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Buying a four plex with an FHA loan?

Fri, 28 Nov 2008 19:02:00 GMT

It rents for $600-650 per unit, all are 2bed/1bath. We dont want to put much down, so we were considering

an FHA loan as we have never bought a home before. Is this possible with a 4-plex if we live in one of the units and about how much would we have to put down. Is it like 3-5% or more?

The Asking price is 125k, zillow says it's worth 236k, it's less then 20 years old in good condition.

Any advice would help!

24 replies

Loan officer and real estate advice...

Sun, 22 Nov 2009 16:38:00 GMT

I'm thinking of making an offer on a bank owned property. The listing agent says I must be pre-qualified by his lender. When I called the loan officer I asked him if he were going to reveal the upper end of of what I'm qualified for to the bank. He said "yes!" I'm not comfortable with this at all. When I gave him the information needed for the pre-qual letter I told him that I only wanted to offer a certain amount. Now he is telling me that he knows there is a cash offer and that if I want to win the deal I should offer what he says. I don't think he's also a real estate agent, but how does he know about a cash offer on the property?

66 replies

How do I outbid competition when asked for best and final offer?

Tue, 24 Nov 2009 03:27:00 GMT

Is it legal in NJ to write an offer with clause stating we will match and beat any offer upto some X amount by up to $2000 (or in other words we are willing to pay $X+2000 is there is an offer for $X)? Also once a competing offer has been picked by the seller, is there any way to go back and say we can make a higher offer than the earlier one we made? We lost couple of houses after bidding more than the asking price. We based our offers on comps for the area and went higher than the comps, but still lost out to someone who bid higher. We could have gone a few thousand higher, but not knowing what others were bidding was holding us back. We would like to make sure that next time we like a house we get it for sure.

11 replies

U.S. Home Prices Rise For Fourth Straight Month

Tue, 24 Nov 2009 19:08:00 GMT

As U.S. home prices continue their monthly gains, more confidence is building that the housing market is stabilizing. While winter home sales and prices will most likely provide a short dip in statistics, fall sales have been particularly encouraging.

October home sales rose over 10% this year, creating a surge in the stock market and further confidence in real estate. The sales beat the predicted estimate of a 1.4% increase, and was attributed in part to the first time home buyer tax credits.

There's no guarantee that the market has stabilized, just some more data to add to the discussion.

4 replies

Stupid U/W condition of the day!

Tue, 24 Nov 2009 20:02:00 GMT

I figured I'd lighten things up a bit and maybe we can compare notes on some of the dumbest things we are asked for on a daily basis.

I'll start. I had to show where a large deposit came from, it was from the sale of a car.The car was listed as an asset on the 1003, I showed the check received for sale of the car, the deposit into the account and the notice of transfer and release of liability on the car. U/W has come back asking for a copy of the title to said car.

Thinking ... how would they still have the title to the car if they sold it?

15 replies

HARP Loans with Current Lender?

Wed, 25 Nov 2009 06:38:00 GMT

Does a loan have to be refinanced with the current lender under the HARP program?

If not, are there any advantages to doing it with your current lender? I currently have IndyMac (OneWest) and they say they don't have it available yet (125 LTV). This is after trying to get a hold of them for a month.

0 replies

Offer negotitations for pre-sale home

Tue, 24 Nov 2009 21:52:00 GMT

I am planning to make an offer for a pre-sale home in Lakemont Place Community in SE Bellevue. The one house with same floor plan( but was finished) was sold 30 days back. It was listed at 709k but was sold at 680k with 15k closing costs and 30k of upgrades. That house was on a greenbelt lot but I am going to buy a non-greenbelt lot and so have been quoted a price of 660k by the listing agent. I am planning to make an offer for 630k on the house with 20k of closing costs and 40k of upgrades. My agent wants me to make an offer for the listing price(660k) but I want to leave some room for negotiation on that front. Can somebody let me know if it seems like a good offer to start negotiations.

3 replies

New Braunfels Lawyers

Wed, 25 Nov 2009 05:52:00 GMT

http://www.jameslnowlin.com
Family law attorney James L. Nowlin, P.C. has been providing legal representation for issues related to family law.

0 replies

My house is not for sale, however Zillow is listing it for sale for $2000

Sun, 22 Nov 2009 19:22:00 GMT

This is about 360k less than FMV. I have used zillow to mark the house as not for sale, however, this refreshes each day.

When Zillow - without my authority - lists this property for sale it links to a listing on point2.com [ http://listings.point2.com/1000694634/ ].

PLEASE TURN THIS OFF THE PROPERTY IS NOT FOR SALE
12503 Villa hill creve coeur missouri 63141

8 replies

That was strange

Mon, 23 Nov 2009 22:15:00 GMT

I just got off of the phone with a zillow rep...

I received a call because I posted an answer to a question, and the agent who posted the question claimed that my comment was derogatory. So after speaking to the rep I found out what my post was flagged for. The property is for sale in NY, I live and practice in the state of NJ and therefore should not be answering questions regarding properties since i am not marketing it or a potential buyer of said property (this directly from someone who claimed to be a zillow rep)

I then asked how was my comment derogatory, as all i did was point out misinformation in the tax credit, the agent said that you need to settle the property before the 30th of April. I pointed out that you only need to be under contract by that date. But, the main reason for the removal of my post as stated by said supposed zillow rep "you should not buy a home based on a tax credit but based on the fact that you are financially and mentally ready to buy".

