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All Forum Posts by: N/A N/A

N/A N/A has started 3 posts and replied 13 times.

Post: Another Mortgage Fraud Question

N/A N/APosted
  • Posts 13
  • Votes 0

Thanks everyone.

After posing this question to a Broker I received pretty much the same
answer as Jon gave me.

Counter #3 has been submitted.
Now I am awaiting the answer from the buyer.
Fingers crossed!

Yes Kim,
I thought that it was a fair offer to cover a new liner expense.
It is a 18 x 32 kidney shaped pool. After checking with several companies,
to get an idea on the cost, I feel that $3000.00 is more than enough to
accomodate the situation.

Thanks again everyone.

Post: Another Mortgage Fraud Question

N/A N/APosted
  • Posts 13
  • Votes 0

Thanks Jon,

Coming from you, I consider that perspective to be wise!

Anyone disagree?

Post: Another Mortgage Fraud Question

N/A N/APosted
  • Posts 13
  • Votes 0

I have a property for sale and I am in the process of submitting counter offer #3.
In a nutshell,
My asking price was $113,500.
Based upon the recent sales in the area, I am a tad high on my asking price
and have room to negotiate.
The most recent sale was 6 houses down the block. It was a newer home with less square footage and fewer annuities and it sold for $107,000.
The buyer offered $98,000 for my property.
I countered at $105,000. (I am certain that the appraisal will be higher than this asking price).
On counter offer #2, the buyer has offered $102,000 with a contingency to have the pool uncovered for inspection.
The pool is inground with a liner that is over 10 years old. It drops approx. 1-2 inches every 2 days.
The liner itself does not look bad, but it does seem to have pinholes that
are obviously leaking. I patched several and I probably should have replaced the liner, but I did not.
Regardless, this brings me to counter offer #3 and my original concern.
My last counter stated that I still want the $105,000 sales price, but I
also stated that I agreed to the pool inspection and if the buyer feels that
a new liner is needed, I will pay the buyer $3000.00 at closing.

Someone said that this counter offer might be considered mortgage fraud, since I am willing to credit $3000.00 back to the buyer at closing.

Based upon my intent, could this be considered as mortgage fraud?
If so, what could I do differently and obtain the same results?

Your wise advice is appreciated.

Post: First Flip - do you provide appliances? Where to buy?

N/A N/APosted
  • Posts 13
  • Votes 0

Personally, I like to see all of the appliances in the kitchen.
If you can purchase the appliances, with a warranty,
this may be a selling point that you can utiliize.

I recently finished rehabbing my first flip and I took advantage of a
10% off appliance sale at Home Depot.
I went with the "CleanSteel" instead of stainless. A couple reasons why,
less expensive and easier to clean. No fingerprints or smudges.
I actually prefer the cleansteel over stainless.

Would love to share my before and after pics, but I see that I need to have
at least 10 posts before I can include the link to my pics. Oh well maybe later.

Post: Few Questions... (Newbie Questions Inside Beware)

N/A N/APosted
  • Posts 13
  • Votes 0
Originally posted by "Ryan Webber":
Okay, well it seems like you have some practical experience in business. That's good.

I guess it just seemed to me that you were already looking for your outs, and you haven't even started. When I went into business for myself, I had so few options for true success in my mind that when times got tough I had no where to go. I had to stick it out. I had to persevere just to survive in my mind. Going and getting some cushy corporate job just wasn't an option in my mind. I HAD to succeed. This determination was a key component to my success, and I think this type of determination is key for all successful business owners.

Very well stated Ryan!
I definitely feel that one! LOL!

Being short on "other options" has it's downside, but on the same note,
it certainly makes for a strong motivation factor!
The key is to recognize it as such, and don't give up!

Just an update.

First and foremost, Thank you Ben Carmona!
I just closed today! :D

With your help, I was able to obtain a 70% of ARV loan.
The properties ARV appraised at $98.000, which meant
a loan for $68,600.

Again, thank you for your assistance, which made this possible!

Post: Radon Problem

N/A N/APosted
  • Posts 13
  • Votes 0
Originally posted by "ImFlippinCrazy":
Well, forget this one.. Not a good idea after thinking about it for a while.. Dont want the problems and time consumed for this deal.. Darn, was a profit bucket there too, LOL.. O well.. Probably the smartest move yet..

Hi ImFlippinCrazy,

Just curious, were there other factors beyond the radon issue that changed
your mind?
I ran across the following radon article and the costs to remedy the situation
do not appear that high, unless there were high rehab costs as well.

[i]* High radon levels can be reduced by making repairs to the building. The right system depends on the design of the building and other factors. State radon offices or the Radon Fix It Line (1-800-644-6999) can provide general information on methods for reducing radon. Also, the EPA's Consumer's Guide to Radon Reduction is a quick and easy way to learn more about the different ways to fix radon problems.
* Radon reduction costs between $500 and $2,500 for a single family home. For a larger building, the costs will depend on the size and other characteristics of the building.
* Radon reduction work generally requires a trained professional. To find out which radon reduction system is right for a building, and how much those repairs will cost, building owners should consult with a professional radon contractor.
* Many states have programs set up to train or certify radon professionals. Your state radon office can provide a list of individuals who have completed state or national programs. Or, you can call the Radon Fix It Line for free publications, referrals or how to find a "qualified" radon service professional.
[/i]

Originally posted by "noobdog1":
just to follow up - the seller was taking no less than 295k and only conventional or cash.

of course we didn't find this out until after second offer.

oh well...

move on.

You gotta hate walkin away when you see potential!

I have to agree with your "move on" decision, but at the same time,
I would keep an eye on it, under such conditions, a month down the
road, maybe........
From time to time you have to check the rearview mirror!

Originally posted by "Investment Loans":
Originally posted by "bidvsask":
Investment Loans,

Do you really know what a No Doc Loan is?

I can assure you that there isn't a lender that offers a No Doc loan like that.

One think that experienced mortgage broker doesn't do is waists borrower's time and offers unrealistic expectations.

Respectfully,

Thanks Wally for sharing your ignorance of loan products.

That's funny....I knew stepping into this thread with my reply that there'd be a response from you. I have to applogozie for my puppeteer routine....I should have also stated that I am an experienced mortgage broker, been in the industry for 8 years, the last 2 specializing in investment loans.

I could give you the names of over 25 people that have successfully closed rehab loans based upon the after repaired value with no verification of income or assets.

You'll notice that in this scenario that the client suspected he would need a "no doc" loan because of low income and assets. As most will know, a no doc means no employment, income, or assets. Clearly he does not need a no doc loan because he has these. What is needed is a lender that looks at the deal and equity position.

Now go back and ready my post. As it clearly states... deals like this can be done and are done every day. Feel free to visit my website www.BenCarmona.com and check under the investment section.

Leave the investment loans to the experts.

Respectfully,

I think that the sentence in "bold" above may sum it up.

That is why I began my 1st post with, "please excuse my ignorance".

Sorry for the confusion!

Originally posted by "Investment Loans":
Yes there are lenders that can funds deals like this. No this is not a "HUGE" strecth. Actually very common.

You just need to know the right mortgage brokers to work with.

The deal would be set up as rehab loan based upon the after repaired value. Typically around 70%. That loan can cover the cost, payments, fix up, and purchase. Very little required out of your pocket.

Looking forward to it Ben. :D

Dana.