All Forum Posts by: Dalton Summers

Alfath, what's the APR?

Too many unknowns. I'm happy to provide you a loan comparison of Conventional VS FHA and single family VS multi family. Just give me a shout.

I'd be happy to provide you a free loan estimate. Sounds like you need a Conventional or DSCR loan for your refinance.

BEFORE THE APPRAISER ARRIVES:

Did you receive multiple offers and/or over asking price? If Yes, send your best 3 offers to the appraiser prior to their arrival.

For a reconsideration of value (ROV), I suggest the following:

Please review the appraisal for any clerical errors regarding the subject property and comparable sales. Here are a few key points to consider.

• Stronger Comparable Sales: Are there better comparable sales that should’ve been used? This is your best opportunity for a successful reconsideration of value.

• Clerical Errors: Are the square footages, bedrooms, bathrooms, and lot sizes accurately reflected? For the subject property and comparable sales?

• Off-Market Sales: Were any off-market transactions missed? Check county auditor sites or Realist’s public records for this data.

• Adverse Features: Do any of the comps have issues not considered in the appraisal, such as proximity to a high-traffic road, sewer plant, or power lines?

• Recent Sales: Have any new, more relevant comparable sales occurred between the date of appraiser’s visit and now? If so, there may still be a chance to include them in the appraisal report.

• Sales Recency: Did any of the comparable sales close more than three months ago? A time adjustment may be needed for accurate valuation.

• Geographical Competence: Is the appraiser familiar with the area? If they're located two or more counties away, their expertise in the local market may be limited. The lender will likely ask how many appraisals they’ve completed in the area of the subject property. If there are too few, the lender may "throw out" the appraisal.

• Lastly, the appraiser likely stated that the market is "stable," but that is worth contesting. We can likely agree that the market has been "increasing" steadily over the past decade.

And as a last ditch strategy, ask the Buyer to work with a different lender (I'll do their loan if they want) and the new lender will order their own appraisal.

Local real estate attorney in Cleveland area. Scott Orille. 440-930-4001. [email protected]

Came across this recent article from January 31, 2024 copied below:

"Ohio REALTORS® have also heard more concerns about the practice of real estate wholesaling and how it robs vulnerable Ohioans of equity in their homes. In response, Ohio REALTORS® worked with Senator Andy Brenner (R-Delaware) to introduce SB 192 to regulate wholesaling activity and require disclosure be provided to homeowners before they enter into a contract. In urging committee members to support SB 192 “Wholesalers deceive vulnerable homeowners into believing that the wholesaler is purchasing the property and they capitalize off a homeowner’s lack of knowledge about the value of their home. Their business model depends on obtaining a property at the lowest price possible, so they offer far below market value hoping to be able to re-sell the contract for the actual market price, depriving Ohioans from equity in their home,” said Huffman."

Additional information about SB 192 can be found through the following link: Senate Bill 192 | 135th General Assembly | Ohio Legislature

This content is copyright 2024 Ohio REALTORS. Read more at: https://www.ohiorealtors.org/blog/1925/ohio-realtors-testifi...

I'm not an attorney and this is not legal advice, but I believe wholesaling is still legal in Ohio. The Division of Real Estate frowns upon it, but I'm not aware of any illegality of assigning a contract from one person to another. I'm told the issue is that it's hard to not step into "practicing" real estate when you're trying to share information about the property that you have under contract. If you're a licensed agent, you should NOT be involved in wholesaling since it's' obviously counterintuitive to a client's best interests - selling the home for the most money. Alternatively, a licensed agent could do a "net listing" with a Seller. That practice is also discouraged.

I think Greenville is a fantastic market and it's one reason we moved here a few years ago. That, and the warm weather. It always seems to be in the news as a "top" market, etc... Regardless, I think it's best to invest in what you know. Why invest elsewhere when you already know your current market. Being an absentee landlord can be a nightmare if you have a property that's 1+ hours away. Much easier to drive over and fix the problem yourself in most cases. Regarding zoning, there could be plenty of things to be mindful of. For example, can I split this 3 acre parcel and put another home on the remainder? Or, can I tear down this large ranch, split the parcel, and put two homes here? Can I put an accessory dwelling unit (ADU) on my property and what are those requirements? That's probably the most recent update and here's a link to some FAQs: https://www.greenvillesc.gov/FAQ.aspx?QID=636. Or, can I AirBnB in this area? See link: https://www.greenvillesc.gov/1572/Short-Term-Rentals

If you're renting, I'd suggest moving into the rental property or buying your first home. Any time you spend renting is mostly a waste. Ultimately, I don't see why you don't buy both your own first home and the family rental within the year. Could potentially assume the loan (if there is one) on the family rental property. They could do a gift of equity for your down payment. Seller financing is great too which is why it might make more sense to purchase it second. You'll lose the first-time homebuyer perks once you take title to the property, but that's not too big of a fuss. That, and it won't be an arms length transaction anyway so that will probably exclude you from being eligible from some of the down payment assistance (DPA) programs or mortgage credit certificate (MCC). If you're going to buy a different property, I'd suggest looking into DPA programs to start. Take advantage of them if you qualify. I've got a DPA loan that is an immediately forgivable grant for the entire 3.5% down payment on an FHA loan. I think it's incredible. You're just going to turn around and refinance it in a year or two anyway when rates come down. It doesn't have a first-time homebuyer requirement and it's eligible for duplexes. I hope some of that makes sense. Just give me a shout with any questions.

Might be able to do something if you're still 620+, but need more info. Give me a shout if you want to discuss. Local to Greenville here.