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All Forum Posts by: Jim Costello

Jim Costello has started 1 posts and replied 3 times.

Post: Offers Getting Rejected Left n Right

Jim CostelloPosted
  • Fayetteville, OH
  • Posts 3
  • Votes 1

Everyone is having trouble with MLS offers. Not just you.

In fact in some places even offers at full price are getting out bid by thousands, 96% is an average for retail sales – look it up.

Sign of the times, competition is up and housing stock is clearly low. In fact the money is moving as the stock market run up has provided plenty of funds for those invested even 2 years back.

You’re clearly out of touch - lowball offers are good for no-one and your agent will likely get tired of you. The seller’s agent likely has a personal relationship with the seller and has a fiduciary responsibility – don’t matter if YOU think that’s all its worth (After your profit from it). How’s your inspection/construction experience? Is your work crew ready to go to work when the offer is accepted and did they evaluate the numbers correctly? Do you even have one or was your next step the get an inspection? Offering 70% of list on 2 offers with a random agent and no organization to back you while hoping to profit heavily from someone else’s property – sounds like you haven’t a clue. As mentioned, you definitely are going to get more rejected offers and at some point you will get an accepted one – then watch out. 

Post: Bank originating loan is the original mortgage lender.

Jim CostelloPosted
  • Fayetteville, OH
  • Posts 3
  • Votes 1

Thanks @Owen Schwaegerle

Greatly appreciate the reply, as this is a multifamily couldn't I get a break on survey, environmental report, possibly transfer same insurance into place etc...

Is it even possible to negotiate a loan assumption or am I stretching? 

Post: Bank originating loan is the original mortgage lender.

Jim CostelloPosted
  • Fayetteville, OH
  • Posts 3
  • Votes 1

Only just joined and have a burning question (more to follow I'm sure) - So I went for loan on a property which I have under contract (my first) & I found out that this bank I'm applying to is the original loaner on that property. Coincidence, but is there any advantage to that bank being the my lender, would I get fees reduced or is there some easier less costly 'transfer' they can do since they already service that property? My agent found the details online & doesn't think it's been sold off. Does the bank even have to mention it? the application's been with them for a few weeks - they never said or offered anything?