I was under the impression that zillow was made for the sharing of information and benefit of all. I apologize

10 replies

To stay or go?

Wed, 25 Nov 2009 00:54:00 GMT

My wife and I moved into a house via a "land contract" almost 3 years ago. When we were in the market to buy the house we were told it would need "routine" maintenance. Now, I'm no handy-man but I know which side of a screwdriver to use so I was fairly game. So, when the first set of problems first appeared I promptly felt up to the challenge. Then another set, and another and another. Until my free time (and money) was spent trying to plug one "leak" after another.

It has been almost 3 years since then and those "leaks" have turned into major holes. I've exhausted my limited knowledge, called in professionals when I could and have spent thousands trying to keep this house from falling apart at the seams. I think I'm failing.

I was laid-off 3 months ago and the job market out here is dry. I'm sunk. With what my wife makes we can scrape by --barely. But fixing anything, even basic repairs would be beyond our reach.

Recently my sister sent me a note saying that the job market where she lives (3 states away) is recovering in the career that I'm in. Everyone wants us to move. Heck, I want to move. Problem is, with the damages to the house (even though they weren't caused by us) and the modifications to the house (that were caused by us), I don't know if we can move. Aren't we technically accountable for the condition of the house?

13 replies

San Antonio Attorneys

Wed, 25 Nov 2009 05:02:00 GMT

http://www.jameslnowlin.com
James L. Nowlin, P.C. has more than 25 years of experience as a family law practitioner around San Antonio, Texas.

0 replies

Fake Buyers?

Tue, 24 Nov 2009 20:19:00 GMT

Has anyone heard of an agent bringing a fake couple to view a house because the Agent is afraid to lose the listing?

9 replies

Why Rent When You can own for less than renting???

Fri, 02 Oct 2009 21:05:00 GMT

Why are people in todays market still choosing to rent even with les than perfect credit or little to no money down? I would be more than happy to answer anyones home buying question or concerns in todays real estate market.

Amanda Alejandro
[content removed by moderator for being self promotional]

394 replies

The right place for getting unsecured small business loans.

Wed, 25 Nov 2009 02:25:00 GMT

Are you doing business? If yes is the answer then at this recession period you should know about Unsecured Small Business Loan in your life. Want to know more about it? Then read the next few lines of this paragraph. Generally most of the business people need capital in order to expand the business, overcome debt, increase production and so on. Due to economic slow down many banks has stopped their loan services to their customers. So what is the solution? unsecuredbizloan.com is the website which should be visited by the business men. There one can get Unsecured Business Loans ranging from $50,000 to $750,000. The company officials take utmost care while processing the customer capital needs and issue them loans at the earliest. Since the company is ready to give Unsecured Business Loan there is no need to show any proofs, business plans or how you are going to spend the money. The company small business loans such as $25,000 for those who are starting new business and $35,000 to improve the exis ting business.

http://www.unsecuredbizloan.com, http://www.738yc.com/2009/11/right-place-for-getting-unsecured-small.html

http://www.738yc.com/2009/11/right-place-for-getting-unsecured-small.html

0 replies

Start a business?

Wed, 25 Nov 2009 02:24:00 GMT

Companies that can provide an Unsecured Business Loan are hard to find. They just check if you will be able to pay the loan back and only then, will they ever consider the option of providing a loan. It so happens that there are websites which can provide you the loan that you desire. The process is also quick so that, you don't have to wait all your life just for a loan. Unsecured Business Loans can be easily approved and you can start your business right away. If you are someone with a vision to become an entrepreneur, you will have to consider this opportunity – it's like the light at the other end of the tunnel. Starting a business can be a really risky deal. But these websites provide you Unsecured Small Business Loans

http://www.unsecuredbizloan.com, http://ymca-yty.org/?p=116

http://ymca-yty.org/?p=116

0 replies

Our home is listed as having one bathroom. We actually have one full bathroom and a half bathroom.

Wed, 25 Nov 2009 02:00:00 GMT

The half bathroom is located on the second floor.

0 replies

Pricing in MD

Wed, 25 Nov 2009 01:09:00 GMT

Can someone please explain to me why sellers in Md are just sitting on their original listing prices for months with no contract and their prices are too high for this market? Are they really not interested in selling? My realtor says they will never sell unless they adjust their prices. Is that a tactic I just don't know about?

1 reply

DAVID G. YOU CLOSED THE THREAD - PLEASE DOWNGRADE ME. THANK YOU, RUDI

Tue, 24 Nov 2009 23:53:00 GMT

OK David,

That will work. I appreciate that all my contact information is available. My website is the best salesman. Once borrowers start reading, they are amazed at the complete transparancy of my website. They quickly realize it's not just another "Cookie Cutter" Mortgage Website.

With appreciation, Rudi

4 replies

Benefits of Applying for Small Business Loan

Wed, 25 Nov 2009 01:26:00 GMT

UnsecuredBizLoan.com is the site where you can ask for help in looking for lenders where borrowers like you can apply for unsecured small business loans. Aside from this particular type of unsecured business loans dedicated solely for small business, there are still other types of credits in the website. However, my experience was with Unsecured Small Business Loan alone. I believe that you will be cured when you can particularly experience the benefits that you can get from a loan for your small business. I have experienced some of these benefits as well.

http://www.unsecuredbizloan.com, http://f-g-b.com/?p=369

http://f-g-b.com/?p=369

0 replies