All Forum Posts by: Phillip Dwyer

@Ben Bradway correct.  If a house backs to a busy street, that means the rear lot line is adjacent to the busy street.  

@Rahni Walden Here's a few things I think would maximize the sales price:

1.  Give tenant notice to vacate, then list it for sale vacant.  You want to maximize the number of showings

2.  Make it move in ready.  It costs a buyer more to close on a house now, so you want to make it easy for buyers to close.  Your target market for max price is likely owner-occupants.

3.  Hire an agent that has a track record.  This agent can guide you on item 2 above, so that you're not throwing money away on things that won't move the pricing needle.  The agent can guide you on number 4 below as well.

4.  Know the market.  Be willing to pay buyer closing costs if that's what the market dictates.  Don't over price. Price it where it's likely to sell, so that you have the opportunity to get the most eyes and offers on the listing.

Regarding your question about selling directly to investors, iBuyers, ect, those buyers are only buying when they can make a profit.  There is no emotional attachment to the house.  You'll get the most for the house by maximizing the expose to the largest number of potential buyers (owner-occupants).  Good luck!

What about selling the house and using the proceeds to fund your investments?  Then rent something modest until you have saved more to buy a new primary or more investments.

@Juan Figueroa What kind of projects are you working on?  

@Jacob Olson What about a single family detached house with lower HOA fees? What if you could find a resale house with an assumable VA loan at a low rate like 4%? There is produce out there.

@Belinda Fello do the numbers work at the new rate and terms? Have you researched the market rent, HOA rental restrictions, what it would take to get it rent ready, ect? Would it make more sense to sell it and put the proceeds into something else?

@Belinda Fello have you consulted an attorney yet?  If the property needs to go through the probate process, you will likely need an attorney.  

@Tayyab Chaudhry

Before you go property hunting, I suggest you chat with a mortgage lender (if you're not paying cash). You need to see what loans you qualify for and what amounts. This will drive the decisions on what types of property you buy. You might not be able to buy a foreclosure that doesn't meet Fannie Mae or HUD property standards if those are the only loans you qualify for.

@Josh Edelman There can be big variances in pricing depending upon the equipment quoted.  Make sure you're comparing apples to apples.  Try M&K Heating and Cooling.  They typically give fair estimates.

Hopefully you are at the very beginning of the purchase agreement.  Otherwise you might lose your earnest money.  You could also try to get a regular job in the same industry you were in and hope this will pass with the lender.  Like a previous poster mentioned, if the contract allows, you might just want to cancel if finances are tight.  If you're in a great capital position with ample reserves, then you could try the bank-statement loan and just refi later when you qualify.