All Forum Posts by: Account Closed

Welcome to BP @Pamela Isaac.  We are investors in the Myrtle Beach area.  Good luck to you.

Welcome to BP @Account Closed from Myrtle Beach.  I began flipping about 1 year ago!  You will learn soooo much valuable information on this site. Good Luck.

@Chris Mason

Welcome @Kary Gould!  My husband and I moved to Myrtle Beach and started in Real Estate 1 year ago.  Always looking for others in the area to work and bounce ideas off.  Welcome to BP!!!

@Christine Wong  Thank you for responding.

It was the loan officer who said we did not need 2 appraisals.  The buyer has complied and been ready to close for over 30 days.  It is the loan officer who does not know her A#$ from a hole in the ground.  This is why I am not sure what to do.

Can I write a new contract stating I will let the buyer proceed to ##/## date, but if we are not closing, then I can accept another offer and put the property back on the market now?  This way, whatever happens, I am able to see what other offers come in?  This is only my 2nd flip, so learning the real estate\contract side of things.

Calling all loan officers:

I am not sure if anybody can assist me, but I am going to take a shot. We completed our 2nd flip in March and received a full price offer within 5 days. Originally, the buyer was doing a VA loan, but the day after the loan was supposed to close, we were told she did not fit VA guidelines (The reason was not given but we were told it had nothing to do with her credit.) Her loan officer then changed it to an FHA loan and we signed a 30 day extension. I immediately asked if 2 appraisals would be required because the contract was signed in less then 180 days and we are selling it for more then 100% profit. We were told only 1 was going to be required. We were supposed to close tomorrow and now we are being told a 2nd appraisal is required. The loan officer now wants us to sign a new contract on Tuesday because the 180 days is up. In this case, she said a new FHA case number will be assigned. My questions are: 1) Does this make sense that a new case number will be assigned? My understanding is the case number follows the property. 2) Couldn't the lender still require a 2nd appraisal since they can obviously see what the loan officer is trying to do? (It is taking 3 - 4 weeks to get appraisals in Fayetteville NC right now. 3) Can the same appraisal be used with a new FHA case number? 4) If they change to a USDA loan, can the appraisal be used and if so, how long is USDA taking right now to review their loans? This has been a nightmare and we really do not want to relist the property since we are so far into the game, but may need to wash our hands of the deal and take our chances with a new buyer \ contract. Obviously, we want and need to close asap. Any suggestions?????? Thank you in advance for your assistance.

Did anybody on this thread find a reliable \ good contractor?  I am ready to purchase my first flip in the area.  A majority of my work is floors \ paint...kitchen cabinets and vanities.  I do need a laundry room put in the addition.  Let me know if anybody has a great referral.

Originally posted by @Rumen Mladenov:

Make sure the addition is permitted first. If the addition was built with no permit, you may be forced to either get a permit for it after the fact, or tear it down, at least in our county.

I purchased a REO with an addition that turned out to be unpermitted. I went to the county to see what it would take to get a permit for it, and fount out that the footers are not deep enough, the pitch of the roof is not right for shingles (and it had shingles), insulation was not sufficient, etc - I basically had to either tear it down, or rebuild it from the ground up. I ended up tearing it down, and part of the reasoning was that a permitted addition would have increased my tax bill by probably more than the extra rent it would have allowed me to charge.

This is what I am concerned about Rumen. I contacted the county and was transferred many times. I was attempting to inquire about the permits. I finally reached an individual who told me that the county does not drive around and penalize people who have already built the addition. He stated the county has had several new computer systems over the last few years, so unless I know when the addition was built, he could not help me. This is a foreclosure owned by the VA, so I have no clue when it was built. In NC, they only require heat, but I am assuming since the rest of the house has central air, I need to add both I just do not want to get in too deep. I know I want to fix the ceiling on the addition. It needs drywall rather then the suspended ceiling....but wonder why they went this route????

I have a question about whether to add heat \ air conditioning to a pre-existing addition. This is my first flip and I am wondering whether to add AC \ heat to the addition. This is a 3\2 home with a 300 sq ft addition. The original home is only 995 sq ft. We are looking for the best way to have the square footage included in the listing, but learning it could cost as much as 4k. This would be 10% of the cost plus improvements. The ARV would increase. Is it worth adding this feature in order to increase a larger buyer market?