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Financing in 70115 : Real Estate Advice

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  • Home Buying6
  • Home Selling1
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Activity 9
Wed Jan 9, 2013
Lisa Heindel answered:
Have you talked to your lender to see if there is a program that you fit into? Typically a purchase/rehab is done with an FHA 203(k) loan.
0 votes 3 answers Share Flag
Sun Dec 5, 2010
Lisa Heindel answered:
Condition of the property, they measure for square footage, look for any issues that might affect financing (ex: peeling paint is a problem for FHA loans). The majority of their work is research. What have other homes in the area sold for and how do they compare to the property they are appraising. They will make adjustments for differences in size, lot size, condition, amenities, etc.

Remember, an appraisal is an opinion of value and if you ordered 3 appraisals, you would more than likely get 3 different opinions.
... more
0 votes 12 answers Share Flag
Tue Apr 26, 2011
Paul Finholt answered:
Well the question is, is it a flip? What are the circumstances that the lender is making this claim? I probably would consider changing lenders. Do not be concerned about the lenders welfare. Eliminate the situation involving dual representation. Please call for further consultation. Paul Finholt, Broker, Renaissance Realty, Inc. ... more
0 votes 11 answers Share Flag
Mon Oct 26, 2009
Joe Harris answered:
I believe that the Making Home Affordable program allows you to mod your loan without being delinquent. However, there are thousands of low level employees answering the phones at the loan servicers that have not gotten the message. I have heard from many sources that BOA is difficult; BOA does have the largest volume of loans serviced, so I am sure there are stories good and bad.

Here is a link to the gov't site
http://makinghomeaffordable.gov
... more
0 votes 0 Answers Share Flag
Fri Aug 6, 2010
Leasing To Own Solutions answered:
Hey there Hamilton,

If I understand your question, (and please correct me if I'm wrong) but you have many properties that you own outright without any mortgages and you'd like to finance them to produce cashflow to do some more deals. First...let me say...wow! What a great position to be in!

If that's true then you can do owner financing on all of them and carry the notes yourself. You could do, depending on your state regulations, contract for deeds, lease options, etc. Instead of people going to a lender to get a mortgage, YOU could offer them terms and become the bank yourself.

Now, if you were to go to a lender and ask TO GET a mortgage, you are only allowed up to 10. From what I understand..... homeowners that are buying their 5th to 10th house have to follow these fannie mae guidlines:

1) at least a 720 credit score
2) 25% downpayment for a 1-unit (30% for a 2-4 unit)
3) No mortgage delinquences for the last 12 months
4) 6 months of reserves for each investment property

But as far as I know, there would be no limit on how many owner financed properties YOU can have. That's why many investors prefer to work with owner financed properties. They can be as creative as they want to be.

I'd also like to hear from some other investors to hear their opinions on this situation.

Darin
... more
0 votes 11 answers Share Flag
Fri Aug 6, 2010
ian cockburn answered:
There are many! Being a Realtor and licensed Commercial Contractor I can literally show you the ropes...
1) What to buy
2) How to buy
3) How to understand the market and appeal to people who will pay the rent on time
4) How to understand the rental climate - the risks and rewards in managing a property on your own.

Drop me an email or call me on my cell anytime at (504) 615-2333 and we can get started.
Please detail a budget, and what kind of returns you would like on an investment.
... more
0 votes 4 answers Share Flag
Tue Aug 4, 2009
Chris Mabry SRS,e-PRO answered:
Hello Angela,
Any fees that you have already paid for inspections and appraisal can not be recouped. These fees are for private inspectors and an appraiser paid for services rendered. They have no baring on whether or not the transaction closes. As far as your earnest money deposit is concerned, that's a lot more complicated. It all depends on the verbiage in the sales contract regarding contingencies, etc. You mentioned paper work and an anxious seller, but that's not enough info for me to say if your deposit comes back. Did you have a real estate agent representing you? I hope so. If so, this is a question for them. Second, I would contact the escrow/title company that was handling the sale. The money should have been deposited with them, and they have final say over who gets it. You mentioned that all of the fees were over a thousand dollars, so I'm guessing that your deposit was probably about $500. It's worth pursuing. Good luck to you. ... more
0 votes 2 answers Share Flag
Tue Jul 21, 2009
Bill Eckler answered:
Hi Angela,

I remember your situation....and am glad to hear things are now heading in the right direction. Let's hope the underwriter has a heart and knows what to do with it.

Thank you for the update....this is so not the normal turn of events.

Best wishes,
The Eckler Team
Michael Saunders & Company
billeckler@michaelsaunders.com
... more
0 votes 1 answer Share Flag
Sat Nov 6, 2010
Bill Eckler answered:
Angela,

"Don't give up the ship"

Yes, look elsewhere for financing as soon as possible but even if you are successful in obtaining financing you may not be able to have access to the funds prior to closing.

Consider requesting an addendum to closing date so you will have additional time to make these arrangements.

Best wishes,
The Eckler Team
... more
0 votes 6 answers Share Flag
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