All Forum Posts by: Christine C.

100% agree with @Ryan Mullin market correction underway in "hot" areas. Urban areas tend to be all year with a slow down but less so than the suburban/divisions that peak in Spring/early summer due to families/schools and really drop off by August.What's the showing feedback? Is it possible your original comps/ARV were inflated? I've seen this on two flips within blocks of my home and I'm in a "hot" area on the East side. They should have sold months ago if they were priced right (most of our listings go pending in under 10 days) Your REALTOR should be coming to you with new ways to market the 45 DOM home.

As a REALTOR, I don't get the cryptic stuff your agent is doing/saying.  I set expectations up front to make sure we're on the same page and discuss my communication and work style too (I'm very direct, its a NY'er thing, and that doesn't work for some people.)  I share whatever real estate facts/historical data I have with a client and avoid speculation AND offering opinions in areas outside of my expertise (but I will tell you where YOU can get the answers.) So, if you're not getting basic real estate info from this agent in a timely fashion, it may be time to reset expectations...or move on.

I briefly helped an out-of-state Morris investor/victim by doing a drive by/walk through/photos for his Indy property. I knew from the address it was in a rough nabe. Five months into a "rehab" and all he had was a burnt out shell with a smashed in door (literally, the door was on the ground and the house was open.)  My heart sank, it was abysmal.

Sounds like what you are looking for is to be a "non-occupying co-borrower for your sister" on an FHA, which allows you to help her buy/occupy the primary residence, gift her the down payment AND maintain ownership stakes in the property.

2018 FHA Loan Requirements 500-579 FICO score requirement with a 10% down payment 580+ FICO score requirement for borrowers with at least a 3.5% downpayment An appraisal must be done by an FHA approved appraiser. Mortgage insurance (MIP) is required Steady employment and be able to prove income with recent tax returns, W2's, and paycheck stubs Two years of employment at the same company. Non-occupying co-borrowers allowed At least 18 years of age Must occupy the home as primary residence View more information in the HUD Handbook HUD 4155.1 here.

Co-Borrowers Must be:

listed on the title 

Have ownership interest 

Obligated to pay the monthly payments 

Sign all loan documents

This is an AWESOME thread...so much wisdom in this group! *said with a bow of praise*

@Amy T. YES you prob have the best leverage while you have her deposit.  Before you hand over a dime, get her to sign/agree to terms (like any other contract)  outline condition that on accepting money she cannot seek additional compensation in any form, yada, yada. I'm sure your attorney can help you formulate something legal and binding. good luck!

You agreed to void the lease contract because you felt the bad situation warranted an early move out, then by that admission, wouldn't it also warrant the return of her security deposit?  And, taken further (like to a small claims court) wouldn't it warrant associated fees with her having to move out of your property early? 

I don't know what kind of agreement you left her with, but it probably should have been in writing. ex. to null and void the lease/return security deposit and no additional funds or compensation to be provided. I'm afraid you may have left yourself open to a future claim.

try https://www.homewyse.com/  for materials + labor estimates (together or separate), by zip code, to get a range, that way you have some idea ahead of talking to contractors.

I was glued to my monitor following this thread tonight but now my jaw is on the floor. I'm so sorry to read this last post about your home fires. It's horrific. Thankfully nobody was hurt...

great suggestion on the non-refundable deposit. 

Thanks Curt.!