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25 May 2021 | 5 replies
If so I would simply write an addendum to the lease and have all parties sign
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1 June 2021 | 9 replies
Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.
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26 May 2021 | 34 replies
The whole point of Real Estate Commissions requiring licensure is that the wholesaler is actually operating as a real estate broker, and hence as either an agent of one of the parties or an intermediary for both.
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25 May 2021 | 3 replies
Also, there was mold and so we got bids to have it fixed, they got bids that were WAY lower than ours, our mold guy told us to have a third party verify the work and so our contract says that he would test before and after and approve the work.
7 June 2021 | 16 replies
Some realtors would tell you otherwise but from my 3 years evictions experience, rules/laws are stuck to the lease/contract and not to a new party entering the contract.
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27 May 2021 | 5 replies
The expiration date of an offer can easily be crossed out and extended with the acceptance of both parties.
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26 May 2021 | 6 replies
Honestly, though the third-party services like Zillow, ect... have it down pretty well. 2.)
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27 May 2021 | 9 replies
If you have any doubts....here's the exact verbiage from Fannie Mae:B3-4.3-15, Borrowed Funds Secured by an Asset IntroductionThis topic contains information on borrowed funds secured by an asset, including:• Borrowed Funds Secured by an Asset• Secured Loans as Debt• Reducing the Asset by the Amount Borrowed• Documentation RequirementsBorrowed Funds Secured by an AssetBorrowed funds secured by an asset are an acceptable source of funds for the down payment, closing costs, and reserves, since borrowed funds secured by an asset represent a return of equity.Assets that may be used to secure funds include automobiles, artwork, collectibles, real estate, or financial assets, such as savings accounts, certificates of deposit, stocks, bonds, and 401(k) accounts.Secured Loans as DebtWhen qualifying the borrower, the lender must consider monthly payments for secured loans as a debt.If a secured loan does not require monthly payments, the lender must calculate an equivalent amount and consider that amount as a recurring debt.When loans are secured by the borrower’s financial assets, monthly payments for the loan do not have to be considered as long-term debt.Reducing the Asset by the Amount BorrowedIf the borrower uses the same financial asset as part of his or her financial reserves, the lender must reduce the value of the asset by the amount of proceeds and related fees for the secured loan.Documentation RequirementsThe lender must document the following:• the terms of the secured loan,• evidence that the party providing the secured loan is not a party to the sale, and• evidence that the funds have been transferred to the borrower
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26 May 2021 | 6 replies
That second part is very important.
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1 June 2021 | 8 replies
This is in your interest.Some lenders are brokers, arranging loans between parties.