All Forum Posts by: Page Huyette

Thanks for the post and your thoughts. Regarding #9--I've begun to develop relationships with a couple of agents and was wondering the best way to compensate them for their access to the mls and other leads--cash when a deal closes, referrals? I've found that most good agents are in it for the long haul and know that they'll get great referrals from me, but sometimes its nice to have some cash in the pocket. Interested in your thoughts.

Seems like its always wise to check out what they are requesting. If the repairs/upgrades are in the best interest of your investment and you've budgeted correctly, go ahead and take care of them. I would also give some thought to who is making the request--if it is a tenant you want long-term it is a small price to keep them in place. If its someone that complains a lot and has unrealistic expectations, I'd think about not renewing their lease and looking for a great replacement.

After thinking this over (and due to close in a week) I'm considering other strategies before I ask the seller for a 2500 adjustment. I'd like to have several inspections done (well testing, water conditioning system, hvac and garage door malfunction). My question: if repairs are needed, can I add this to the inspection cost and have this paid out of the credit for pre-paids and closing costs the seller is crediting me? I am thinking the rules are pretty cut and dry regarding this, but would like to confirm. I'd rather not re-write the credit to include itemized repairs this late in the game, but it's killing me to give up on $2500-3000 and just hand it over to the seller.

The other idea I had was to ask the bank to use some of the $$ to get a better rate.

Heard back from our lender that we could ask for a price adjustment for around 2500. I'm planning on sending an email to the seller along with a form spelling out the adjustment. Wondering what the best format would be--a customized counter, or??? Any ideas out there?

As someone who teaches people how to set up their own sites and use them to market themselves, I say JUST START. The advice to decide "why" you are blogging is good --- to help others avoid the mistakes you made, to show your humorous side in the midst of rehabbing? Decide on your special angle, and focus on that. You'll find that many topics fit this angle, establishing a niche for you. I would also strongly advise that you get your own domain (about $10/year) and use wordpress.com, not org, which lets you use the Wordpress platform with your own domain. Hosting your site will run you about $5/month. Don't forget SEO once you get up and rolling--Good luck to you!

Thanks for the insight. We have a closing date set for two weeks from now, and are about 4.5 weeks into it, with fha being slow in underwriting. No agents on either side, I have been handling contracts, contingencies, inspection, everything. An odd transaction, even having keys to the place throughout the process.

Jon, do you see that as the only issue? Funny thing is, I requested a place to send the earnest $$ and the seller never responded. Its been a pretty clean deal on both sides. The title officer asked me about it while preparing the estimated closing costs for me, and I said I was still holding and could either send it to them or pay at closing, stating I'd prefer to pay at closing if the seller doesn't care either way--b ut I mentioned I didn't want to breach contract.

See my other post today for more history on this property, but my offer was accepted with 4k credit from seller towards closing and pre-paids. I'm receiving a bank credit for accepting a certain rate. This is an fha loan with the required 3.5% down by buyer, but taking that out of the equation, the Hud-1 shows I only need to come in with just over 4k instead of the over 9k I'm required to provide.

My question is--should I ask the seller to agree to a purchase price change. They'll still be getting full asking price, but this would lower my loan amount and slightly lower my required 3.5%.

I've asked the loan officer if any outstanding funds could be applied forward towards interest but was told no, I just lose that money. Seems like there's gotta be a way to make this a tighter deal without the bank gaining 3k+ from my price.

Hi new here, and have had real estate investments off and on since 1999. I'm purchasing a single family as a primary residence with the intention of turning it into a rental in a few years--until then it will be owner-occupied. My pressing question: I'm using an fha loan which has already been approved and is awaiting the appraisal. Tried to go the usda rd route but the new ratios won't allow it.

I've just been approved through my credit union for 0% down option with different terms. The question isn't what is the best loan (still researching that) but what are the repercussions (other than noses bent out of shape) for shifting gears in the last inning and going to another lender. Can I keep the same title co.? Anyone have any experience in this and know what will happen if I open this can of worms?