All Forum Posts by: Phillip Henderson

Your offer should have included that the seller was not to fill that unit. Technically they violated the contract by changing the 'material condition' of the property. But that's all water under the bridge now. So if the tenant moved in already, tell the seller either get a unit vacant for you to proceed, or you both need to terminate the contract. Your agent should have covered this with the other agent when your offer was submitted.

I will be sure to include that on my next offer. As this was my first official offer/acceptance I have ever done, I relied to heavily on my agent. Who is actually an associate of the agent I had been using to put in offers. My agent was out of town when the initial offering was placed and I used one of his associates. From my last conversation with my broker, they are looking into the legal aspect of it to see where we stand. I would very much like to see this deal go through.

1 Vote

Originally posted by @Travis Frenchak:

Originally posted by @Jason Wray:

@Stephanie Ro To be honest I would either have to say a seller who did not have enough faith that the FHA loan would close on time or at all might be one reason. The other reason would be to collect a quick first, last & security and not give a you know what about the outcome. I have seen a lot of bad situations and although I cannot speak for the seller I can offer what I seen in the past. Either way its a pretty crappy move by the seller if they are under contract.

yea but every property I’ve closed on the security and last would transfer to the new buyer at closing, would it not?

Maybe the seller wasn’t aware of your intentions to live in half? Next time make it known and in the contract you want one unit empty.

Yeah. That is what I have come up with out of the situation. We stated an Fha loan but did not specifically say that I would be living in the vacant unit. I also do not believe I am the first offer on the property so maybe they had other offers fall through on financing. I doubt it was to keep the deposit as it was minimal.

0 Votes

Originally posted by @Stephanie Ro:

@Jason Wray Newbie here. Why would the seller do this knowing that there was interest in the property and that someone already put in an offer?

That is what I am trying to understand. With that said though, this particular property has been on the market for almost a year and from my understanding, the unit has been vacant for most of that time.

1 Vote

I thought about swapping loans, but I'm not sure if I can come up with that large of a down payment prior to closing. Also, I was intending on house Hacking to reduce my current housing expense.

0 Votes

Good evening BPers,

I have run into a delimma while attempting to house hack. I found a duplex with one unit leased and the other unit empty. I put in my offer and got it accepted. While working out my loan and doing my due diligence, the seller filled the second unit. I was going to use an fha loan to aquire this property. What options do I have?

Thank you for your time and advice,

Phillip

0 Votes

Originally posted by @Twana Rasoul:

@Phillip Henderson lack of supply would be a better reason to purchase in your area...it would just take a little more creativity to make it work. Purchasing further away just adds a new level to your overall risk. You’ll have to know that other market well and have a decent PM

Best of luck!

I understand that buying at a distance is somewhat riskier and while I know I could probably make it work where I live, I don't believe buying in the small town I live in at this cycle in the housing market is a wise idea. Thank you for the advice. I definitely plan on doing heavy research on both the market and pms and contractors in whatever area I decide to buy in before I buy.

1 Vote

Firstly, I want to thank all of you for your responses. I am renting out rooms in a single family home. While I'm glad house hacking is currently helping me on saving costs, I can't scale it quickly enough. I am just trying to find a location and get ideas on how others decided where they wanted to buy.

1 Vote

@Twana Rasoul

Because there isn't enough supply in my area. The only reason my house hack is working is because of how high my previous rent was. I am still paying for my housing but it is significantly cheaper than it was while I was renting. There are several housing subdivisions currently being built in my town. A large employer just had an expansion that brought in several thousand jobs in my area. I have a few qualified markets within a couple hours of me, however, I figured there's not much difference to buying a house 3 hours from me or 30 hours from me.

0 Votes

@Twana Rasoul

I am currently house hacking in my area to save on my housing costs. Now I am looking to invest my money to begin growing my portfolio.

1 Vote

I am a new investor and I am having a hard time deciding where to buy. What criteria did you use to find a market?

Did you have someone in the area?

Did you throw a dart at a map?

How did you decide?

0 Votes

All Forum Posts by: Phillip Henderson

Phillip Henderson has started 7 posts and replied 24 times.

Post: House Hacking Delimma

Post: House Hacking Delimma

Post: House Hacking Delimma

Post: House Hacking Delimma

Post: House Hacking Delimma

Post: How did you come up with where to buy?

Post: How did you come up with where to buy?

Post: How did you come up with where to buy?

Post: How did you come up with where to buy?

Post: How did you come up with where to buy?