All Forum Posts by: Ivan Reyes

Anyone on the mortgage side run into a situation where you were able to close an FHA loan as existing construction one week after the one-year mark? I have a SFR in a rural area that doesn't have permitting requirements. I want to close this thing as existing construction but it's only like 5 days after the one-year mark.

Anyone on the mortgage side run into a situation where you were able to close an FHA loan as existing construction one week after the one-year mark? I have a SFR in a rural area that doesn't have permitting requirements. I want to close this thing as existing construction but it's only like 5 days after the one-year mark.

In Birmingham they've spent a lot of time wasting time and keeping their heads way up there.

All that does is encourages homeowners to do the work under the radar. (help us all). I've seen very shotty work from so called licensed contractors. Have nothing against them, but if the job of the inspector is to verify that the work was done correctly, then what does it matter if the homeowner does it correctly with permits and inspections.

Inspectors and contractors working together.

So, I spoke to my local building dept in Birmingham AL and they said homeowners can't do any of their own electrical or pluming.

You need a licensed electrician or plumber. Ridiculous. How many other municipalities are out there like this? I shouldn't have to hire an electrician just to run a couple of outlets or a plumber to move some pipes.

Just about every city website I researched allowed homeowners to do their own work as long as you have your permits and inspections. They even have electrical guidance (NEC) on their sites.

What ever.

We're purchasing a home using seller financing and a wraparound mortgage. The seller is the owner of the house we've been renting for 2 years.

My question is what protections should I be thinking about to make sure the first lien holder is being paid. Escrow agent?

If I find for some reason down the line that my landlord/seller has defaulted on the first, do I have to bring the first current to prevent them from foreclosing? I'd like to have a little more security in knowing the first is up to date.

Thanks for your input.

My partner and I live in Alabama. We’ve been given the opportunity to purchase the house we’re renting with seller financing. We need to take advantage of this now before we lose it. However, my partner has some collections which could turn into judgments down the line.

We decided to buy the property in a land trust. Question; How do we set this up? I know the basics; need beneficiary, forms. Do I need an attorney, or do we just fill out some forms and record it at the state?

Not quite sure who to set this up. Any help would be appreciated.

Ivan

Hi I’m going to be making an offer on a 100 year-old house that needs a lot of work. The numbers work fine. I’m trying to anticipate what counter the seller might come back with. I have already confirmed that he will do owner financing.

My question is whether anyone as heard or thinks he might try and offer a Contract for Deed instead of a general warranty deed. Not saying this will happen, but if he wants to do that I don’t know that I want to start fixing up an old house without having the deed.

Any thoughts?

Thanks.

Ivan

I have a seller who owned land and had a double-wide put on the land. To get the house he took out a mortgage for the land/house combined.

Now he's facing foreclosure. Does this mean that the bank would foreclose on the house and get the land as well even though he owned it free and clear to begin with? Its a double-wide that's not on a permanent foundation.

Its on piers. I'm a little confused about this. Can someone shed some light.

Thanks.

I was called to look at a double-wide 4/2 on ½ acre in good area in AL.

ARV is $109+k ($2k) cosmetic work.

Owes $54k

Owner is 5 months behind. ($850 payments x 5 plus fees/penalties approx $5k) Lender is a financing company that wants owner to do a deed-in-lieu. Foreclosure has not begun.

He needs to move, wants $3-4k to move and some equity.

I don’t have funds to bring things current.

I was thinking of optioning the property for 90 days at $70k and selling quick for $90k. After back payments and fees it would leave the seller about $9k.Or maybe do a direct wholesale flip and assigning my contract.

Any thoughts?

Does anyone know a closing agent/attorney who will do a double close in Alabama?

Thanks.