All Forum Posts by: Dave Skow

@Account Closed- thanks ...not sure if you have already  listed/ sold the property ...right now ( end of june ) is looking like a  pretty decent time to list / sell . Timing  really  will depend on what your plans are .... eg..  will you be buying a new property ?  do you need the  sales proceeds to buy ?  is the plan to  buy a new place  before selling the ballard place ?  will you need financing ? if so - get this lined  up .   The area and price range you mention  should go  very  quickly regardless of the time you list the property... when you sell - you can also ask the buyer to provide you with an extended closing date or lease back ( if you need some extra time before needing to move ) .  I would recommend using a realtor thats knowledgable of the area and they can help get a timeline set up to follow .  Good luck 

@Billy Houston- thanks 1) DSCR might work very well for you ...if you can qualify for a standard conventional 85% ltv loan - this would provide better loan terms 2) yes - DSCR is very different than a cash out refinance 3) consider getting fully pre approved for a standard conventional loan at a 85% ltv ..this is crucial to do if you are looking to buy in a competitive market - thanks and all the best

@Danny Celestin- thanks   1) yes - there is a large  difference bwtween  investment property and  preimary residence pricing  2)  assuming the 2 quotes provided are for  investment  properties - these are not too bad for a 2-4 unit purchase 

@Wayne Kennoff- thanks   1) getting a personal referral is a good place to start 2) if you have narrowed down the options to a few -  contact both on the same  days and ask them for whatever  quotes  for your scenario ...ask for a loan cost worksheet  if  possible .  ...if their pricing ends up being  the same - make a decsion based on the  feel  for  cutoner  service you get when communicating with them.   3)  make sure they  disclose all the fees  related to the  refinance  ( not just their  own fees ) ..4)  reviews are   hard to  use to make a decision ( as you found out ) 5) rates are pretty high right now for rental  properties ....if you can wait to  refinance - you might consider doing so ...if you need to refinance - so be it ...Good luck 

@Olga K.- you can use any part of the HELOC you want to ...make sure the lender you are using for the new loan will be able to qualify you with the HELOC funds being used ( some lenders will use the actual payment on the outstanding balance and other lenders might use a percentage off the entire HELOC max limit )

@Jonathan Feliciano- thanks - you are fine and will be OK for a loan to be done as a primary residence even if you plan to live there under 2 yrs 

@Sam T.- thanks 1) you likely wont be able to use the financing contingency as it sounds like the loan is available at 80% ltv ...check with your realtor or a real estate attorney 2) rates are coming down so check the terms from the lender that can offer 80% or 75% ltv 3) contact the smaller to mid size banks and credit unions that are close to the subject property for options 4) if you have the means to leverage the 10% difference via HELOC / retirement account loan or some other tool- consider it - good luck

@Petronella Kerssens- thanks   1) consider reviewing options with a  real estate attorney and also an insurance  agent  2) Will you need financing ? if so - I recommend getting a loan approval in place before beginning to look at properties 3) Watch the  insurance  costs as these are incresing in FLA ...Good luck 

 @Hitanshu Shah- consider  having this discussion with your insurance agent 

@Jim Doyle- thanks   1) consider increasing the purchase price by the amount of the elec and roof  work that needs to be done  and then assist  seller with  getting the work  scheduled and completed  ( as this will be required to be donw before closing ) ..this way the  seller  is technically  paying for the  repairs  and they wont lose  any  proceeds ....they will pay a little  extra  wa state sale excise tax  but  that  wont amount to too much  2)  consider  putting less down  and using some of your funds to pay for  the repairs  ( or part of the repairs )   3)  consider using a rehab loan  4)  consider  keeping the price  where it is and asking for the sellers to complete  repairs  (  this likely wont happen)  5)  get roofer and contractor  estimates and get them  lined up to do the work asap  as it might takes  weeks to get this scheduled / done  6)  ask seller for  extension on closing date if the  work  will take  longer than 10 days ,,,Good luck