All Forum Posts by: Jim Gordon

[size=18][/size]In my opinion and I am not an attorney Assigning a contract is alright because you are transfering your rights to purchase for a fee. Birddogging where you get a fee for finding the property is some of what is being gone after. Also managing a property for a friend where you get paid for it is a big target.

The State released a partial list of March fines for illegal real estate activity. This can be anything from propertry management to selling homes without a liscense. Because of forclosure fraud they are really going after this.

Here is a link to the list.

http://www.com.state.oh.us/real/documents/Collections_Summary_As_of_March_2007.pdf

A local property management company was fined 200,000.00 for doing business without proper liscencing in the State of Ohio.
Here is a link to the story.
http://news.enquirer.com/apps/pbcs.dll/article?AID=/20071215/BIZ01/712150339/1076/BIZ
The state seems to be going after some of this stuff or is it that people complain when someone does not follow the rules and regs.

Subject 2 will work if the lender has been notified and the lender agrees to it. The problem is most buyers do not contact the lender, do not send the lender the requested documentation, and could not care what the lender thinks as it is not their credit.

Let me call Tim and find out.

email from my LO

James,

Looks like we would require 25% down also. With the Subprime market gone, Fannie & Freddie are the only ones insuring 4 unit Non-Owner properties and they both require the LTV of 75% or lower so we are stuck with that.

Mortgage Services Interest Rate as of December 11, 2007 @ 1:55pm is as follows:

6.500% 30yr Fixed with credit score ranging from 680+. There are no points or broker fees
6.625% 30yr Fixed with credit score ranging from 660-679. There are no points or broker fees.

Hope this helps. If you have any questions/concerns I will be availbale via cell phone all day and evening.

Thanks for the opportunity and have a great Tuesday!

Tim

I will have an answer back from my preferred lender in about 10 minutes. Do you have more than 10 mortgages currently?

Is this more or less than a 4 family

On a 203k you can do the work yourself as long as you use approved materials but you can not get paid for doing the work. FHA considers that "sweat equity" they will reimburse you for approved materials.

Kind of sounds like Ohio. The easy rule is -- if it means talking with a person about anything having to do with real estate you can't do it. Even giving the price of a house or number of bedrooms.