All Forum Posts by: Amanda Elsberry

How do I know how long typical rentals in an area stay vacant? Sorry if this is a really dumb question. I called a couple rental companies but this house is outside their area so they couldn't help me. Very small town but awesome deal on the house. Still it would be useless if I couldn't keep it rented.

I thought about not mentioning it was borrowed, as I said before I have had absolutely no communication with the sellers yet.  The agent isn't the listing agent but it is her office that has the listing.  This agent has told me before to move on from a property she felt could not be financed when in fact it could but I was hesitant to try another agent.  I really want to try with this property and it has been o the market for 6 years so maybe they are open to riskier options or even a lower down.  I can do 15% but not 25%.

Sorry Jerry, are you saying they wouldn't want to finance because if I defaulted on one of them it would likely be theirs? That is the only possibility I could think of as the bank loan would be on the land with the house and the contract with them would be for the remaining land. I really just wasn't sure if my agent was really listening to me though...

I also have not ever spoken to the seller; this is what my agent has said about it.

It is a large piece of land that they are offering at an owner contract with 25% down. I would not be financing the other 75% with a bank.

I am interested in a property that my real estate agent says requires 25% down, since we don't have that I wanted to get a credit union loan for the down payment (owner contract for the rest) but my agent keeps telling me they will not accept borrowed money only cash. I don't understand, wouldn't they have cash from the bank?

Originally posted by @Charlie Fitzgerald:

Do not pay application fees EVER.

You are constantly helping me, thank you!

Do private lenders ever lend at 6% or less? (I mean lenders not relatives). Also is it ever reasonable for a lender to ask for a $500 application fee? Sounds suspicious to me...

Hi everyone, I posted a couple questions on here recently and have since been contacted by a few members offering a loan. I haven't filled anything out yet but have been talking via email. I know not to send money to anyone but how do I know if a lender is legit? What info should I ask for to research them?

The guy who bought this piece bought the bare land for 510k (in 04 so I think it was in the housing boom) then added 3 wells, electricity, the used manufactured home and the septic. So I thought it was a good deal. The banks around here haven't been enthusiastic about lending on land. :(. Haven't been able to get a single one to even look at it.