All Forum Posts by: Alex Alaniz

I have a unique situation and I am looking for feedback from other experienced real estate professionals.  I have a note on a property for $52,000.  its been rented out the last 4 years.  My tenant paid 3 years in advance and now wants to buy the property.  He proposed he assumes the note at what it is and I am clear from the property which is my goal.  How would I work the numbers if there is still a balance of the prepaid rent?

Thanks

@Christopher Foote thank you for all of the information, very helpful!  I agree having to pay off 11k in debt took away from the proceeds, I understand that.  I personally feel walking away from the closing table, I payed quite a bit more, 3k plus then what was discussed in closing fees.  Looking back, If I would have known that I would have sold and rented for a year and leveraged the 29k I had a check in my hands for from selling the other house for A higher return.  I might be able to make back what was spent/lost in a few years on this new property, but thats 2 years and about 25k in updates, depends on how the market is performing as well.....Hard lesson.

question for you: 

From one investor seeking gains by living in the house short term: 2 years

Is there a strategy left to use with this house if I refinance? The loan is for 96.5% LTV. it appraised at $212000. ARV I estimate to be around 299-320k with lots of sweat equity and about 20-25k

there is a loan disclosure at the bottom of the CD that reads escrow account: $5277.03 says right next to it estimated total amount over 1 year escrowed property cost:Property taxes, homeowners insurance. mortgage insurance. Is that common?

Just sold house for145k it appraised for exactly that. After closing fees, Commission, I netted $29,400 which the title company screwed up and told me 31k just the day before...annoyed at this point.

I bought another house for $212,000 doing a double close same day, the note is for $208,160 @ 5% interest, not the greatest but with two businesses my credit score has taken a hit significantly. Is what it is for now. Where I am lost: my understanding from the loan officer is that I was putting down $7500 3.5% but it only looks like $3840 was deducted from the note. They wanted me to pay off $14,000 of debt which i did but when I walked away from the closing table I paid a total of $12,746 in additional closing fees.

14,000:Debt

$12,746: Closing cost on new house

Total cost: $26,977

Netting me only $2,400 from both closes.

I felt like putting my head through the wall as the information I was given from my loan officer was nothing close to what happened. I had a check for 30k and walked away with 2400. This is an FHA loan but has anyone else had experience with them costing this much??

Had i known I was going to walk away with peanuts I would have rented and put the remainder in another property. Now I have to start over which took me 2 years on this house I sold. My question: is it cheaper to go conventional with more down vs FHA with 3.5% and for some reason I ended up costing me a lot more this time around......any help or advice would be appreciated, I feel very stupid for making this bad move on my end.

I'm going to repost in this thread because I got some great feedback from ppl and I will also start another New  thread asking the same question.

So My house sold for 145k it appraised for exactly that Ironically.  After closing fees, Commission, I netted 29,400 which the title company screwed up and told me 31k just the day before...annoyed at this point.

I bought another house for $212,000 the note is for $208,160 @ 5% interest, not the greatest but with two businesses my credit score has taken a hit significantly.  Is what it is for now.  Where I am lost:  my understanding from the loan officer is that I was putting down $7500 3.5% but it only looks like $3840 was deducted from the note.  They wanted me to pay off $14,000 of debt which i did but when I walked away from the closing table I paid a total of $12,746 in closing fees.

14,000:Debt

$12,746: Closing costs

Total: $26,977

Netting me only 2,400 from both closes.

I felt like putting my head through the wall as the information I was given from my loan officer was nothing close to what happened. I had a check for 30k and walked away with 2400. This is an FHA loan but has anyone else had experience with them costing this much??

Had i known I was going to walk away with peanuts I would have rented and put the remainder in another property. Now I have to start over which took me 2 years on this house I sold. My question: is it cheaper to go conventional with more down vs FHA with 3.5% and for some reason I ended up costing me a lot more this time around......any help or advice would be appreciated, I feel very stupid for making this bad move on my end.

Would I need to fill out an WB-40 Amendment to offer to purchase is my question.

Thanks!  So I am going to accept the offer, However I need to change the closing date.  Do I need to fill out a counter offer for this, or is there another way?

thanks for the info! Really appreciate it! Is there specific verbage I need to include to protect myself in case in comes in lower? Or do I have the option  to walk away if it comes in lower than the offer price I got today?  Also is it out of line to counter against the requested 56 days the buyer requested to 10 days to secure the additional financing to purchase? If I leave it at 56 days and they don’t secure financing I’m worried we won’t have enough time to find a new buyer as we are scheduled to close no later than November 30th on the new property.

Thanks for the help!

Just listed my house and listed it for $140,000.  Going into it i was worried it may not appraise for that so I listed it a little high.  I have an offer on the table for 145,000 contingent on the appraisal.  How can I word it so that its not contingent on the appraisal or that it plays in my favor if it appraises for less?  He was originally approved for 140,000 but is getting a new pre approval letter for 145000 not to exceed 137,750 for the loan amount.  Also asked for 56 days contingent on obtaining the new amount.  The dilemma i am in is that I have an accepted offer on a house contingent on selling mine.  They asked for the number of days between when I close on the other property.  What do you advise?  They also requested a response in 1 day from me.

Thanks, 

Alex