All Forum Posts by: Bryce Davis

Account Closed

How did your appraisal come out? 

I wanted to bring everyone up to speed. The investor almost doubled thier offer from 190k to 350k.

Seriously considering selling. Going to think about it offer weekend. 

The most the property would be worth in 5 years would be 500k. 

@Rick H.

Thats great information. This title has two adults and one child. 

Mother, father, and son.

All are still living. 

Figured i could push closing out and stay in contract for years. Who really cares. Doesnt tie up my money or time.

This does not apply to FHA loans. If you have a conventional 30 yr or 15yr fixed you can remove it if:

A) You pay down to 75% LTV

B) The property appraises foR 25% MORE than what you owe.  YOU MUSE PAY FOR APPRAISAL THROUGH BANK, NOT INDEPENDENT

Example. : 

You bought a 500K house for 430K 

House Appraises for 500K - 25% 

Equals 375K. 

Therefore you must pay down the loan to 375k before PMI is removed.

Worth doing an appraisal if you think your property has risen in value drastically. Because you can remove PMI at 375k instead of 322k.

Usually you see this in properties that were purchased prior to renovation or foreclosure. 

Remember you will be out of pocket the appraisal no matter what the outcome. Usually around 400.00

Was in the process on closing on a property this week. The title research conducted by the abstractor concluded that a 12 year old was on the title. Apparently the entire family was put on the title. 

Of course the 12 year old should have never been put on the title, and the 12 year can not sign the title over to me. Now they have to take the property to probate court to resolve the problem. 

I am going to offer to extend the contract however they must reduce the price for every month that goes by. 

Has anyone ever dealt with a situation like this? What is they do not have the money to go to probate?

Makes you want to always get title insurance and a thorough title check no matter what. Could you imagine what would have happened if I bought this property at a foreclosure auction.

Thought everyone would get a kick out of this.

So i was recently offered almost half a mil for a property that i bought. My brother was the mortgage broker in 2006 that assisted with financing. Since then he has not held a job and lives off my parents. He stays at home while wife goes to work and goes fishing.

So Im telling my father about the situation and the offer. His first response was are you going to give your brother 10% since he helped with mortgage. Meanwhile ive dumped about 60k into this to make it liveable. 

Guess i won't be telling family anything anymore.

Would enjoy hearing your stories. 

Ill keep everyone informed. Going that route.

@bryan 

@Account Closed

411 Belmont Ave. Not really unrealistic to expect that. 

When you reference the approved plan you can see my house in the middle of their proposed plan. 

http://ww.charmeck.org/Planning/Rezoning/2016/017-...

It will look very similar to the bars located on N. Davidson near 36th street when they are done. The exact same acreage sells anywhere for 500k - 600k currently

@bryan a

I think what everyone is forgetting is i could take out the equity at 3.5%. Right now it could be over 200k in equity in a year probably 400k. Everyone says sale to get money. Why would i just not keep and draw equity. 

I have excellent credit and low dept to income

Great minds think alike. Contacted commercial realtor few hrs ago. 

He mentioned its best to sale to developer. You will get more money because they can do most with the area. If i keep property im restricted to my .12 acre which will not be as marketable.  Of course i could do something with it but as others suggested why take 10 yrs to make 300k when i can sell and make another move.