All Forum Posts by: Michael Evans

View report

Why is there a minus sign in front of the purchase price in the calculator?

*This link comes directly from our calculators, based on information input by the member who posted.

I would not touch that existing 2.5 loan. It's like gold!

Did you offer a balloon? I would never even bring up a balloon. It's like a ticking time bomb. If the bank calls the loan because the deed was transferred, you can deed it back to the seller and get a lease option contract or contract for deed. Make sure you have an experienced RE attorney and a transaction coordinator do the paperwork

If you're going to ask them to sell to you on owner financing, you need to do the research to determine the remaining balance, the interest rate and how much the house needs in repairs. It's ok to pay a higher price if the existing rate is low enough. Also check what other properties are renting for on Airbnb. Make sure that the seller understands in writing that you are not assuming the existing mortgage, that it will still be in their name and deed will transfer to you at closing. Good luck

Subject to is NOT an assumption. You don't even need to talk to the bank. This deal could have been closed in 30 days or less by a well trained creative financing transaction coordinator.

The agent commissions and the closing costs that are negotiated, come from the SELLERS proceeds and become part of the purchase price. As a SubTo student who has been through quite a bit of the training, I have never heard anyone suggest to pay over listing price.

It depends on how much the VA borrower is try to use. The current limit amount is $726k depending on the location.

You say you've "had your eye on it" so why haven't you made an offer? Sounds like analysis paralysis, like you've already done a lot of research. Don't waste your time if it's not going to work. Make an offer, get it under contract and then IF it's accepted, do the due diligence. Only then will you know if it's worth pursuing. My take...Good luck

Be persistent, don't give up! You have to keep calling the contractors until they respond. Try to find their reasons for ghosting you and be patient. It's a marathon, not a sprint. Have you thought about contacting a wholesaler to see if there is any interest? If it's a good deal, you might be able to get an assignment fee if nothing else.

Good luck