All Forum Posts by: Benjamin Pifer

Good info. The reason why I was talking with the listing agent is because I went and looked at the house spur of the moment. It was pretty far away and I didn't want to make my realtor drive even further than I had to just to look for 5 min. (i know it's their job to show me listings) given the situation i just went alone. But in any case, next time I'll ask my realtor next time and Every time to show me the property. 

Good points, Joe. I'm talking with my agent tomorrow so I'll see what she says about it. Thanks!

This was all about the selling agent saying this. Not the buyers agent. Can anyone answer my questions on whether the selling agent is just trying to get me to pay what the seller won't? And is this negotiable when I actually offer?? Thanks.

I guess what I'm wondering is why would I have to cover the difference? shouldn't the sellers client be paying that?

So I'm interested in buying a home to rent out. Its under 50K and the selling realtor texted me and said her client is only paying 3% of the sales price and that her minimum fee is $1500 and that I have to pay the difference if 3% doesn't cover it. Is this right? What about the buyers agent commission? Is she trying to take advantage of me?

BTW I haven't signed or agreed to anything with her and I don't think she knows I have an agent. I haven't said I do yet.

I just spoke to a lender yesterday who approved me for a loan under 50K. I asked him about the equity and he said I should be able to start tapping into it in 2 years maybe even 1.

Thanks Caleb! Makes sense now.

I see. So say the appraisal came back way higher than the sale price; would I then have immediate equity to tap into?

I'm looking to buy a single family home to rent. It's tax assessed at $52000 but is for sale for $38000. Say I buy it for $38K with a 20% down payment ($7600) leaving a $30400 loan. If a bank will give an equity loan for 80% of the value, does that mean I'll immediately have $11200 (52000X.80=41600-30400=$11200) of equity to take out if I want it? Is there something I am missing? thanks!

If my dad were to build a 2-4plex would I be able to buy it from him using the FHA loan? is there some rule against a family member building one new construction then buying it from them?? I would Obviously buy it to live in one of the units. thanks!