All Forum Posts by: Gurleen B.

Hello! We are closing on a property and looking for home insurance. I have the same provider (Nationwide) for our two properties and wanted to use them for our third.

However, since we had 3 claims in the past 3-5 years (two different properties -- minor leaks) my insurance provider said our newest property would not be eligible for them to provide insurance.

I don't know what to do; if anyone has any tips/suggestions please let me know. Very frustrated and don't want to lose out on this property.

0 Votes

Hi all! An offer we made on a property was accepted and I am wondering how I can convince the seller to let me take on their mortgage (their rate is 4% compared to the current 6%).

Is this a complicated process? Is there anything I can do to encourage the seller that this is a great option for them? Has anyone had success with this?

Any and all advice would be greatly appreciated -- thank you in advance!

0 Votes

Hi all! An offer we made on a property was accepted and I am wondering how I can convince the seller to let me take on their mortgage (their rate is 4% compared to the current 6%).

Is this a complicated process? Is there anything I can do to encourage the seller that this is a great option for them? Has anyone had success with this?

Any and all advice would be greatly appreciated -- thank you in advance!

0 Votes

Hi all! An offer we made on a property was accepted and I am wondering how I can convince the seller to let me take on their mortgage (their rate is 4% compared to the current 6%).

Is this a complicated process? Is there anything I can do to encourage the seller that this is a great option for them? Has anyone had success with this?

Any and all advice would be greatly appreciated -- thank you in advance!

1 Vote

Quote from @Ricardo Hidalgo:

Quote from @Gurleen B.:

Hi all,

Looking at making a final offer on a property and wanted some input on two options I have in mind:

Is it better to make an offer for $519,000

Is it better to make an offer for $544,000 (his counter-offer) but ask for $25k in closing credits which I can use to buffer any potential issues with repairs/upgrades/renters not being happy with rent increase, etc?

Thanks in advance!

I prefer to make an as is offer with the fewest amount of concessions to get the lowest purchase price possible. Closing cost tend to be write offs and I can get a better equity position to leverage for the future that could be tax free.

From what I understand closing costs cannot be deducted from your taxes. Are you doing something differently?

0 Votes

Quote from @Christina Yoon:

Depends. What is the cost to borrow VS. What cash position you have. Will it appraise at higher value?

From a seller's position, not much of a difference from an offer standpoint. But as a buyer, it affects you more.

I think it will appraise at a higher value. The $25K in credits would either be used to bring down the interest rate or serve as a hedge/buffer in case tenants don't want to stick around for a rent increase and as such the property can be updated.

@Eliott Elias I agree equity is the play, but just to play devil's advocate what would prevent me from paying that $25k as principal if I realize it isn't actually needed?

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@Andy Sabisch what a valuable lesson -- thank you for sharing!

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Allentown, Pennsylvania

Quote from @Andy Sabisch:

We are buying a duplex that has one side rented but they are on a month-to-month lease (actually do not have one at all so it is be default a month-to-month arrangement). They paid January 1st for the month and we close on the 11th of January. We will be terminating the lease and giving them 30 days to vacate. So the question is does the 30 days start from when we close and give them notice (so they would need to be out by 2/10) or from the end of the month that they are paid up through (which gives them until 3/2)? We are intending to give the tenant the 30-day notice after we close .

Unfortunately we found out issues that the seller "hide" in the process with this tenant and to make life easier down the road, this is not a tenant we would want as trouble is written in neon letters.

Thanks

Curious what/how the seller hid and how did you uncover it?

0 Votes

Allentown, Pennsylvania

All Forum Posts by: Gurleen B.

Gurleen B. has started 10 posts and replied 31 times.

Post: "Ineligible for Home Insurance" -- What Do I Do?

Post: Ineligible Risk Rating from Insurance Companies

Post: "Ineligible for Home Insurance" -- What Do I Do?

Post: How To Take On Seller's Mortgage?

Post: How To Take On Seller's Mortgage?

Post: How To Take On Seller's Mortgage?

Post: Better to offer less money or more money but ask for closing credit?

Post: Better to offer less money or more money but ask for closing credit?

Post: Okay, here's a question on time to vacate

Post: Okay, here's a question on time to vacate