All Forum Posts by: Charley F.

No worries man! There is always something to learn in each interaction and you have been kind enough (and only person) to invest your time on a stranger! I will request again for these items to be corrected in the Loan Estimate.

Best!

Hi Chris, thank you for sharing your input.

There are similarities in your stories and my case. The difference is that my case is almost "wrapped" as we are approved, we are not shopping around, and the "perks" we got (half cost of origination fee, no appraisal needed) were offered by them.

The officer did indeed mentioned that they are overwhelmed by the response of people trying to refinance, not in relation to the adjustments in the Loan Estimate but in relation to the time it takes them to deliver paperwork. But I do see how they would want to avoid more paperwork if the final document (the valid one) will be corrected.

What I want to avoid is having this error at closing which if it happens, it will add more time to the process. We want to close as soon as possible as the industry we work in has been deeply impacted by the corona virus and the market, which could mean possible layoffs limiting our options or the refinance itself.

Kind regards.

Greetings:

I am in the process of refinancing my home to take advantage of the lower percentages and reduce the length to 15 years. After research and consideration we decided to go with our bank (BofA). During my conversation with loan officer we agree to certain perks giving by the bank thanks to my tier as a customer, and some on negotiation. To be specific, we were waved the appraisal fee, no points, lowered percentage rate (to match a competitor bank) and half the cost of lenders fee.

In the first Loan Estimate everything was incorrect. We requested a second Loan Estimate and everything remained the same except for the percentage rate. We requested a new estimate and only the percentage rate was corrected, the rest remained the same. On my third request the subject was ignore even while still communicating with him and his team on related subjects. On the fourth request loan officer insists that these are only estimates and at the day of the closing, they will be corrected.

First, I kind of don't like to work this way where in an important date is when you get to see corrected documents. Either it would not be in your favor or it would delay the process and everything that might comes from it. Secondly, we are not talking about figures that can't possibly be accurate such as taxes, insurance, etc., these items have fixed cost (some was shown on their site) that can be either be removed or credited for the Loan Estimate.

I don't want to be too naive here and I know that there are many bureaucracies and automated steps that could make a simple adjustment a big hassle. But then again, I don't want a surprise.

Another concern is, in the event the loan does indeed comes still wrong during the closing, am I responsible for any fee if I decline or walk out from the closing?

What would you do in a similar situation?

Looking forward to your comments.

Greetings all.

I was one of those lucky newbies that where able to get into the RE investment without much money upfront few years back, all through the now dead program Homepath.

It was a beatiful deal: No appraisal, 10% down payment and no PMI.

Now I am back again to get another property, and found out the sad news. I called the bank and now, as investor, I am require to put down 25%. 

I am wondering, is there anything out there similar to this program? At least when it comes to money for down payment (10-15%)?

I want to avoid the PMI like the plague and that will require at least 20% down, but the amount will definitely affect the type of property I am looking for.

Any suggestions?

I am wondering how the creation of a National Guard Readiness Center will affect the value of the property in the area.

Here is the information we found in regards to the project:

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ST. AUGUSTINE, Fla. (Jan. 28, 2014) – The future of the National Guard in South Florida became more apparent recently, as construction moved forward on a new multi-million dollar readiness center north of Miami.

A “notice to proceed” for construction was issued on Jan. 21 for the 104,000-square-foot Miramar Readiness Center, located on the Snake Creek Training Site in Southern Broward County.

Conceptual drawing of the Miramar Readiness Center. Image courtesy Florida National Guard CFMO

Florida National Guard Construction and Facility Management Officer Lt. Col. Mark Widener said that site work has begun on the facility, and is scheduled for completion in late 2015.

The $19.9 million project is funded with Military Construction (MILCON) funds for Fiscal Year 2013.

When completed, the two-story building will include traditional National Guard facility features like an assembly hall, storage spaces, platoon areas, and offices. The design will also be highly energy efficient and meet the “Leadership in Energy and Environmental Design” (LEED) Silver certification rating set by the U.S. Green Building Council.

