All Forum Posts by: Christina R.

Baltimore City or County?  I have someone to recommend but their minimum loan amount in the city is 50K, so you have to appraise for 70k or more.  Don't know what the county minimum is, if there is one. 

Try Serenity Remolding (Pat Dornan).  I have not used him but I know many who have.  He's licensed and I know he works in the counties/certain parts of Baltimore City.

start attending Meetups and REIAs to get your networking kick-started.

http://www.meetup.com/bwimeetup

Baltimore REIA

MAREIA

The Real Deal Meetup

yes.  They are all assumable. Whether it has to be a vet to get you entirely off the hook with the financial responsibility is another matter.  A vet subsitutes their eligibility for yours in an assumption so you are completely released.  Some banks will allow you to be. Completely off the hook if a non -vet assumes, some won't. 

Id like to know if any AGENTS out there have experience with selling assumable VA loans to clients

what happened with this?

since these are off market what is the compensation if I bring you a client that has been looking in that area, already prequalified for this price range?

@Tyrus Shivers - he owns a property management company that handles many Baltimore City rentals (including mine) - he may be able to help direct/advise you.

We have a VA on our primary and have looked into selling it as an assumable. From what I understand, it's going to depend on your noteholder if you are a seller of a VA assumable. It does not have to be a vet to assume but if a non-vet assumes, that MAY impact your VA elibigility (amount thereof) AND if you can be completely released from the future financial obligation of the loan. If a vet assumes their eligibillity can be substituted for yours and you're completely released from the mortgage obligation.

That's how it would work for us on the sell side.  On the buy side, you still have to qualify for the loan as if you were going through the loan process yourself.  Also my understanding is that assumption costs are not able to be financed.  that could be particular to the bank that is servicing our loan but if that is a blanket condition then it's an expectation that the buyer is bringing cash to the closing to some amount.

Wow, I was literally IN Murfreesboro over Memorial Day weekend for a wedding... didn't see much of the downtown area but I know they are building up a LOT on Medical Center Way and the I-24 area into Nashville.  Just being there ONCE - with that price point and potential rent - I think you may have a good deal.  How much to get it rent ready?  And are you certain about 1800 in rent (is that market or subsidized)?

You have to be very careful, perhaps PA has different approaches. It comes down to you be licensed - which presumes that you know more than the "average Joe" about real estate and therefore because of the fact that you are licensed ... you "know" that listing the property on the MLS will probably certainly net the seller more money that you wholesaling it.

For my way of thinking, wholesaling really solves a seller's problem when they are in an absolute time crunch - like, they needed that money a week ago. They don't have time to deal with a bank, people coming in and out for showings, waiting for inspection and appraisal results. They need that money ASAP and need to close ASAP. For everyone else, it is almost (to my way of thinking) always going to get the seller more money by putting it on the MLS as a cash-only deal - in whatever condition it is in- and letting the investor market bid it up.