All Forum Posts by: Rich Littlefield

Some states and municipalities have laws against not accepting section 8.  by not accepting section 8 a landlord may be exposing themselves to equal  housing lawsuits.

Absolutely do the inspection, you need to know what you are getting into. 

203K, it is a standard FHA program.

A wholesaler is really and unlicensed real estate agent. Are you  thinking one might bring you a bargain, or maybe you are tired of bidding against other buyers with real estate agents?
Have you considered going after the for sale by owner market yourself?

I have closed I think 83 transactions as Realtor, though I usually do lending now days. I have never lost a earnest money deposit  though have had to fight for a couple.
Just make sure that there is a contingency for the inspection of the  property in writing in the offer and be sure it allows you a few days after the inspection to either request repairs or back out completely. I would also have a  third party hold t he money.
If they do not give you the money back, immediately go down and place a lien on the property.  This way they cannot sale the property until they either give you back your money or win in court. The problem they have is most places it could take months before there is a hearing, in the mean time they cannot sell their property, so you have a lot of leverage to get your money back.
The out of area seller may  have book airfare and a rental car to meet with you on this. I can see why  he want s a bigger deposit.
In the end he cannot keep it if you inspect the property and do not like it, as long as  you do in the periods specified, otherwise w hat is the point of the inspection? 
In CA the buyer has 3 days to reject the property for any reason and get their deposit back. If you are not aware of what the rules are in your area, make sure it is specified in the offer in writing.
I am not sure what the rules are in your state, so I might do something like this example

Buyer shall inspect the property on (Date or between this Date and that Date. )  and shall have 3 days to accept the property, request repairs or cancel.
In CA if any new  information is discovered and the buyer wishes to back out they have 3 days after the discovery to back out and get a full refund. The rules are probably different in your state so to be safe I would make sure the terms are written out and agreed upon.
This rule may be different in different states, if you do not know what the rules are put it in writing.

Just talk to  her, I am sure she wont mind.

So I am guessing you are going to live in the property? If not FHA is off the table.
Besides that, simply  look at which one gives you the lowest payment.
Unless you need the lowest down payment, then FHA is usually the clear winner most times. Though I have seen times where that not the case.
Both FHA and Conforming have loan programs that can also lend you the money  for repairs. Finding lenders than can do or even know about these construction / repair loans is hard. They are more expensive so if you can avoid these you are better off.

I would always recommend by buy a multifamily if you can. 

I think it is a great idea.

I have sold about 80 homes, though now days I only do lending and have not sold a  home for 3 years. On  listing transactions, I order the inspection up front and I  pay for it.  My listing agreement says they may cancel at anytime, but must reimburse me for my expenses. They do not want to pay for the inspection so it appears to be something that keeps them from canceling.  
The point is this. When you have 10 offers, like we get now days, isn't a good idea to give the buyers a copy of the inspection and ask them what they will be wanting fixed?
One buyer will want nothing fixed and is offering $10,000 less, but the other is wanting $20,000 worth of repairs.  The property with $10,000 less is more likely to appraise.
I have taken the highest offer, only to have them want $30,000 in repairs.  For less than $500 I can be sure I am getting my customer the best possible offer. I am there for that all day long.