All Forum Posts by: Sean O'Gorman

@Camille Hubbard, Personally, I would go the "make waves" routine aka blow smoke and see what happens. Call them and tell them that you will be notifying whatever state agency oversees these types of businesses and filing a complaint with them, in addition will also be filing a BBB complaint. Throw in some words like "fraudulent inducement" "deception" and see what happens.

Please note this is not legal advice nor should it be construed as such. 

@Bob Hutton, I don't believe would get the full amount out and I would definitely not put to much weigh on the Seller's appraised value. Generally banks are willing to do a certain percentage of the appraised value because they want to be assured they are cover in case of an issue. That said they are also going to look at what you put into it as well as the length of your ownership in the property. 

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Hello @Eribeth Peñaranda, welcome to BiggerPockets.

A 10 yr balloon, is pretty decent depending on the amortization. The best I can usually get is a 5 yr balloon, with a 25 yr amortization, which works for me assuming refinancing is not going to be a problem. I always try and have a backup just in case, I don't want to be scrambling at the last minute trying to get the loan refinanced before the balloon comes due. Generally speaking I can't see a bank no wanting to refinance it, assuming your making the payments, but you never know. 

As for the down payment that is pretty standard, sometimes you can find someone that might allow you to put down only 20% percent, but I haven't had any luck with someone allowing less than 20%. 

Beyond that, I am not too familiar with the Texas market, but I like to stay with a local bank/credit union as they seem to be easier to work with and much more responsive.

@Ryan Moore, Ryan I understand your frustration here. It always seems these fire drill situations come up at the last minute. I had a similar situation happen on my last closing after a few dozen calls/emails with the loan officer and processor and a bunch of random paperwork we got it solved. Is this a local bank or a national lender? Hang in there, I am sure you will get this solved and be back on track in no time.

I agree with @Account Closed, if you don't have that kind of language in your lease you might want to look at adding it. It also helps even if you planned on replacing them if they broke.

@Kevin Prentice, OK so how did it turn out?

@Glen West, I am right there with you the local bank I use only offers me 5 yr balloons with 25 yr am, they don't do 30 yr loans in-house for that I have to go the secondary market route. What is Dwell offering you with regards to terms? Last I talked to someone at LimaOne their 30 yr fixed started at 6.25% and went up from there.

@Hussain Harun I would say this,  your on notice that the tenant intends to vacate the property, first and foremost go ahead and post the property as soon as possible. This allows you to defeat a lack of mitigation claim should it get that far. If you can find someone within the 30 days great, if you can't then depending on what is in your lease paperwork you might to able to hold part of the tenant's security deposit for your damages due to the tenant's lack of providing you 60 days notice as required in the lease. But again, I cannot stress enough that you need to post this place for rent. Should you end up in court you need to be able to show (proof) that you actually tried to mitigate your losses here. If you don't you will likely be facing a tough battle. 

Please note this is not legal advice nor should it be construed as such. 

I personally use the "prospect has to call or txt me 1 hour before the showing confirming they will be there" and I can't tell you how many times this has saved me from wasting my time in showing up to the property just to sit there twiddling my thumbs waiting for people that don't show.