Wouldn't the bank feel better if he' d come in at a realistic FMV rather than a lowball, no tape visit?

He has no savings to tide him over, and he can’t gain access to the $100,000 worth of equity that’s in his house because, being out of work, the bank turned down his loan application.

I might offer to pay for the paint, but that's about it.I have also used this as an incentive when marketing a difficult property- offering a "decorating" allowance to approved applicants for a "custom home".

Whether cutting in around corners and up against walls (floor), taping and floating the joints of the sheetrock boards or roofing a valley, around a stack, chimney or skylight.Look at those places first for obvious problems.

The borrowers are in the process of proofing up tonight and tapes are being released in the morning.

But, when you borrow $70k for a down payment, then on your application lie about that debt, and represent the money as from you own funds....that is mortgage fraud.

While cap rates should never be more than a quick gut check, they are less applicable to residential property because the credit worthiness of tenants can vary wildly.

The document is a pre-application document used to illustrate estimated loan costs.

That way if everything goes to hell, I know I won't be moving back in with the parents.Maybe it's just my area (Midwest) but I find it hilarious that the prospect of accumulating half a million dollars of real estate in cash is actually easier than going through the ridiculous process of crafting resumes and cover letters, submitting applications online which aren't even read by humans and are usually immediately denied, going through weeks of interviews, and maybe getting another miserable job.

Much of what you unearth here on BP is universally applicable, but it does tend to be U.S.A. specific, so just keep in mind what you read, particularly with respect to taxation, regulation and finance, we be a little different here at home.