All Forum Posts by: Chris S.

Thanks again Jon!

Any recommended places for title search?

Thanks Jon, Brian. Very much appreciated! How exactly do i run title on a house? I know there is a deeds website for the county...would that be the best way?

Also the lawyer told me that all junior liens will be announced at auction. Is this good enough for me or should i try to find out more information?

So i have my eye on a property that has foreclosed and is going to auction next week. I visited the home, and it appears abandoned. The last owner purchased in 2000 for 325K, but i checked records and it appears that they refinanced in 2006 for a loan amt of 395.5K.

My questions are:

1. IS the 395.5K (or the amt it has reached due to reduced principal over the last three years) typically the starting bid on the home?
2. How can i get into to see the home? I asked the lawyer representing the bank and they said they aren't allowing people in. Anyone have some methods they might use?
3. How do i check for liens against the home? The lawyer also told me that starting bid and junior liens are announced at the time of auction.
4. Will a normal bank provide a loan for a foreclosure purchase? Or will i need to find a different lender?

So, i had an offer accepted to purchase a house for 380K + 5K closing costs paid for. After inspection, we found out the house needed a new roof. The agent agreed to refund 5k to us at closing for us to put towards a new roof. She said that she spoke to lender and they said that this is a new world and that they can't have so many credits back (5K towards close and 5K towards roof). So the agent agreed to cut home price down 5K to 375K plus they pay the 5K in closing costs. Thing is we would rather have the 5K in hand so i can put towards a new roof instead of just a lower mortgage. Does this seem fishy at all? Any other ways around this? She said she can't write me a check, that it's against the law??

You guys are all right, thanks for the responses! Should i ask my downstairs tenants if they are willing to share their washer/dryer with new tenant or offer to pay them?

I have a two family i currently occupy which has washer dryer hookups in the basement. My downstairs tenants have a washer and dryer hooked up in the basement. I am in process of moving out and looking to rent my apartment and would like to offer new tenants washer dryer hookups as well. How do i extend the current hookups so that someone else can put in another washer and dryer?

My fiancee and i are looking to buy a single family home. I currently own a two family. We are looking to purchase the single in her name, but with myself as co-signer. Would we still qualify for the $8000 Tax Credit??

Thanks Scott. What exactly do you mean by gift funds though?

We got pre-approved on the loan, but the lenders in our area are requiring 10% down on a non FHA loan. Does this sound normal? Also, since I don't really feel like putting down 40K, does anyone have advice on some alternative financing options for the d payment. I do have a 2 family, but i am presently refinancing and i don't think i can take another loan on it now.

I'm in massachusetts, and she claims that she purchased at foreclosure auction. I can't find any record of the sale online. She is asking 425K and it sold for 490K 3yrs ago, and 400K in 2002. So i figured if i could get it for close to 400K i would be happy.