All Forum Posts by: Jonathan Valdes

@Harjeet Bhatti what do you mean by offer me “Home”. Do you mean just home insurance?

@JM Payne it’s not that I don’t quality because of my background. The issue is the lender does not want to give the loan since taxes and flood insurance went up. I also am doing this deal solo.

Hey BP!!!

So I’ve had this amazing duplex under contract since May 2019. All parties are ready to close. My lender is now telling me they will not give me the loan to purchase the house. Their reasoning behind is I “dont qualify”.

Quick background:

Sale price - $414,000

Taxes - $7,100 now are $9,400 (according to lender)

Homeowner isn - $1100yr (was $1740, but I got a better quote)

Flood insurance- $3020yr (I tried to shop around)

I have $10,000 Ernest $ in the deal.

I am going FHA here.

It’s in northern New Jersey....Bergen County.

Any ideas how to save this deal????

Please I have no idea what to do next.

@Hannah Canario

I have never heard of that program.

That would be great if we could find it.

@Milos Cejkov

I have to agree with @Clark Kirkpatrick. I’ve been looking for the right property here in Bergen. After 2 year I found it.

2 family

1/1 - rent for $1800

3/1 - live in paying $1500

.28 acres

$7100 property tax

$3100 flood insurance.

Purchase @ $414k

I will invest $12k for repairs. Most I will handle myself.

@Sunny Burns sorry I would normally jump to an event on my day off. Unfortunately I am promised to the MRS’ tonight.

working a full time job blows when my I am scheduled to work when all these awesome events are taking place.

I am happy to be able to keep my inspection for today!!

I was lucky to get Mark from Nobility Home Inspections

It going to cost $500, it’s about average for a home inspection from I have seen.

@Kelli Gaul thank you for the recommendation. I called & let a message, hopefully that will save my rear. I also called my lawyer to see if we can extend the inspection date. 

@Allan Szlafrok the seller is handling the eviction process of the current tenants. This was my main request, I did not want to deal with eviction on my first solo deal.  If for what ever reason the seller can not preform the eviction, I would renegotiate with him.

And because of the eviction the seller has to perform, I will be able to ask for an extention.  

@Allan Szlafrok. I did get a hold of an inspector, but I was quoted $850. Company is http://www.inspectahomeinc.com

Is that normal price? I was quoted $450 from home masters.

Almost double!!