All Forum Posts by: Amy Nguyen

My agent is my dad so I basically did all the negotiation, paperwork, and communications. It is my first purchase and I'm so stressed. I sent an email explaining everything and hopefully the seller will extend it for me. This is what I wrote, I hope it works:

I am sorry for the delays. The underwriting from my lender was very extreme. They were asking for so many documentation and digging into everything. I finally got that cleared up last week and the only last thing is this appraisal. I showed up for it to ensure they showed up. I've worked so hard to get everything for my lender to keep this moving. The report will be submitted by Friday, then I have a 3 business day waiting period to review it due to the CFPB regulation. Can you please sign for closing on 2/5/16? It is only 5 more business days. My lender is out of state so they have to go with the appraisal companies that are available. If it is their own company and local they would be able to push it faster but they can't when using a 3rd party.

Please let me know what you need from me to go forward. I am a first time buyer and this is my first property and I spent so much money on it already. The appraisal is $640, the survey was $550, inspection was $300, option $200, earnest $1000. I had my dad renew his HAR license and I paid $600 for that. If I lose this I am losing everything. Can you do it for me this one last time? I would appreciate it so much.

Here is the latest update from appraiser:

1/27/16aa to client: appraiser stated the best ETA at this moment is 1/29 EOB.

There were some issues that caused some delay and we finally had an appraisal which was done on Monday and ETA for the report is Friday and the sellers are refusing to give me another extension since I already extended from 1/15. My lender say I am unable to close Friday "Due to new CFPB regulations lenders must provide Closing Disclosure to the borrowers 3 days prior to closing." I don't know what to do, I spent so much money already, at least 2k for everything. I asked if I can waive that 3 day waiting period but my lender say no. 

I don't want to lose my first purchase. Is there anything that I can do? Should I do a quick hard money lending or something? I only have 2 days!!! :(

Hello Everyone,

Can I have some advise? I don't know much about 1st lien mortgages, I did read about it online. The seller's agent told me that the bank will not be approving this assumption, there is no documentation for approval, the seller just wants someone to take over the mortgage before foreclosure. The balance is 125k, contract price to assume the loan is 142k so 17.8k is needed to take over the payments. the ARV is 145k. Rents are 2419 a month.

My question is can I refinance after taking over the mortgage? The seller's lender is Chase with an interest rate of 7%. How would I own the home if the bank doesn't approve of the assumption? 

Anyone know of any?

These owner sellers are only interested in cash sales. I think it will take too long to get a mortgage and it is such a small loan amount. I also don't know how it works to get multiple mortgages for multiple homes. I need to look further into that.

Hello, I will be renting out. The surrounding area rents for 650-900 a month. I also found another deal that may be better than this one. I did not include a miscellaneous cost in my first estimate but I will add it in this one to have 'cushion.' It is listed for 23k but I will try to get it for 20k and do about 5k of upgrades(paint,floors,appliances). I can rent it out or sell for 40-46k. I saw one sold for 42k in January 2015. This deal would free up more cash for another potential deal. What y'all think?

purchase 20000

hoa -2700

tax -660

misc -1000

rent +9600

yearly +5240

Hello,

Can you all give me some advice if this is worth it? The condo is on the 1st floor and is tiled, includes fridge, washer, and dryer. 

Yearly:

Purchase cash: 40,000 (basically my whole savings)

HOA: 2700 (includes Comcast cable)

tax: 720

rent: -9600

profit: 6180

Thank you for your inputs!

Hi Kevin,

Do you put 20% down to get the mortgage? What banker did you use? What are your rates?