All Forum Posts by: Lynn Z

A CPA (QI) told me you can roll a 1/2 interest in real estate if the partner doesn't. How does that work? The replacement property would only have to be 1/2 of the sales property amount of the relinquished property? And the debt only 1/2?

My daughter rents a condo for $2700 a month. The project is made up of an HOA with heavy ownervs.investor ratio. Their restrictions are getting worse. They proposed that the investors run their leases by the board for approval. Who needs it? You can't even hold an open house or put a sign in the window at these places. Bunch of snobs.

I just closed a loan on my house and the lender sent me a form saying what bureau was used and what the score is. I don't need the report from the lender but I have had them furnish them before when they weren't so easy to get.

Heck I've got rental property and had to provide documentation (on my residence refi) that I actually owned a property outright. Dec sheet from my insurance company.

This is a Freddie Mac loan and underwriting has been slow as heck ...going down to the 60th day lock I believe. It's tough if you have rental property - banks are scared to handle a residence loan.

I don't like verbal offers but realtors do. It's so much better to get stuff on paper but they're so reticent to offer low they prefer verbals. And hey, isn't it easier?

In our state the disclosure has to be submitted when a contract is submitted so there's another form they don't like to go to the office to get or have the seller fill out.

I think verbals allow them to spread it around to others who might match or exceed the verbal offer. It's happened alot of times to me and I've lost out to the "unknown" person.

In the old days, tenants took pride in their sf's and were always responsible for the lawn. That's a joke today in our area. If they tell you they can change a filter, they can't. If they say they will keep the lawn up (of course, no equipment) they won't. They are the one's buying sf's this year and getting Obama's $8000 bonus. Perhaps they'll learn to cut the grass and change their own filter now.

Is commercial loan or cross collateralization loan (5 yr. balloon) the only way to buy a condo these days? Are there any traditional lenders that will do a portfolio loan on a new condo if the percentage of ownership etc. don't meet Fannie guidelines?

Any banks in South Carolina area that you know of?

45 days and holding. Underwriting is taking 21/2 weeks. I think we're going to take the full 60 days.

Don't forget James Clyburn is from South Carolina. Believe Justice Toal needs review herself.

My lender is nervous over having to find 3 comps 1.5 miles from my residence within the past 90 days. The appraiser who is scheduled to do the appraisal says sometimes the underwriters send back instructions asking for comps 60 days out.

What does Fannie and Freddie expect to accomplish by making it so difficult to value a property when they know sales have been few and far between. Unbelievable.