All Forum Posts by: Kenneth Gore

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@Reid Chauvin Thank you for your time man super valuable information there. The 10K is seller credit/price reduction

Correction 2K not 3K.

I was having a conversation with my lender about 10K that I've had taken off of a deal.

100% financing VA loan.

She tells me I have 7,000 in closing costs and my $5,000 deposit will be going to thoes cost. The 10K that I was receiving was initially a credit and I decided to take that off the price instead because she made me aware that I do not get the extra money if I have it in the form of credit after closing costs are covered.

Turns out I have 12k not 7k, The 7k is after the 5K had already been deducted. We had spoke about this specifically, Initially suggesting the 10k being split, five and five and ( price and credit) decided it wasn't the course to avoid losing money( (5+5) -7= 3 left over) . Now she's telling me that the bank won't give me the initial 100% blaming 47% Ltd.

This wouldn't have Happened if she told me my closing cost were 12k.

So now I'm spending 7K instead of 3K at closing. Could have effortlessly just been in the loan.

Understand that I could take the blame for listening to her words and not looking at the paperwork myself which is how I found out about the 12. But can this really not be fixed?

Is there something I don't understand about this process? I'm here to learn.

@Reed Vennel

Nothing shady about it. I'm prepared to pay what I offered. This will be my first real estate purchase and off of the general responses, looks like I'm doing Fine.

The Best deal is the deal where both parties feel Fair.

Thank you for your time

Hello Everyone. So I Found a decent duplex with a double lot ( buildable with permission from neighbors) highly desirable area for a 575, offered 605, appraisal came back at 605.... I honestly don't think the house is worth 605 I think it's worth about the asking. It breaks even at market rents at 605.

The Question is, what do you do when the appraisal comes back high?

Higher than expected for what you ideally want to pay.

Is this a dumb deal with such tight numbers on my first house? I Will be house hacking. The building has potential to become three units without a lot of work, already zoned for it. Thank you all for your time.

BTW property was bought by the seller 2 years ago for 301. Rapidly increasing area.

@Bill Brandt that's fantastic news. what style properties (2/3/4units) were they and what type of loans did you get? how much down?%

@Zack Karp anytime you're available 7815106597 especially today.

@Zack Karp DM sent! I definitely want to connect with you. Thanks again for your time.

@Zack Karp phenomenal response. Thank you, definitely helped.

I had no idea I could use the VA loan twice! that's really interesting. I'm getting the impression that my FHA may still be available after using my VA, is that correct? I didn't know the FHA was refreshable like the VA after a refi.