All Forum Posts by: Anna Smith

Does anyone know of a private lender who won’t require interior appraisal?

The $22k deposit was already sent and is already at risk. The bank contract states I cannot contact tenants until I am the owner. I did try ringing doorbell but no one answered. The neighbor who sits on HOA board said they only come out a night.

I applied with mortgage broker and told him from day one I won’t have interior access for appraisal, he disclosed loan, had me pay for appraisal only to tell me they can’t do loan without interior appraisal. 

Another lender tried to run it thru automated underwriting to see if he can obtain appraisal exclusion but that failed. 

Most private lenders I have contacted require interior appraisal. 

I feel completely stuck and don’t know what to do. 

Hi, 

I am buying a property owner occupied from a bank foreclosure with $22K deposit at risk without contingencies. There are apparently squatters there and they won't allow access and bank requires I give them 30 day notice and only after closing before contacting them. I attempted contact by ringing doorbell (thinking they probably would appreciate more notice than less) but no one answered. From exterior I can see there is someone living there as there are cats inside. 

I am attempting to obtain FHA or conventional financing. Lenders are telling me that an interior appraisal is required. I have sold properties before with an exterior only appraisal and did equity lines same way, so I need to know what are the exceptions to an interior appraisal when no interior access so I can close. I have 30 days to close.

If interior appraisal is required, I would appreciate any feedback on how to look for a lender that will allow owner occupied sale with private money or less strict terms. The house is being purchased 70 cents on the dollar so has good LTV. I am hoping to close with 5-10% down though so conventional with long term low rate would be optimal.

Thank you!

Anna

Hello,

I have 3.7 acres of land under contract that I need to do my due diligence on. Part of the land from a 2018 survey shows wetlands on the front of the property. Visually it looks dry though and not wet at all. Only 2 acres are uplands but I was hoping to develop all of the 3.7 acres. Who may I contact to find out cost and timelines for mitigating wetlands in FL and how to mitigate (dig a lake?).

My goal is to rezone (agricultural with residential use to residential) and subdivide the land as it is on a busy/main street with major residential single family and multi family developments around it. I spoke with the zoning manager and rezoning is possible for me to build 2-3 single family homes per acre to make a small development/HOA with ~10 homes.

This is my first land purchase (we are contractors) so I need advice on what due diligence to do on it and who to call about the wetland mitigation. The property is in Naples, FL. I also need some advice on how to find a bank or an investor for the loan for land and/or land construction. Need to close 4/1/22. Any help/suggestions/advice would be very appreciated. 

Thank you!

Anna

Hire someone else. Try to have it in writing that he quit so he can’t later say you didn’t pay him or similar. Unfortunately contractors are not very reliable so have multiple people available.

Hello!

I have 4 residential lots under contract in gated community in SW FL with 2-3 weeks to close and need advice on how to secure a loan for land or land/construction. Will build spec or custom homes to sell. Advice will be kindly appreciated. 

Anna

Sometimes putting costs into contract for delays makes contractors stay on deadline. I know that we get things done if there will be punishments to be late as I hate to lose $.

You can sometimes always offer a credit at closing toward new windows and then client can pick brand. Did this on one of mine in Palm Beach. Maybe MSI windows for better pricing? 

Hello Fellow Investors,

I need advice as to how to qualify and find a lender in SW Florida for land or land/construction loan for multiple lots (portfolio/commercial loan?). Also what should I expect in terms of underwriting and closing time? I have about 2 weeks to close. 

Thank you kindly!