All Forum Posts by: Stephen Butkus

Quote from @Faruk Al-Hassan:

Weird, I've never heard of a loan fee being charged (besides appraisal) if the loan doesn't close. How can they even enforce that? You haven't signed any agreement with the lender until closing.  

 Thank you everyone for taking the time to give me good solid advice. I acquired the property and was a win win for both parties. 

Quote from @V.G Jason:

Quote from @Stephen Butkus:

2500 to originate the loan again if I decide to give another extension to the seller. 

 What loan is there to originate if there's no loan to be completed?

Talk to the seller, get the intentions if you did give them an extension. If it's amicable, find a new lender and communicate with the EMD holder the process of this so earnest is not at stake. The property may be "great value" but that's because of the lack of approved additions.

Thank you V.G for your advice. I have a meeting with the EMD holder Monday morning. Iam also going down to the code enforcement office to see what the house is failing for. My agent is having a hard time communicating with the seller. They need to get a final inspection to close the mechanical and electrical inspection passed through the county on Fri. If it doesn't pass by April 15th looks like I will be walking away from this deal we shall see. Thanks again

Thank you Ko for your advice. My costs have been 1,000 dollars for a appraisal and inspections and 5,000 earnest. The extra 2,500 will be due at closing this is a fee charged if I decide to give another extension to the seller. The purchase contract expires on April 15th. The seller just informed my agent they will get a final inspection this week we shall see. Thanks again

Quote from @Bradley Buxton:

Why won't the property pass inspections?  It sounds like there are serious issues that the previous owners never wanted to fix or were too costly.  That could be a big headache later. 

2500 to originate the loan again if I decide to give another extension to the seller. 

Hello BP community,  I'm in the process of buying a fuiiy remodeled multi family. Before I put a offer in I looked to see if there were any open permits, there were none. I put a offer in and earnest this got accepted. The title company did a search and found out the sellers haven't passed a electrical and mechanical inspections and owed money to the county for delays. The title company couldn't clear to close. We gave the seller a 30 day extension to get the property to pass inspection. Its getting close to the deadline and I dont know if they can meet this date. My lender will charge me if they 2500 at closing if this deadline isn't meet. I tried to get closing credits from the seller but they didn't want to do it. This property is a great deal and I dont want to let it go that easy. I would pay the 2500 but I dont trust the seller to get the place to pass. Can use some suggestions on this deal please.

Thanks Josh. 

Hello BP!! I'am looking at a single family home that needs about 5k in rehab the purchase price is 8k. The ARV is about 20k to 25k. It will cash flow about 400.00 a month after expenses. I was wondering if I can get a cash out refi in the future for 20K if I wanted to buy a second property ?

Thanks

Steve

Hello BP.. I will be looking for investments in Memphis . I would like to build a team. Looking for an investor friendly agent, contractors, and a property management team.