All Forum Posts by: Edwin E.

Guru eh ? :)

Welcome to BP.

Wise and pretty. :)

@Michael Herr

Good one Michael. LOL

Mi Indiana agent is asking me to sign a " Buyer VIP agreement" and pay a $ 195 " administrative fee " at closing. Is that how things are done there or is he and his office trying to make some easy money ? He says " I f you don't pay, I'll have to pay and I got you $ 300 toward closing cost "

Thanks in advance for your help.

Hi Jewel
Welcome to BP. I'm also interested in the Cleveland market. Let's see what the pros got to say.

@Jon Klaus I found another lender and closed the deal yesterday. Thanks for your imput on this.

My RE agent is urging me to invest in Michigan. I'd like to hear from fellow BP members investing there. What are the real estate market trends in that state?
Thanks in advance.

Steve Wilcox Thanks for your imput on this. Just for the record, I intent to follow the rules concerning OO properties. I go by the book. Thanks again Steve.

Jon Klaus Yes, I am concerned about not qualifying for a refi because my credit score is not that great. On the other hand I can only qualify for an FHA loan. A conventional loan is out of the question for now because of a foreclosure in 2010.
The LO told me that the loan was denied because the lender believed I was buying the property as an investment and not a a primary residence. ( Who would do such a thing? :)
I'll go the Hard Money route only If I can be fairly sure that I can refi soon, because like yo said " it could be very risky." Regarding terms, I got to call the lender Monday to find that out.
I'd like to mention that the reasons why I don't want to lose this deal is because the property comes with instant equity and also has an apartment attached to the house.
The other option for me is to forget about this deal and buy out of state were I can pay cash for a house.
Thanks for you imput Jon and If you have more advise for me I'm here ready to learn.

Mehran Kamari I was supposed to close on a deal yesterday using conventional financing but the LO told me at the last minute that my loan had not been approved. Last Monday I requested and received a 15 days extension from HUD so now closing day is 8/04/13. Not enough time to go through the application process with another bank so I contacted a HML and he says that he'll fund the deal but I need to call him back Monday to talk about terms. Knowing that a Hard Money loan comes with a sky high interes rate I would like to know if right after closing the deal I can call a bank and do a refi.