All Forum Posts by: Anthony McEvoy

Congrats @Jason McVey!  Do you have any pictures to attach?  What are some of the lesson you learned?

Welcome, @Anthony Talarico Jr!  Isn't it interesting how we become interested in real estate?  What kind of investing are you looking to get into?  You plan on sticking in the Phoenix area?

@Christopher Boyle - We have our things merged and it does not affect us.  They only looked at my supporting financial documents and only ran my credit.  Of course, we have a joint return so they saw my wife from that aspect only.

The only loan that I had to have my wife sign that she was not apart of was the home equity line of credit against our primary residence.  That's because it was also her primary residence and she had to understand that the bank could take the house if I (we) did not pay the line of credit back.

@Wei Huang that's correct... it was on the MLS. Right placs, right time. A sense financial institutions work with a select few realtors in the areas/regions they lend in. See if you can find out who that is. Homepath (Fannie Mae) is that way.

@Yiming Li most likely you would have to contact the utility company. Before the meter is typically their ownership. It's been my experience they will charge for the relocation. My neighbor constructed was in a similar situation for his electric service... except he wanted a two story garage and the electric line was in the way from the pole to his house.

@Wei Huang If you know what bank it is, see if you can find out when their fiscal year ends.  When I bought my primary residence (short sale), I placed my bid in October.  The bank came back that we had to close in 30 days.  Luckily, I went in low enough where I easily had the funds available.  I asked my realtor why they demand a quick close... the bank wanted it off their books by the end of the year.  It was a coincidence that I found the house late in the year.

Keep your eye on it as the year is coming to a close if the bank's fiscal year aligns with the calendar year and they are looking to get rid of bad debt.  Also, it really only comes into play if/when the bank completely takes the house back over.

Wei - Every bank is different.  It depends on how big the bank is and how many other properties they are dealing with.  If she owes $60k, then the bank is going to try and cover that.  Theoretically, yes, it would cost them more to continue the foreclosure process.  However, before you get too far, you should make sure no one else has liened  the property.  Is the homeowner up to date with property taxes?  Otherwise, you will be on the hook for clearing those debts up, too.

Christopher - I feel Brandon Turner has a good explanation in #AskBP 038 about partnerships.

Is there anyway they would review your books to see if you are cash flowing (or at least breaking even) to prove you are in a comfortable position?

I know some people split their lending between 2 or more banks... probably to safe guard this situation.

I think the site developers have changed the site since this thread was started... where does one go to add a photo?