will have to contact a realtor and have them email you listings with your specific criteria.
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0 votes 1 answer Share Flag
Tue Jan 19, 2016
Brian F. Walsh answered:
Yes you can. Here is some information I found for you:

1. Expect to pay a higher interest rate than on a primary residence

Lenders consider loans for investment properties to be riskier than loans for primary residences, partially because people in financial distress are likely to make payments on their primary residence before their investment property so they don't lose their home. This means that investment property loans often come with higher interest rates -- 0.5 percent more is typical, though this varies from lender to lender -- than loans for a primary residence.

This higher interest rate may mean that it doesn't make sense to refinance your investment property. Use Zillow's refinance calculator to determine this, making sure that you consider closing costs, fees and how long you hope to own the property.

2. Prepare for stricter LTV requirements than with primary residences

Your loan-to-value ratio -- this is the mortgage amount divided by the appraised value of the property -- shows lenders how much equity you have in the home. So if your investment property was appraised at $200,000 and you had a mortgage for $100,000, your LTV would be 50% ($100,000/$200,000). The higher your LTV ratio, the more of a risk you seem to the lender (since you don't have that much equity built up in your property) and thus the higher interest rate you can expect to pay.

For investment properties, most lenders will only let borrowers who have a LTV of 75% or lower refinance. This is stricter than with refis of primary residences. Note, however, that LTV requirements for investment properties vary from lender to lender.

3. Know what lenders are looking for

Just as with a refinance of a primary residence, your credit score (most of the time, you will need 660 or higher to obtain a conventional refi, and above 760 to get the best rates), debt-to-income ratio (the amount of debt you have relative to your income) and income matter to getting a refinance on an investment property. But because lenders think investment property loans are riskier than primary residence loans, they will often evaluate you slightly differently.

First, in addition to the typical financial documents required by lenders like tax returns and statements detailing assets and debts, investment property owners may be required to have six months or more of monthly mortgage payments in the bank. Though investment property owners get rental income from their tenants, they may not be able to include this as part of their income if they haven't had tenants paying rent for two consecutive years or more; if they've had tenants for two or more years, they will need to prove -- with checks, bank statements and other documentation -- that the tenants have paid. Investment property owners can also expect to pay $150+ more for an appraisal than would the owner of a primary residence, and they will likely face higher LTV requirements (see above).

4. Shop around

Different lenders have different requirements and terms for investment property refis, which makes it important to shop around. Get at least three quotes from different lenders. Don't forget to consider programs from Fannie Mae and Freddie Mac : Through the Home Affordable Refinance Program (HARP), you may be able to refinance an investment property of up to four units.
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0 votes 2 answers Share Flag
Tue Nov 3, 2015
Karen Peyton answered:
This a great question for your agent. Why isn't the Seller performing? Is this a short sale?

Assuming a short sale: Going into the contract you should have known whether or not the Seller had the "power of sale" or needed to confer and receive approval from the lender. What says your contract? There should be an addendum that speaks to third party approval or lack their of, along with language regarding cancellation.

Of course foreclosure need not be borne of a short sale. I have seen Sellers WITH equity throw up their hands in defeat after falling behind on their mortgage, depressed, despairing, and disconsolate. If this more closely fits your scenario, the language contained in "most" contracts addresses the method of cancellation of the contract for Seller nonperformance.

In either scenario you "should" receive a refund of your earnest money and will not be the purchaser of the home. Once foreclosed the house will belong to the bank where it will wait it's turn for disposition.

Again, ask your agent - or have an attorney review your documents so you will know exactly where you stand.

Good luck!
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0 votes 2 answers Share Flag
Tue Oct 27, 2015
Amelia Robinette answered:
William, you need to work with your agent to get this corrected.
0 votes 1 answer Share Flag
Fri Dec 19, 2014
Trulia Customer Service answered:
Hi Nick,

Thank you for contacting Trulia regarding claiming a rental listing. I went ahead and emailed you some instructions. Please note, once you submit a listing, it will be in (submission processing) for 24-48 hours before it will be live on our site.

If you have additional questions, please visit our help center here:
... more
0 votes 2 answers Share Flag
Mon Jun 23, 2014
mark.ray answered:
Rabobank and I are closing these in 30 days or less I am happy to help
0 votes 4 answers Share Flag
Tue May 20, 2014
Odrisso1 answered:
Uff..this is too hot.Hot Water Systems Repair & Tank Replacement – Fast Service – No Hot Price Tag!
0 votes 4 answers Share Flag
Sun Dec 15, 2013
Jamar Camper answered:
Jason please contact me as my lender may be able to finance you depend how much you need and the debt on the property.
0 votes 1 answer Share Flag
Mon Apr 8, 2013
Akil Walker answered:
Fri Mar 1, 2013
Dan Bouchard answered:
Jamie"s comment re-asserts the ultimate importance in developing a relationship with a Buyer's Agent to represent Jamie's interests, and to find the properties promptly, efficiently, and timely.

Developing a relationship with a Buyer's Agent who is experienced, knowledgeable, reputable, and recommended is critical to success.

A GOOD Buyer's Agent will seek to build a strong relationship with you that will not end once the deal closes, but will leave you feeling that they served you exceptionally.

Such a Buyer's Agent is not so much focused on making a fast buck now, but building and nurturing a viable relationship that leaves you finishing the transaction with such good and positive feelings about how they served you, that you use them again and again, and will refer your friends or family over and over to them.

It's about relationship not about making a fast easy buck! juss sayin :-)
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0 votes 10 answers Share Flag
Fri Feb 8, 2013
Megan Markey answered:
Would you consider a 2 Bedroom townhouse? I have something coming this weekend in zip code 20001 very close to shaw metro! Email me at
0 votes 4 answers Share Flag
Mon Jan 14, 2013
Mark Rutstein answered:
The DC Crime Mapper has been down for months. Hopefully it will be back up soon as that is a very important tool to look at when buying a house.
0 votes 7 answers Share Flag
Wed Jun 27, 2012
Michael Cheng answered:
You should try contacting a local property management company in Hayward to see if they know of any owners who would consider doing that. It's far better than answering an ad off the web since there are so many impostors trying to scam consumers. If you do try to find one online, make sure you call and check the credentials of the lister. ... more
0 votes 2 answers Share Flag
Tue Jun 26, 2012
Miekeba Jones answered:
Tue Jun 26, 2012
Miekeba Jones answered:
Hi Tomasamot,

The owner may have run out of money. The property may be foreclosed.
0 votes 2 answers Share Flag
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