All Forum Posts by: Diane Trotter

Thank you Peter!  I will check it out.

When did the law change?  In 2013 I purchased an investment property for 20% down.  Is there a higher risk for default these days?

Hi Darryl!  I'm in Fontana, CA.  I won't be in Little Rock until May 17.  I see you are in California also.  I have no idea of where Imperial Beach is.

In a couple of weeks, I will be able to answer.  I'll get back to you.

I recently read that all repairs must be completed before close of escrow.  My realtor told me that the lender sets up an escrow account for payments after escrow closes.

How will lender make sure proposed fixes will be completed?

Well, this discussion gives me pointers for my purchase.  I just completed winterization document and wondered what that meant.  My inspection is Tuesday with all utilities on.  I will make sure I ask if I have a boiler/radiator and make sure they check the pipes.

@Dani Z.  I know it sounds like a deal I can't afford to pass up.  We are working on it.  Thank you for your input.  I'm using all tips to pursue possibilities.

Stay tuned!

@Albert Bui ADU? Thank you for the new homework?

@Shawn Ackerman I will.  Thank you for the encouragement.

@albert Bui  Thank you for your information

It looks like all of the lots on the street were deep enough to put large houses on but back in the day houses were less than 1100 square feet.  This owner had a corner lot so instead of the houses lining up with the others, the houses were built facing the side street.

Now it seems to be a big mess.  The selling agent is telling the seller what the problems are.  My agent suggested buying one of the houses if the seller will agree to include the other house as a mother-in-law quarters or "another building" on the lot.

And now the property won't qualify for a loan because there are two separate houses on the parcel.  Lenders say the parcel should be separated into two.

Another issue is I wnted to purchase under my LLC. Even if I get past the first hurdle, it looks like I won't be able to do this.