All Forum Posts by: Roxanne Whitaker

Please be aware if you buy an investment property and do not live in MD, when you go to sell it you will pay an 8% tax at settlement.  If you live in the home for 2 out of the past 5 years and move out of state you may be exempt from the tax. 

 Hello Kayla, 

You have to do a tour before you can use your VA Loan Benefits. You can us a VA Loan to buy a 1-4 unit property as long as you live in one of the units. If you cannot live in one then talking to a lender would be good for other options.

@Kiersten McFague I’m very sorry I’m just seeing this. Burkentine builders 817-633-5173 are great also Inch and Company 717.755.1565.

@Eshmield Ruberté Try Movement Mortgage 877-314-1499. Are use them a lot because their customer service is great and they really know the different products and what would be best for the client.

@Burt L. Call your local real estate Association and ask them which real estate attorney they suggest you talk to. Talk to an attorney before doing anything because you don’t want to get sued for breaking fair housing laws. Also there are scammers out there to do some really interesting things. If you don’t already do so from now on do a background check. 

@Gregorio Maximus Tancredi

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@Eshmield Ruberté Get hard money or talk to a mortgage broker who may be able to figure something out. If you can put 20% or more down you may be able to get a loan. Talk to a good mortgage broker and find out how many months of consistent income you need. If you can show that your current job is similar to the previous job and write it out in a letter the underwriter may accept that. 

@Stacey Bochenski comps are different than appraisals. If it's a cash deal an appraiser isn't going to use it when he/she is appraising properties. Comps are done with properties that have sold and often one goes and looks at the tax record to see the history of the sale. I personally don't like wholesale deals because the owner has no clue of what's going on and if they sold it out right they would make more money. When the tax record is updated it is updated with what the property was bought for and if that is not happening then the title company is missing something. Every thing on the Alta/HUD-1 should be reflected in the MLS/tax record. 

@Joanne Tsai The market is showing signs of softening however we aren’t sure if it’s because of people on vacation. We should have a better idea at the end of this month. There are more homes on the market and interest rates were rising but they’ve taken a dip this past week so I would say just watch it and every state is different. We will see a lot of foreclosures and short sales starting in fall/winter.