All Forum Posts by: Lori Vines

Thanks Dion for the prompt response.  I understand the mortgage stays with the home and I'd be purchasing the home subject to the existing mortgage.  I am not trying to take an innate amount of equity from them either as I agree that wouldn't be in their best interest. These are friends as well.  I'm trying to see how I can purchase this home without going the traditional route is all I'm trying to do so I don't have to pay 20% down and closing costs (for the moment and do that on the refi). Lender requires me to pay my 2013 IRS balance in full too if I go the traditional route.  I have 5 closings next month so I will have a lot more to work with then but I still don't want to go traditional 20% if I can help it. I'm basically wanting to spread out the payment of their equity to them over time instead of closing traditionally and them getting it on one lump sum.  They have already got another home and don't want two mortgages nor to deal with tenants so it was just a thought since I want to accrue more investment property and wondered if this might work.  

I could pay them their equity due to them (on our agreed lower price than what we would list for retail) and I could pay them 10K now take over payments, 10K next month, and spread the rest over the year until I refi in 12 months.. then at that time, when I refi, they would be paid and out of the picture....

would it be better for me to do HM just to get it in my name and then refi out of that in Oct once my bank account matches my ambitions??

Hi BPer's 

My first question/post here. I'm a Realtor so not new to Real Estate but new to the creative options. (and excited about them!) I'm considering approaching one of my clients with the option of buying their house subject to because I don't have 20% down (and I want to get my feet wet on this) and just offering them some $$ upfront (they need some of their equity) and taking over payments and leasing it out... then I can continue to pay them an agreed upon amount towards that additional equity. Will I be able to refinance to get it in my name and if so, how long is title seasoning or is there, since it's subject to? And if so, can I, since I will have all that equity in the home, cash out some of it to pay them off on the refi?? Also, since it's in an HOA, how does that work on something like this? I already have a rental in the neighborhood so I know the transfer fees etc... but how to handle me taking over that too on a subject to?

Any advice or other creative thinking?- I'm open

Hi Matt! 

Welcome to BP! Come to the REI meetup tomorrow at Big Daddy's at 11:30 and rub elbows with us there too. I'm a newbie as well but feel like I landed at the right place at the right time with the right people finding BP and that REI group.

All the best, 

Lori

I have pocket listing, investor special... good bones in 78745 

needs cosmetic overhaul/updating 

1699 sq feet, largest lot in subdivision at 104 x 122

huge old oak trees, high rents in area too.. that go quickly 

owner will let me show to investors pre-MLS as I'll reduce listing commission from 6% to 4% if I bring a buyer.. can show to investors on Weds, let me know if there is interest. This is my first post like this, so mods, if I'm wrong for posting here, please correct me, do I post things like this in marketplace?

Lori Vines

sites like Zillow and Trulia are on a significant time delay with the local MLS... We have one website in Austin (austinhomesearch.com) that is synced to our Realtor MLS so it is on a 24 hour delay but it is the most accurate site for the public to use to as close to 'real time' information...but a lot can happen in 24 hours (at least here, homes are gone within hours)

I doubt there is anything shady going on, ask the Realtor if the status has been changed and if there is a just a delay with Zillow (I tend to see a 4 day delay locally here) with them.

can you forward info?  Thanks Amanda for quick response!

great credit etc..... 

thanks Uday!  I just signed up- see you Thursday!

Hi I'm a newbie to this site and am wondering if this every Thursday meeting is still going strong or if their are other current meet ups in Austin as I would like to connect and get involved.