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Micah Harper's Advice

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Micah Harper wrote:

Whats the best way to rent a house with roommates?

Answer
Most landlords will require all tenants over 18 to be on the lease, and to have joint and several liability.  That means that all tenants are responsible for the full amount of the rent individually.  Many landlords will not lease to an unrelated group of adults because that means more wear and tear, more cars, and they know that non-familial relationships have a way of breaking and then he will have an issue with who stays and who goes.  The better solution is to find something smaller that you can afford with your wife and kids, and let your friends rent their own places.
December 14 2013
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How fast can i sell a home after i purchase and close on it?

Answer
Usually no, there is no required hold period for a property purchase via short sale.  Most hold periods are dictated by your lender and the type of financing that you use.  If you purchase a distressed property, the seller may require that you do not re-sell the property for a specific period of time or for more than a specific price, but that would have to be in the contract before closing and in the deed after closing.
December 14 2013
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My credit is good but my spouses is not

Answer
I don't think you will have a problem, most landlords do look at credit but in my experience they base their decision more on rental history and employment.  If you find that you're having trouble with the larger property management companies because they have less discretion, look for landlords that manage their own properties or smaller property management firms.
December 14 2013
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USDA Lender in San Antonio

Response
Most lenders will tell you that they do USDA loans, but what you want to check is the volume and frequency with which they do them.  Like VA loans, or FHA 203(k), you want a lender who is proficient at these types of loans.  I have seen good results from Juli Coen with Iberia Bank and Lisa Poole with Castle & Cooke Mortgage.
December 14 2013
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What is HOA resale certification?

Answer
A Resale Certificate is issued by the HOA near the time of the transfer from one owner to another. Texas law lays out what must be included in the Resale Certificate, it is a critical document when purchasing a home in an HOA.  Many Realtors do not understand the function of the Resale Certificate either and may advise you that it's just routine paperwork.  It is not.  Review it carefully as it provides very important information about the property and you may need to address things that are disclosed prior to closing.A resale certificate under Subsection (a) must contain (1) a statement of any right of first refusal, other than a right of first refusal that is prohibited by statute, and any other restraint contained in the restrictions or restrictive covenants that restricts the owner's right to transfer the owner's property; (2) the frequency and amount of any regular assessments; (3) the amount and purpose of any special assessment that has been approved before and is due after the resale certificate is delivered; (4) the total of all amounts due and unpaid to the property owners' association that are attributable to the owner's property; (5) capital expenditures, if any, approved by the property owners' association for the property owners' association's current fiscal year; (6) the amount of reserves, if any, for capital expenditures; (7) the property owners' association's current operating budget and balance sheet; (8) the total of any unsatisfied judgments against the property owners' association; (9) the style and cause number of any pending lawsuit in which the property owners' association is a party, other than a lawsuit relating to unpaid ad valorem taxes of an individual member of the association; (10) a copy of a certificate of insurance showing the property owners' association's property and liability insurance relating to the common areas and common facilities; (11) a description of any conditions on the owner's property that the property owners' association board has actual knowledge are in violation of the restrictions applying to the subdivision or the bylaws or rules of the property owners' association; (12) a summary or copy of notices received by the property owners' association from any governmental authority regarding health or housing code violations existing on the preparation date of the certificate relating to the owner's property or any common areas or common facilities owned or leased by the property owners' association; (13) the amount of any administrative transfer fee charged by the property owners' association for a change of ownership of property in the subdivision; (14) the name, mailing address, and telephone number of the property owners' association's managing agent, if any; (15) a statement indicating whether the restrictions allow foreclosure of a property owners' association's lien on the owner's property for failure to pay assessments; and (16) a statement of all fees associated with the transfer of ownership, including a description of each fee, to whom each fee is paid, and the amount of each fee.
December 14 2013
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Is there anyone in the San Antonio area who wants to buy deeply discounted investment property?

Answer
There are a lot of investment buyers out there right now as long as the deals are good ones.  Give me a call, we have lists of investor clients that are always buying.
November 20 2013
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LEASE PURCHASES HOW DIFFICULT AND WHERE R THEY IN TEXAS

Answer
It depends on what you mean by lease purchase, that term is often used to refer to both (1) owner finance or (2) a lease with some manner of purchase right attached during the term.  For an owner finance, make sure they own the property free and clear and are not trying to sell it to you with their previous mortgage still in place (called a wrap around mortgage).  If it is free and clear, it's not difficult to do, just hire an experienced Realtor to help you. In this instance, you own the property from the day you close on it and there is no actual lease in place.If you're looking to lease with an option to purchase, that can be done in many ways (all of which should have a duration of 1 year or less).  (1) Sign a 1 year lease with a Right of First Refusal.  This will give you the option to purchase if your landlord gets an offer, on the same terms as that offer, but is not an obligation to purchase ever.  (2) Sign a 1 year lease with an Option to purchase at a set price within a defined period of time.  This could be something like "at $100,000 within the first 6 months of the lease" or "at Fair Market Value as determined by a licensed appraiser at any time during the term of this Lease."  (3) Sign a 1 year lease at an above market rental rate, with the additional rent being applied towards the down payment.  If you decide to purchase, you will have save up your down payment during the lease.
November 20 2013
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What do I need to do to redeem my home after a tax sale?

Answer
First, you need to hire a real estate attorney.  Then, go down to your county Tax Assessor Collector's office and tell them that you want to redeem your property.  Do it as soon as possible, the amount you will have to pay goes up as time passes.  You probably did receive notice of the sale in the mail to the address that the county has on file, but if you didn't then you can sue them for wrongful foreclosure.
November 20 2013
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Are there any houses that are rent to own available?

Answer
Amanda is correct that the laws have changed, and the state has made it very clear that they do not like executory contracts (contract for deed, rent to own, etc).  Any lease with an option to purchase should not be for longer than 1 year, and should be very clear whether any portion of the rent is applied to the purchase or not.BE VERY CAREFUL if you decide to purchase an owner financed property that the owner does in fact own it without a mortgage.  Many "owner finance" listings are actually wrap around mortgage scenarios which are very dangerous for the buyer.  Get title insurance, get an appraisal, get a survey and treat it just like a regular bank would for your protection.
November 20 2013
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Is previous owner responsible for repair cost if they knew about an issue and did not disclose it?

Answer
Failure to Disclose is always a difficult thing to prove, but when you can prove it and you can prove that you were damaged by the failure to disclose, you can recover from the seller.  In this particular case, it seems like you have very good evidence that the seller was aware of a material defect that they did not disclose to you.  A Realtor cannot help you in this situation, you need a Real Estate Litigation attorney.  Not just someone who will write letters for you, someone who has gone to court on this issue before.  I'm a real estate attorney in San Antonio, if you need a referral to one up in Dallas I can assist you.Another thing to consider is that, if you can prove that the listing agent was aware of the defect and did not disclose it, you may be able to recover from the Real Estate Recovery Trust Account:http://www.trec.state.tx.us/pdf/faq/rerf-faq.pdf
November 20 2013
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