All Forum Posts by: Account Closed

Hi - does anyone have a recommendation for a real estate attorney or prop mgt company that will help with tenant eviction for non-payment of rent? We got a heads up that tenant will likely stop paying rent next month so wanted to get our ducks in order.  There’s many leads on google but would appreciate any personal reccs. 

Thanks for the reply. I have an in law that I will now need to support. And basically while that obligation is not a debt which can be calculated in a debt to income ratio, I’m trying to be responsible. 

Looking for advice from any mortgage professionals.. I need to get out of a purchase contract which is only subject to a financing contingency at this point.  I basically changed my mind due to recent personal life developments.  I have been conditionally approved and provided recent bank statements proving the down payment. Can I notify the lender that I no longer wish to use these monies for the down payment which will make me ineligible for the loan? Or that I plan to quit my job and relocate? Does updated verbal information from the borrower change the loan approval? I need a loan denial letter

Hi there,

Wondering if the professionals here can give me a clear answer. On several occasions, I’ve asked listing agents if they would be open to a cash buyer who represented themselves which would help save the seller the commission on the buyers agent. Some realtors were open to considering it while others said flat out that it wouldn’t save their client any fees and asked that I contact a realtor to show the place to me. Do listing contracts state the entire 5-6% fee go to the listing agent if the buyer is not represented by an agent? 

Due to the competitive market, if I can save the seller 2-2.5% on the buyers agent commission, my cash offer may beat out other offers. I have successfully purchased several properties this way in the past; however those properties were sold by owners or the sellers were realtors themselves (so obviously more keen to my offer).

Also, while I understand the buyer does not pay the commission (the seller pays it); it is ultimately the buyer that pays it as the seller just includes this cost in considering what price they will accept. 

Any tips for approaching realtors or wording my request differently would be appreciated. Thanks for any (honest) feedback. 

We are selling a primary residence which was a rental for the last year. Since we lived in it for 2-yrs within the last 5, we qualify for the $500k capital gains exclusion. However our profit will exceed that by $150k or so (likely). Does anyone know if we can do a 1031 exchange in addition to taking the capital gains exclusion to avoid paying taxes? I will be looking for a CPA to get firm advice but curious if this is possible...

Could someone help me? We are in escrow and our appraisal came in at the purchase price but is based on square footage that is 160 sq ft bigger than tax records. Do appraisers actually measure the home? Will this affect my future resale value? I am assuming I can only advertise square footage based on county records (or expose myself to some potential liability regarding misrepresentation).  any advice appreciated! 

20% cushion is great and the rates are phenomenal now. No crystal ball and since this is owner occupied, it’s more about the quality of life for your family and making memories.. your investment horizon is long enough that any downturn won’t materially impact you, maybe just bring down your property taxes in the mean time if it does happen... congrats on the accepted offer. 

Unfortunately I agree w/ Joe - big corporations are stockpiling liquidity and drawing down on lines. Unemployment is expected to get worse. Analysts and economists are saying this recession will be more severe than the 2008 financial crisis...

Thanks Russell. I’ve got multiple landlord policies, do you know if all policies go up 25% or just the 1?