All Forum Posts by: Chris Igard

Is it possible to just reset the deal? The title is in their name. By reset I mean give them their money back create a rental agreement and allow them to walk?

I have a home in Dallas with a wrap attached to it. The buyers have been in the home for 2.5 years now. They have made 2 attempts to get financing but have not been able to do so. The home sold for 400k then but is worth about 650k now.  Can someone tell me in layman’s terms what all my options are? I have 40 days.  Thank you. 

I’m in year 2 of my seller financed home it has a 5 year note with a balloon. The owner wants to refinance the rate. My attorney is out until monday. Are they responsible for the balloon or the current mortgage amount? I’d like to offer to buy the home back from them and give the down payment back.

@Bill Brandt I’m probably going to on to it for a bit. It’s lake front property, as for the other thing with the pool. What are your thoughts?

I have two scenarios I’d love some advice on.

1. I have a home I purchased 14 months ago for 475k. Someone made an offer I could not refuse for $725k. I owe 225k on the property. We close in 17 days. I was curious if could do a cash out refi for $500k and reduce the capital gains that I’m on the hook for. Is that doable? I heard this is possible on a radio show.

2. I have another home that we owe $235 on. 29 years @ 3.15 interest it’s would sell for $450-500k. I was thinking of doing a cash out refi on this place because I also have a pool loan for $48k @ 11 years with 7.8 percentage. The house is a monthly cost of $1700 and the pool is $550. I’m hoping to reduce the amount down from $2200 to $2300 a month to $2k per month if possible. Thanks for all the information.

@Jay Hinrichs I want to make sure I’m on the same page. The home is at 350k if they put 25 percent down we should do a 3 year note at 7 percent with a balloon payment? Thanks

@Russell Brazil they put 30 percent down.

An offer was made on our property back in February, it was scheduled to close on the 25th of March. It was pushed back because the buyer needed a co-signer. It looks like it’ll fall through because as I’m told the government isn’t available to finance sub prime loans at the moment and there aren’t any private investors available. We should hear something today or tomorrow morning, I’m thinking we should owner finance it if it falls through. 25 percent down at a 7 percent interest rate. Anyone have any experience with this sort of thing? Anyone out there that can poke holes in this plan? We are looking Into purchasing a new home and this would put a halt to it. Thanks

We close on the 28th of the month and I’m wondering what’s the point. Our mortgage is late after the 15th of the month. I realize we will incur a late charge and if it doesn’t close on time we are taking the risk of it going past 30 days but aside from that what’s the benefit? 50 percent of the mortgage goes to interest right now. Thanks

I have home and auto insurance with farmers, I am getting started on a rental home. My farmers insurance agent places me into something called Wellington insurance stating that it’s cheaper then it would have been by using farmers. I’d still call him for claims on the rental home but there’s a separate login to view my rental insurance. Anyone ever heard of such a thing? Sounds like a hassle. My agent claims I’ll save $300 a year by going this route. Help me please.