The four units that will call the Miramar Readiness Center their new home are three units from the 1st Battalion, 124th Infantry Regiment (Headquarters and Headquarters Company, Charlie Company, and the Forward Support Company) and the 13th Army Band.

Widener pointed out that the new Miramar Readiness Center will alleviate overcrowding issues these units face in their current facilities, especially for the infantry units that were based in the Robert A. Ballard Armory in Miami. He also said the new center would give the Florida National Guard a greater footprint in south Broward County and north Miami-Dade County.

“Strategically this puts a major facility on the northern fringes of Miami-Dade,” Widener explained. “This puts us in a better posture to handle any type of emergencies that would happen in the Miami-Dade area…This site could be vital as a Logistics Staging Area if you had a hurricane go through.”

The new facility will be constructed on approximately 30 acres of the southern portion of the 322-acre Snake Creek Training Site.

Looking forward to hear your comments.

I will ask if there is an option for him to pay over time. Thank you for your kind advise. Regards.

Hello Duncan.

When I learned he wanted to sell this condo, I discussed with my wife and we both agreed it was not a good idea. Then, in a casual conversation we both brought it up. We explained why we thought it was not a good idea to sell and he agreed. He also welcomed the idea of selling the jointed property to he can get the cash needed.

Then, in a conversation with wife we considered the option to buy him out. We talked to him about it and he liked very much the idea of us keeping the property. We then went the several banks and applied for a HELOC which we did not qualified. That takes us to plan B, which is a personal loan.

I think I understand where you are coming from. The conversation is open both ways, the only thing we don't know is why he needs the money. We would not want to ask that, as we feel it belong to his private life.

You have been the second person who told me to ask him if he is willing to accept payment over time, which is an option I did not considered. Definitely an option to consider.

Hello Jean. I would have my wife talk to him and gather as much info as possible. Yes, I have the taxes in mind. This, alone with the process of selling, plus our interest in RE is what has made us contemplate buying his share instead of selling. Also, he is not on the title, so I don't know what implications would that have on taxes.

My next task would be determine what are those implications, specially since this would be my first selling experience ever. If you can share some info it would be greatly appreciated. :)

Hello Duncan. I am not sure if he needs the money right away. My concern is that he is a very good man and will accommodate us at his expense. Asking him the question will be enough for him to say yes ( to buy him over time) without disclosing whether he needs it right away or not.

My sense tells me he needs it, otherwise he wouldn't consider selling his fully paid condo, which brings him $700 clean per month. We found out because he started to bring up similar subjects to his children who immediately suspected his intentions :)

Lets assume we decide to talk to him and he really don't need it immediately, I would still think it should be paid of Within a year, which in any case I will still need to get a loan as the money has to come from somewhere.

What would you do?

Greetings to all:

I have a property with a partnership with my father in law who is retired and in need of some cash. He wanted to sell his fully paid condo, but my wife and I advised against it. Instead, we offered to sell the jointed property which will be enough for him ($15,000) for some time.

Since we are liking the RE business we are considering buying his share and keep this property. After all expenses it generates about $270 per month.

We tried getting a HELOC but got declined because our primary does not meet the amount required, and we cannot do it for rental properties. We have 2 including the one in question.

We are considering getting personal loan, which will be more or less $300 per month for 5 years. Although the money for the loan can come from our personal finances, we are hesitant as our expenses has increase dramatically, and will be for at least another year and a half or two, that beside some job insecurity (we are both fulltimers).

So, it comes to the option of to sell or no to sell. We still consider ourselves newbies and rely on the wise opinions of the BP forums. That said, here are my questions:

- Is it worth to keep the property and get a persona loan to buy his share?

- Shall we sell and if so, what do we do with the cash?

We have considered various scenarios in the case of selling. One, is to apply it ($15K) to the principal of our first investment (current balance $63K market value $120K). Another option is to keep the money until we get some extra cash to purchase another property, or use it to buy a small apartment in the $30K-$50K range.

Our goal is to maximize our options and go with our best scenario.

What are your thoughts?