All Forum Posts by: Susan K.

Hi Everyone,

I am writing an offer on a bank owned property. Of course there are multiple offers. My question is would a bank see my offer more favorably if the contract is in our personal names or in the name of our company? (We are licensed General Contractors) Or does it not matter? I know I can quit claim it to one of our companies after I secure it if need be. There are no OO requirements on this and no waiting period for OO versus investor situations. Cash sale of course.

I'm just trying to find out if banks tend to "favor" one over the other and I will write the contract accordingly.

Thanks.

Thanks.  Do you know if you can request additional draws and if they accept escalation clauses?

Does VA accept properties in flood zones, and who sets the draw schedules.

GC engaged in a VA construction loan process, does anyone have experience with this? Good or bad.

Is there a lender involved?  That can take 45 days or more in most cases.  Buyer and seller set the closing date in the contract so not sure what the issue is.  Title can take 3 or 4 weeks.  An agent would have no incentive to drag out a sale, they don't get paid until the deal closes.  Is the agent not communicating with you?

I had a HELOC with US Bank and it worked great. It was on a primary home. Not sure if it matters if it is on a rental or not. We just tapped what we needed and no early prepayment penalty.

If the Florida lender is licensed in AL they should be able to do it.  I don't know if these are or not: B B & T & Seacoast.

If you are the "builder-owner" there is more scrutiny as far as them verifying projects completed/permits pulled and if you are licensed etc.  If you hire a builder with a track record, not so much.  I know a few lenders that do them in FL but I don't think I'm allowed to post their names on this forum.  

If masks work then if you have a mask on it should not matter if someone else is not wearing one.  This might not spread as easily as some think.  My spouse had covid and I did not get it.  Same house...hummm.

You can get a ton of free investing info right here on BP.  I would look into canceling is my first impression.  Taking over half of your savings for this program is a bit much.