Would we be required to refinance to receive a new mortgage at 174,000 in order to shed PMI immediately or does it automatically fall off based on the new FMV?

Paying attention is always better than paying fees – am I right?

NO way a LO only makes 1% on a deal.. maybe after DF .. there is other comp they receive.

We received the deed and then recorded it with city.

If you’re paying or receiving money through a personal account, it can get messy to deal with.

Most people in town had no idea that these were up for grabs.

My question then would be, since you did not purchase cash but have $100K in equity, would the bank allow him to receive a refi. for $62.5k ($112.5k - $50k he owes = $62.5K)? 

They then turned around and sold the empty plots of land to investors that did not want to go through the headache, nor did they want the risk, of waiting a year to receive approvals for their investment.

I like that idea of grabbing a property that's ready day 1 to make it as streamlined and safe as possible.

I have been paying close attention to property in Congress Heights and there has been some movement already but the area still has a long way to go.