All Forum Posts by: RJ Dixon

@Jay Hinrichs

So any listing agent can say let’s not sign this and try to get half no matter the outcome ? We are in the right we hit all of our deadlines.

Hello BP!

So I have a dispute with a seller trying to hold on to my earnest money. The money is only 5k but still. We had in place a financial contingency and Both lenders denied the funding for that property. I was trying to do a house hack but both lenders were not able to fund it after the told me they could. The banks were quicken loans and Trustco. ( 5% down conventional ). The property was 2 free standing homes on the same parcel and Tex deed. I was always upfront with them and told them my plan. Our numbers are good the problem was the property. Any rockstar lenders out there?? Anyway they want the full amount because they think they are owed it. I spoke to the title company which is a lawyer and told me this would be a expensive process. I’m calling bluff on the listing agent trying to bully. Thoughts, tips ? How can I do better getting funding ?

Cheers

-Rj

@Tim Johnson

I can put down more but then I might as well buy a straightforward investment property. Not live in it

@Melvin List

This property doesn't make sense for fha. FHA I would only use for slightly distressed property. Fix it up refi and use it again. Not sure we might have to anyway.

@Mike M.

Yes understandable. Just having the The documentation and right numbers it shouldn’t be a problem.

I spoke to another broker that said it doesn’t make sense. We both called corporate so we will see what happens.

@Chris Mason

This is local in house loan. Isn’t duplex capped at a certain price anyway for 5% conventional?

Hello BP!

Here is my situation. I currently have under contract 2 homes free standing being sold together, on the same parcel and tax deed. Credit,Debit to income and cash are good. We were denied because the underwriter didn’t feel comfortable that we were trying to live in one as a primary ( House hack ) and rent the other. This was a 5% conventional loan. I was upfront up the lender in the beginning. I tried to call corporate but they weren’t available today. I will call again tomorrow. Can I do anything else ? My closing is in 5 days. I’m going to see if I can get an extension. My earnest money is fine with a Financial contingency. Also for the extension should I go hard with the earnest if I’m running into this problem ?

Thank you

If the deal is in Brandon florida I personally know comps are in the area. It doesn't have to be a perfect match. Its using the most comparable in the area. You can always as a realtor as well.

I think the 279k is high for what you explained if it comps out at 265-280k You can tell don't ask your realtor to go in at a lower price or have the seller fix what needs to be done. My last home had cloth wiring in it so we got the seller to rewire the home. The inspection will be money well spent. 

You have a couple options. You can drop the asking price to get more traffic. You can offer seller financing. You can always do a cash out refi and pull some money out and rent it. You can just rent it out. It really depends on you and your situation.