All Forum Posts by: Cheyenne Davis

We're considering taking a house out of a SEP IRA and giving it to a family member. I have a question if anyone could be kind enough to answer?

Do we have to pull it out and sell or gift at the current market value, thus adding to doc stamps and taxes paid for removing from IRA? Or, could we sell at under market value and benefit accordingly?

Also a little concerned that it could put us in a higher tax bracket.

I realize this is something that will require professional and licensed advice prior to moving the property, but at this point I'm just looking for general input. We haven't made a final decision one way or the other, so just hoping for some solid advice :)

They haven't spoken with the lender yet. She did file the BK, too, but it was discharged over 4 years ago.

The foreclosure was included in the ch. 7 for both the husband and wife, it's just that the lender never finished the foreclosure. It's still open. The wife was never used to qualify, never signed the note, etc. She was on the deed, as they were married. The BK was discharged a little over 4 years ago. Hopefully that means they're in luck :)

I need some input from mortgage pros :) I've run into this situation a couple times and haven't found a solid answer. Here's the scenario...

We have a married couple who's interested in purchasing one of our houses. The husband bought a house which went into foreclosure years ago when the market crashed (they were married when purchased). The loan on the house was taken out only in the husband's name. To date, they're still living in the house, presumably because the lender never completed the foreclosure for one reason or another. The debt was discharged in a chapter 7 4 or 5 years ago. 

Now the couple wants to buy one of our houses and the wife is the only one who will qualify for the mortgage. She's open to FHA or any conventional loan and can put down 20% if needed. Debt to income and credit are fine. For housing information, she will list there address and note that her husband is responsible for that payment. That would explain her rental/mtg history and because it's only her qualifying for the new mortgage, the fact that the current residence has been in foreclosure for so long may not be an issue (or maybe it just goes unnoticed).

Does anyone have any experience with this type of situation? No reason for her even to apply and run credit, or us waste time taking the house off the market, if there's zero percent chance of approval. However, if these types of situations slide through the cracks often or lenders are just ok with the situation because it's only her qualifying, then it may be worth it to her to consider rolling the dice. 

Ive got a few houses that are moving slower than expected and it was suggested that we stage them. I've never staged a house before. They want $1300 up front and $350/mo. to stage the main rooms and master. No smaller bedrooms. Can anyone who's used staging as a tool to sell tell me if they've had good or bad experiences and if you found it worth the added expense.

I know google voice is a free way to get a voicemail, BUT what I don't know is can it accomplish what I posted about. I need to have one main greeting voicemail which will then branch off to sub-voicemail boxes which will have greetings specific to each property. For example, the main greeting says "If you called about the house in East Orlando, press 1, if you called about the house in Sanford, press 2, If you called about the house in Lakeland, press 3". Then, when they press 1 I tell them everything I want to tell them about that specific house. Make sense? Can google voice do that? If not, any idea on an economical service which can?

I have a few houses that have been sitting on the market a little longer than usual and I'm going to put out some bandit signs to generate some off MLS buyer interest. I need to find a cheap/free way to get a phone number with a main voicemail greeting which I can then have branch off to different mailboxes where I will provide specific information about the selected house. After they hear all the information relevant to the property, they will then need to be able to leave me their contact info.

Can anyone point me in the right direction based off of your personal experience? Will Google Voice do this? Just trying to find the cheapest and most reliable solution.

I have a few houses that have been sitting on the market a little longer than usual and I'm going to put out some bandit signs to generate some off MLS buyer interest. I need to find a cheap/free way to get a phone number with a main voicemail greeting which I can then have branch off to different mailboxes where I will provide specific information about the selected house. After they hear all the information relevant to the property, they will then need to be able to leave me their contact info.

Can anyone point me in the right direction based off of your personal experience? Will Google Voice do this? Just trying to find the cheapest and most reliable solution.

Good to know. As long as insurance is available, seems like the deal should be a go. Anyone ever heard of end user financing problems on houses with previous sinkholes?

That helps. Thanks. How long ago? I'm asking because I vaguely remember reading something that indicated it became a little harder to acquire insurance on sink hole homes a couple years back. Just can't remember all the details.