All Forum Posts by: Bryan Stocklas

I have a $50k HELOC on my primary residence and I was thinking about using $40k of it to pay off personal debt and was curious if I do that will this improve my DTI? Since it's my understanding that lenders will add up minimum payments on your debt to calculate your DTI and the HELOC payment would be much less than the minimum payments I currently have. Just curious if anyone has done this before thanks

@Todd Powell I don’t get it either but like others have said he has to be hiding something else or he knows that if an electrician goes in there it would be more than a panel swap.

@Joe S. Now I am yes, it’s very shady that without any type of negotiation went straight to I’m going to sue you if you don’t go thru with it and his real estate agent told mine that it would be in my best interest to go through with the deal.

@Shiva Bhaskar the property is in Illinois thank you though

@Ken Oz That’s what I said to my realtor is why wasn’t this disclosed. If it was than I would have negotiated that before we got into contract.

@Wayne Brooks it states that no major defects are present during time of inspection so he’s saying that the panel works so in his mind it would be an upgrade if he had to switch the panel out. But from the 5 insurance companies that I called that I would get insurance from they all turned me down and said they would not insure and I have one writing me a formal denial so I can submit it to my lender.

@Braden C. I originally cancelled for inspection because after we went back to seller asking that an licensed electrician replace the panel so we can obtain insurance he came back saying he would do it himself if we paid him $600. We said no he said than give me $600 and I’ll have someone else do it. We said we want to pick our own electrician that we can verify and he refused. So we submitted our cancellation. Than he had his lawyer send that. I am now working on getting a denial letter from lender.

@Dorianne Reynard Santa that’s what I thought, they have to be related somehow but I am in the middle of trying to get the letter from my lender. I spoke with multiple insurance companies and all stated it has to have an upgraded panel of at least 100amps. Thank you

@Scott M. I appreciate your advice and it’s not about the $500 I am completely ok with walking and letting him keep that, it’s everything else that was threatened is what I’m worried about. For me I’m not going to get strong armed into a deal especially when we paid beyond what was fair for the house and now he’s trying to muscle me into it. That alone causes even more concern that he is hiding something bigger. Thanks again

@Jay Hinrichs thank you for your insight