All Forum Posts by: Ed Wood

I've done a lot of short sales and the only time I've seen investors make money on these is when the short sale lender drops the ball takes 6 months to a year in approving the deal and the original offer submitted has backed out and I've got a approval on a old value. Invester swoops in, lender does a soft decline on the short sale imputs the lender with the approved value and whamo investor wins. Other than this senario I and in my opinion short sales are difficult for investors getting the price they need.

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Thank you. Ok so there is 22 people in 92865, I can do it manually, I click on their name I don't see their occupation or am I missing it somewhere on the profile page?

Thanks again

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Hello,

I'm trying to find agents in the 92865 zip code so I do this...

Select Show Users "in a zip code"

Select In Zip Code "92865"

Then click "Search Locally"

Then go down to Select "Occupation" in dropdown menu then select "Real Estate Agent" in the next dropdown menu. Then click "Apply Search"

I get members from all over the country...?

Am I doing something wrong?

Thanks,

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Here are the RESPA rule that regulate impound accounts

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/ramh/res/respafaq

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1. You need 2 years income history.

2. good but doesn't offset less than 2 year income history

3. Low credit is ok, just effects your interest rate but conventional financing goes down to 620 FICO.

4. Your dad would not "co-sign" he would be a co-borrower and on title.

5. Doesn't matter if you approach the small bank now or later the outcome will be the same they will just ask for evidence of cash in the bank when you sell the property (certified closing statement from escrow and papertrail into your account). Most follow small banks who keep loans in house use conventional guidelines so if they need to they can sell the loans to raise cash. However equity line and 2nd's they have their own guidelines.

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You look at 3 areas.

1. Credit (evictions, charge offs, repossessions, judgments, etc)
2. Income (pay-stubs, length of time on job/line of work, verify employment can they afford the rent)
3. Assets (money in bank or reserves)

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Conventional for mixed use financing will require:

The property must be a one-unit dwelling that the borrower occupies as a principal residence.

The borrower must be both the owner and the operator of the business.

The property must be primarily residential in nature

A gift can be provided by:
• a relative, defined as the borrower’s spouse, child, or other dependent, or by any other
individual who is related to the borrower by blood, marriage, adoption, or legal guardianship;
or
• a fiancé, fiancée, or domestic partner.
The donor may not be, or have any affiliation with, the builder, the developer, the real estate
agent, or any other interested party to the transaction.

Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must:
• specify the dollar amount of the gift;
• specify the date the funds were transferred;
• include the donor’s statement that no repayment is expected; and
• indicate the donor’s name, address, telephone number, and relationship to the borrower.
When a gift from a relative or domestic partner is being pooled with the borrower’s funds to
make up the required minimum cash down payment, the following items must also be included:
• A certification from the donor stating that he or she has lived with the borrower for the past 12
months and will continue to do so in the new residence.
• Documents that demonstrate a history of borrower and donor shared residency. The donor’s
address must be the same as the borrower’s address. Examples include but are not limited to a
copy of a driver’s license, a bill, or a bank statement.

(Source: Fannie Mae Seller/Servicer Guide) aka conventional loans

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