All Forum Posts by: Maria McCreless

Here is a link https://www.hud.gov/program_offices/housing/sfh/le.... For some reason the 203k lenders do not come up but most who do FHA also do 203k loans. Its not a complete list, but may help.

Also, Quicken, Lending Tree, etc. do 203k loans and in my area mortgage brokers do as well. 

Yes you use sq ft price to run comps, but a 2015 comp is not comparable in today's market.     In addition, your going to need to adjust comps up or down depending on bedrooms. 

I do not require renters insurance.  In my move in packet, there is a form that I have tenants sign that explains renters insurance. It also explains that if something happens there contents would not be covered.  I had a situation where an attic evaporator leaked and fried a gaming system.  Tenants felt that we should replace it.  I whipped it out and reminded them of the conversation.  It diffused the situation pretty quickly.  

Hi Keith.  

Welcome to BP.  I am an agent in Tallahassee.  If you ever need anything, please feel free to reach out! 

@Zachary Grauer, Some agents do not close a deal for 6 months and some only close one or two a year.  After becoming an agent, I closed my first deal 2 months later.  It depends on your sphere of influence.  I told all of my family and friends I was becoming an agent and posted on my social media about my journey.   In my first 6 months, I sold my sister's father in law an investment property, my cousins house and they bough a new house, and she referred several off her friends to me.  Like everything else in life, it depends on you.  My advice do not let others scary you off, you control your destiny.  Not saying its the right chose for you but that's up to you to decide.   

@Remone R., was the FHA amendatory clause signed?

Here is the portion from the amendatory clause required on all FHA loans that will allow you to get your deposit back if doesn't appraise.

"the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise....setting forth the appraised value of the property of not less than" $(purchase price)."

I do not know if there is a specific timeline for your state but you can contact the escrow agent and find out. 

@Derek Stalhut, he took the in class a few months ago, but has not taken his state exam yet.  I am super ready for him to do so, because it will really help me out from a backup standpoint.  

Is there a clause in the contract that ties you to him after the 7 days? For example: if you sell 30 or 60 days after expiration you have to pay him?

I have frequently contacted sellers about properties that are off market that I feel pretty strongly that my buyer would be interested in or they have contacted me about. 

Yes, he could do a purchase contract prior to viewing but I would never ask a client to do this because I wouldn't be comfortable with it myself.  

I second, @Wayne Brooks suggest to him that you would be willing to sign a listing agreement specific to that buyer or buyers if he has a few investors in mind that he thinks it will work for.  Thats if you're not comfortable with the 7 days.  

In my area, depends on type of rental. SF/MF no but it is collected for commercial properties.