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Karl Detlefsen's Advice

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  • 292 Contributions
  • 7 Best Answers
  • 81 Helpful

Karl Detlefsen wrote:

What type of loan for a Condo

Response
You may want to find a local lender that is on Zillow or find a local agent that can help you.  I have a list of them and it changes frequently in my area.  There are many smaller lenders than WF that will work past the hours of 9-5 that I work with, unfortunately they are in California, not in your area, but I am sure that there are many willing to assist you.  
September 09 2013
(0)

What type of loan for a Condo

Response
Thank you for your question.  You could look into FHA loans, but if you do go that route you will have to pay PMI as well the FHA has a limit to where or what condo association you can purchase.  Talk to a lender or agent in your area and find out what those communities are.
September 09 2013
(0)

Should I sale my house or rent it?

Answer
I have a client that bought and 8 months later they went through an open house 6 doors down.  They then bought that home (both cash).  I advised them to take advantage of the excellent rental market for a few years before they list.  (I am in a retirement/vacation/resort community).  They are more than pleased with the returns they have seen.  I went to visit them this weekend in their other house in N Cali and they indicated that they are extremely happy with it, but in the next 1.5-2 years they figure they will sell it just because they don't have all the time it takes to deal with weekly and monthly leases.  But they also see the values in the area going up and up and know that they will make a good return on the home as well they have steady income coming in at this time.
September 09 2013
(0)

Buy now or wait in the bay area?

Answer
Steady,I can see that you have thought this out well.  I think one variable that isn't stated in any of this is the size and amount of the purchase price the question asker posted.  With rates on the rise, and prices in most places on the rise as well, there is alot to be said for purchasing right now.  You can get alot of home for $4000 a month, and build equity as well as stated receive a nice write off for home ownership.  Sure though, owning a home isn't for everyone, you are an example of that.  What though will happen if the current owner of the rental you have decided that they want to live in the home at the expiration of the lease?  Then you are forced to vacate and find a new home, and deal with moving.  Also they obviously they own this home and another, and things are probably working out pretty well for them as home owners they are making money off of you I am sure?  Where the rent or mortgage money goes is a small concern, sure you feel that you are keeping it local, who knows where they are paying their mortgage to, right?  Maybe NY?  Loans are sold off to investors, the bank or lender usually sells them within days of writing the loan.  To me that argument is weak, since you should be concerned about your personal assets first and the recipient of your dollar second I would think.
September 09 2013
(1)

Seller Paying Closing Costs

Response
While it isn't common practice in my area, it does happen frequently.  I know in other areas it happens in almost all of the transactions that I have heard of.  There really is no harm to ask for it if you are a buyer, once again the local traditions tend to guide the practice.
September 05 2013
(0)

How do I search for owner financed homes in the Greater Orlando and Central Florida on your website?

Answer
There is no magical search button, and since the seller is the one paying the commissions in a sale, I would follow Nathan's advice and reach out to a local Realtor that can utilize his expertise and network of connections to assist you in this.  Also as Colleen mentioned, right now with rates low and the new FHA lending rules I would first look into obtaining a loan if at all possible.  Be very cautious as well if you are thinking about doing a lease to own option, as they tend to heavily favor the home owner / land lord.
September 05 2013
(0)

Should my parent cosign?

Answer
I think Sunny's answer is well thought out and very good advice.  Don't count on OT or bonuses, since they are not a sure thing.
September 05 2013
(1)

Inherit the house or buy it out right?

Answer
I would HIGHLY recommend asking your tax advisor, or a real estate tax advisor.  We are professionals, but we are not tax professionals nor accountants.  I will not ever answer a tax question as if I am slightly off when I give the advice, it could cost me and my clients in the long run.
September 05 2013
(0)

unsubscribe properties

Answer
Sounds good.How can we help  you though?  
September 05 2013
(0)

Hello everyone!

Response
Welcome!
September 05 2013
(1)