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19 December 2024 | 13 replies
You definitely want a legal agreement that's forecloseable, getting as much front money as possible so that you're not just in a lurch with nothing if/when they default, and you should get better interest terms for "being the bank" AND I would qualify the buyer just the same as if they had to go to a bank, because you want to know who your partner is in this deal.
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14 December 2024 | 36 replies
Since most properties on the market here have inspections and a disclosure packet up front, it will be difficult to get those documents without MLS access.
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10 December 2024 | 6 replies
Photos of how good the place looks, with a lot of close up and far out photos, not just of the documented issues.
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13 December 2024 | 2 replies
Assumption by an EntityUnfortunately, assuming a VA loan directly through a legal entity (such as an LLC, corporation, or trust) is typically not allowed because:Primary Residence Requirement: VA loans are designed for owner-occupied properties, meaning the assuming borrower must intend to live in the property as their primary residence.Credit Review: The VA and lender require the assuming party to undergo a personal credit and income review to ensure repayment ability, which entities cannot satisfy.3.
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7 December 2024 | 1 reply
You should consult an attorney or CPA for your specific situation.ANONYMITY: When you create the LLC, your name is recorded on the documents and published on the Secretary of State's website for all to see.
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10 December 2024 | 6 replies
If the police came they probably did not come and document the damages, get the report.
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12 December 2024 | 6 replies
They can limit what property owners can do, including house hacking.Even if the city has no restrictions, if legally binding and properly recorded, covenants can enforce rules that supersede local ordinances for those living within the neighborhood.
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10 December 2024 | 25 replies
Most are fine with that, but a few will have problems with it and claim there are legal issues, etc..
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11 December 2024 | 2 replies
Proper documentation and consistent reporting are crucial to ensure compliance with IRS requirements.
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14 December 2024 | 7 replies
An example, a small down payment initially, but the note has now seasoned for 60 months with on time payments documented by a third party servicer.