All Forum Posts by: Kelly G.

anybody still monitoring?

First - let's assume that after a walk-through w/ contractor and maybe appraisal - all looks good (reasonable repairs - good appraisal) . . .

So . . . is it true that I would be more likely to get my offer accepted on a 'cash' offer vs a loan - even if it were an owner-occupied fha 203 loan?

If so - and I'm thinking this would be true - let's say I take a mortgage out on my house = $100k; and get a hard-money loan for say - $100k - what is this likely to cost me over - say 8 months?

I'm thinking I get the house fixed and take out a conventional to pay us back! I'm also thinking - since the house is large, on 10 ac - with a guest house - an appraisal = $400k does not seem unreasonable. - but let's say $350k to be safe.

Like I said - I've never been good at the financing side - have a good eye and can fix almost anything to high end on a quarter! (not a dime! - chuckle)

Thanks for your help!

Kelly

wow! hey - thanks everyone for your comments!

I DO need to get a contractor out there ASAP - and talk to the listing agent. I did a very quick walk through (now wish I had spent more time); the last owners (who lost the house) took 'everything'! - sinks, stove, dishwasher, furnace!, water heater! Structurally - the house seems fine - built in '98. Cabinets, floors, walls, windows all in good shape. I don't know why at least 2 previous offers fell through - yes - have much research to do!! although I'm told that because this is in a small town, the other offers were likely from folks looking for a second house and didn't want the repairs. I did notice the windows in the guest house have broken seals (dual pane w/ moisture inside) - did not notice this on the main house. It is on a well and septic - need info there too!

I am willing to put in a little $$ to find out what's really up. Posted these finance questions as this is generally my weakest area of knowledge. And, as I said, I don't really have $200k laying around, but could probably muster it if I had to - though probably not very smart!

Again - really appreciate your input!

Kelly

Thanks for your help David and Wayne!

I'm a bit confused - is the bank likely to accept an FHA loan if the current terms say 'cash'??

also, my current house is an FHA - does that hurt? Can I do 2 FHA loans?

kelly

I am not a real estate investor. Let's just start there, lest you think I have any idea of what I'm doing!! ;-))) (chuckle)

I have my eye on a house - REO asking $200k; says 'cash only'; will not qualify for conventional as it is "as is" in need of work - (4 bdrm/2.5 bath on 10 ac; + 900 sq. ft guest house). This would become my primary - with renting the guest house. There were 2 other offers that fell through - if there was an appraisal - could I get my hands on it? house has been listed >200 days - is this to my advantage? seems so.

Now I don't have $200k just laying around (tee hee!) . . . how do I buy this property with the least amount of cash out-of-pocket?

Now - I own a house outright worth @$135k. is becoming a rental.

I have another house (primary residence) - probably irrelevant except for current debt ($800/mo escrow) - not much equity.

I have a fair amount of savings ($100k+ liquid) - have extra $$ in various retirement accounts.

What is the best way to pull this off? Should I (could I?) take a mortgage on the house I own outright - then make up the difference with savings?

I'm assuming I could not use a 'construction loan' because the terms are 'cash'; is a loan possible?

really don't have much knowledge about how to do this (obvious huh!) - but I am sooo in love with this property! and I have much research to do yet on the house . . but . . if I can't come up w/ financing - there's nothing to research!

Really appreciate any help you can provide

Thanks so much

kelly

thanks for your comment - unfortunately, neither zillow nor any other 'public' site seems to have 'recently sold' data because New Mexico is a non-disclosure state - sale info only available to the privileged few!

kelly

Greetings;

I am interested in purchasing property in New Mexico - another non-disclosure state.

Aside from an agent - still looking for one - any suggestions where I can peruse myself. Specifically looking at Silver City - if anyone knows a good agent/office there.

thanks

Kelly

my "agent" (tentative) has told me that the property I'm interested is being "handled by Kazork." Now, another RE agency purports to have the 'listing'; Kazork states they don't buy or sell - just facilitate.

What do you know about Kazork? Should I be suspicious of my 'agent' - I mean - why not just tell me who the listing agent is?

thanks

Kelly

Never say "never" when it comes to floods! the climate is changing . . and when it comes, it will come big - dams will break and you will THANK FEMA for your insurance!! be careful about being short sighted!

I am looking at an REO property that is being sold "as is". The previous owners apparently took out ALOT when they left: sinks, water heater, furnace?, etc etc. I intend to occupy the house - maybe sell in a few years. There are deed restrictions that don't seem terribly cumbersome (no rv's as 'permanent' housing, no houses <1000 sq ft, no hunting, no pigs . . . ). House is on 10 acres.

(btw: I do not have great faith/experience w/ realtors!)

Q1) I discovered that the agent that showed me the house - was a previous owner back in '98; and she added the covenants! The property has changed hands a couple times since then; is this a 'conflict of interest'? I don't think so, but she was less than forthright when I asked about deed restrictions - curious!

Q2) The 'handout' I got (actually from another agent - long story) says "Terms Offered: Cash, See Financial Remarks". This info is NOT on the sheet I got from "my" agent (being the first to show me the property). How do I find out what these are - the "terms" that is? My agent - again, less than forthcoming. I've asked her about this and she has simply said that I have many options to get funding.

Q3) How hard would it be to get a construction loan? Any advice on best type of loan? (always feel like I've been taken for a ride when I get a loan - not very savvy here!) I have excellent credit: 780 in Dec; low income the last 2 years (@ $35k) due to many family emergencies (3 deaths); am self- employed - will file 2nd tax return as SE this year; excellent assets.

Q4) this property seems like a dream! but has been an REO for >200 days!! What red flags should I be looking for (except the 'as is'). It's priced at $225k but probably worth >$400k once 'finished'. Doubt that I would put in half that in repairs (but don't fully know what's needed yet).

Q5) If there have been other offers, and if maybe someone did an appraisal or inspection, any way to get my hands on that?!

(Should probably create 5 posts!)

Thanks so much in advance

Kelly