All Forum Posts by: Jesse Gonzalez

I would think that the biggest issue the seller will have is trying to get somebody to pay market value without the benefit of using a real estate agent to represent them. Most people are not like you, meaning they don't understand the purchase process and may be turned off by the fact that they cannot be rep'd by a broker. If that isn't an issue you can try to use the tenant issue to leverage the situation. Are you looking to use your VA benefit on the purchase? IF so then you may be able to show that your benefit only extends to O/O properties and as a result you'll be purchasing with something other than the VA loan and that will require a greater investment on your part, etc., etc. Also, you're in San Jose now or did you move? I remember you saying something in another post about moving and needing a referral for an agent. If you're planning on moving into the house you can always write the offer contingent on the property being vacant upon close of escrow. That may work in your favor if you're looking to close on Feb. 1, if the tenant has been in the house for over a year the owner will need to give 60 day notice to vacate.

The only thing that comes to mind is to get it under contract for a good deal and then contact the lender for a short sale.  If the lender says no to your price you won't have lost anything and its worth a try.

I'd call the consumer protection bureau to make sure he wasn't given some type of real predatory loan that is illegal.  Maybe he can refinance the loan with another, reputable company that will give him more favorable terms.  

Is the house an REO? Nothing says the seller has to take any offer, they can choose to accept whatever offer they want. You don't know the details of the other offer, did you include proof of funds with the offer? Maybe the other agent is taking less commission than your agent so that the seller nets more. You can see that there are a myriad of reasons why another offer could be taken over yours. You're in this to make money, I'm a real estate broker and I don't like it if somebody is using other agents, but if I can't find the client something and somebody else can I can't blame anybody but myself.

IF you combine the money into one account the lender will see the large deposit in the one account and then force you to show that the funds were yours and you'll be required to show the statements from the accounts that the funds were liquidated from anyways so I'd say leave them in the accounts.  Business assets can be tricky, below is what fannie mae says about the use of business assets for down payment, reserves, etc., "Business assets may be an acceptable source of funds for the down payment, closing costs, and financial reserves when a borrower is self-employed and the individual federal income tax returns have been evaluated by the lender, including, if applicable, the business federal income tax returns for that particular business (non-Schedule C). The borrower must be listed as an owner of the account and the account must be verified in accordance with B3-4.2-01, Verification of Deposits and Assets. The lender must perform a business cash flow analysis to confirm that the withdrawal of funds for this transaction will not have a negative impact on the business. See Section B3–3.2, Self-Employment Income, for additional information on the analysis of a self-employed borrower."

PM sent

@Dwight Sands 

 There's a common misconception that self employed borrower's must provide two years tax returns when qualifying for a mortgage.  Many times I run the borrower's information through fannie or freddie's automated underwriting engine and it only requires us to provide the most recent year's tax returns, all schedules associated.   This is something that can be done prior to you filing to see what the system requires for your financing to go through.  As far as your other question is concerned, I'll say that if you found a discrepancy on your tax returns and filed an amended return there is nothing wrong with that on the lending side.  I would first have your loan run through DU or LP to find out what the findings state for documentation requirements.

@Dion DePaoli is spot on regarding the credit rescoring and very wise to point that out as an option.  I'd help you out if you were in California, but you're not.  The broker that helped you out originally should be able help in that area. 

@Justin Colley  Fannie mae's waiting period is 6 months, not 12, I'd shop around with a mortgage broker to find a lender that underwrites to fannie guides.

@Barry Ratliff 531 fico is too low, 580 minimum on fha products with my investors.  The family member/purchase gift of equity is the way to fly if your existing borrower can do that.  I've done this many times, and I've never had an issue with a lender not accepting the gift of equity, this is a fannie mae guideline.