All Forum Posts by: Matt N.

Thank you all for your valuable input. 

I am in a situation now. I have submitted an offer on a multi-family based on FHA loan. I am the only offer the Seller received (up to now that I know). I have increased my price once responding to Seller's counter offer. However the Seller is not willing to accept my offer. I have waived inspection contingency. What else can I change to persuade the Seller to accept? I can increase the price another $25k but I am only going to do so if I am sure the Seller will accept FHA. Any ideas or suggestions?

Good job. Would have been nice to know how you put time and capital and how you share the profit. Because I'm actually thinking of partnering but don't know what arrangement to propose that will be in benefit of both of us.

@Ryan Hurd I hear you but here's my situation.

My plan is to purchase a multi-family with an FHA loan. Multi-families in my area are priced 400-600k. I was speaking with one of the listing agents and she said seller puts offers with FHA in fourth place after cash, conventional and 203k loans because its got a lot of compliance strings attached to it. So if I submit an offer with an FHA my chances are already lower than others. So what's the next best for me as the buyer? Do all conventional and 203k loans require 20% down payment? I can stretch out and put 15% down but 20% is out of my range. Any advice?

My plan is to purchase a multi-family with an FHA loan. Multi-families in my area are priced 400-600k. I was speaking with one of the listing agents and she said seller puts offers with FHA in fourth place after cash, conventional and 203k loans because its got a lot of compliance strings attached to it. So if I submit an offer with an FHA my chances are already lower than others. So what's the next best for me as the buyer? Do all conventional and 203k loans require 20% down payment? I can stretch out and put 15% down but 20% is out of my range. Any advice? Lenders?

Any new feedback about Tenant Cloud app? Has anyone actually implemented it with his/her tenants?

Thanks @Account Closed @Mark Gallagher

Thanks a lot @Denise Evans for a detailed advice. 

I actually went on the broker's website which the agent worked for and left a message. The principal broker had jumped in and dug deep into the situation. He replied and explained everything. The agent called and was very upset. Anyhow the agent said she will talk with the Seller to enter into a new contract with me. I'm waiting to see how it goes. She didn't give me the Sellers phone number saying she is not authorized to do so! (I don't know if I should fight her or accept it)

The agent explained that the Seller had not paid her condo fees and therefore incurred more costs than what the bank is ready to accept so the bank has refused the Short Sale and asked for settlement of the condo fees because the condo association is foreclosing.

&steven so you think I have no recourse? Doesn't my contract automatically extend to the new Sellers agent? The old agent hasn't even given me the new agents cell phone or the Sellers phone. How can I find their numbers?

Hi awesome Real Estate fans,

I have a situation and need advice on what to do. I had signed a Purchase Contract as the Buyer in July 2016 for a short sale condo. I had appointed the Seller's agent as also my agent and signed the disclosure. The closing was stated to be in Oct 2016. The Sellers agent didn't get the short sale approval from the bank so we couldn't close in Oct. Now I received a call from the Seller's agent saying that the Seller has fired her and appointed a new agent. What does this mean for me? Can the Seller do this while under contract? How can I resolve this? My intention is to purchase not to cancel. 

If you had similar experience please share. 

-Matt

Originally posted by @Russell Brazil:

I think while we may still be seeing an overall price increase in the DC area, that does not tell the whole story of the market. Yes median and average prices are rising, but a lot of that is because the low end of the market is up, along with the high end of the market. You will see that in gentrifying neighborhoods, as prices approach the FHA and conventional loan limits that there is a plateauing of prices. Let's take upper Petworth for example. As redone rowhouses started passing the $600k mark, price growth in that price range slowed. But the nonredone properties in the $400's continued to rise. So the median price rises, but the market for those homes in the $600's stagnated.

So now that that price point stagnated, redone homes in Brightwood just to the north have gone up.

So from an outsiders perspective like @Andy Gross watching from Hawaii, you may see just prices rising, but doesnt tell the whole story of the DC market.  The loan limits create a ceiling in many neighborhoods where the jumbo loan people would not live.

There is also the factor that with all the money in the DC market, they compared to competitors like San Francisco, Boston, NYC...that DC has never traded at the valuations of those cities despite the DC area being center to 10 of the top 20 richest counties in America by median income.  

 Nice analysis. So which neighborhoods are following Brightwood in gentrification and government development?