All Forum Posts by: Meagan Lapworth

Hi all! Title says most of it, my realtor has a relative with a duplex with burn damage in Oregon in the area I'm looking to buy my first househack. Burn damage in the attic was from a past tenant and their BBQ grease fire, there are also back taxes. From my employer, I have legal insurance through ARAG that covers 100% of attorney fees when buying a primary residence, filing fees are extra.

-Should I use my attorney for closing or still get a closing company?

-Should I use my attorney for a title search or still get a title company to do that?

-Since it's an Owner-carry, do I still need to set up escrow for prepaids/homeowners ins/property taxes?

-Can I even do a cash out refinance with an FHA loan? The title would be in my name only on closing, so I would 'own' the property, making it a refinance, not a purchase.

-Are closing agents and escrow agents the same, if not, can they be?

-Should I get an inspector that is very familiar with FHA loans to help me decide what needs to be done in the rehab/remodel process so it will finance FHA?

-Should I find an appraiser that is also familiar with FHA loans or just a good appraiser is fine? To make extra sure it appraises high enough for the refinance, this would be after I talk to an inspector and get a few GCs to bid the job, might also get a structural engineer to come up with a repair plan for the GCs to look at when getting me bids.

-Is a cash out refinance with an FHA loan from an owner-carry even possible? Are there things I should research about that? I've done some but I didn't find info on this scenario.

-The property does have back property taxes, so I will need to contact the county assessor to find out information on paying those at/after closing, but I want to use that in negotiations for price/terms, as the taxes are now almost 3 years delinquent and tax foreclosure is coming this November if not paid (in full or in payments, tax assessor will know for sure).

For context, its a 2 bed 2 full bath (1/1 each side) just under 1,800 sq ft. total, thinking rent for the larger side would be $1250ish and the smaller side $950ish, purchase price I'm unsure of but I would start at $120k due to burn damage and back taxes. Rehab costs I have no real idea, but may be $60k-$90k, again not sure until I get bids. After rehab would be ballpark $280k-300k, just going off recent sales in the area.

I really appreciate any answers/advice y'all can provide while I think about pursuing this or not.

Hi, wondering if you are entitled to commission for a property and you are the buyer representing yourself, do you get the commission in time to use it toward your closing costs? Or is that not allowed, depending on the state or lender?