All Forum Posts by: Dell Schlabach
Dell Schlabach has started 10 posts and replied 873 times.
Post: Fannie Mae closing - rejected extension
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
@Tomasz Banas Congratulations in pulling it off!
Post: DOJ ROR (Department of Justice Right of Redemption) explanation
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
@Brian Gibbons man of great wisdom, may have some insight
Post: Fannie Mae closing - rejected extension
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
@Tomasz Banas curious if your lender/title co was able to pull it off or if Fannie decided to give you an extension last minute?
Hope everything is coming together for you.
Post: Hello Everybody "New" Member in Dalton Ohio
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
Welcome to Bigger Pockets @Josiah Barkman, always good to see more NE Ohioans joining. Great resource for all things real estate.
We are in the Buy Renovate Sell business, if I can be of any help don't hesitate to ask.
Post: Fannie Mae closing - rejected extension
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
Originally posted by @Wayne Brooks:
The disclosure is absolutely required for owner occupant, financed transactions....but not for others.
You referring to the new closing disclosure, that replaced the HUD?
We have closed quite a few houses, with three different title companies, rehabbed owner occupied sales, rare to get disclosure three days, maybe other areas follow the new rules better.
Post: Fannie Mae closing - rejected extension
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
Originally posted by @Tomasz Banas:
Normally it probably wouldn't be a problem and maybe we could close March 31, but starting Oct 3 once all the paperwork is ready, the consumer is given three full days to review everything before the closing. So, even if we get everything ready by Wed, if I understand correctly, we won't be able to close, as we have to wait 3 days.
We were told about the new requirements requiring CD three days prior to close. But I have seen that happen maybe two or three times in over a dozen closings since then. One last week we never saw CD prior to meeting mobile closure. Supposedly if there is any error it is required to be delayed another three days.
There were multiple errors on CD and we wouldn't close, we got the revision next morning and closed via email. Reality and revised rules don't seem to be too congruent.
I don't suspect that the new rules will be the cause of the delay.
Post: Fannie Mae closing - rejected extension
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
Originally posted by @Dante Pirouz:
In my experience with HUD, they have been very strict with us about deadlines and once an extension has been denied we have not been able to do much other than hope for part of our EMD back. It is the reason I no longer buy HUD properties with bank financing only cash because banks tend to drag their feet with closings and HUD doesn't give you any leeway for that...hope it works out ok!!
Have you have had that experience with Fannie Mae?
I am aware of that with HUD properties but have not experienced it with Fannie.
Post: Wood Frame vs. Concrete Block - Ocala Florida
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
Originally posted by @Mary K.:
Hi Fabian, I would love to hook up with your local agent. My husband is a state licensed general contractor so we are good with getting the rehab work done. We've built over 50 new homes here but didn't keep any as rentals for ourselves (darn). But I'm new to finding the best locations and how to finance them and any help is much appreciated. Any you can Skype or call me too if that's allowed by BP rules. My Skype is m.kirkpatrick.marketing
If you find a good realtor, I would be interested as well. Here's a fellow I was going to contact the next time I come to Ocala. Appears to know the rental and rehab game, but I can't vouch personally.
https://www.biggerpockets.com/users/DavidMidgett
We have a rehab protocol that is working quite well here, my nephew started similar one in Virginia and is doing.
We run a couple partnerships, looking at expanding to Fla this winter, Ocala or Sarasota Bradenton
Post: Fannie Mae closing - rejected extension
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
I would be riding someone pretty hard to keep up their end of the contractual obligation to close on time, why cant the title co or the bank deliver in the next three days if everything is in order?
Typically there is 100 per diem for not closing on contract due to fault of buyer. Can't imagine Fannie walking for a three day delay.
Maybe we have some Fannie Mae REO agents that have some insight in the probability.
Post: I want to start a discussion on some major tips for starting out!
- Investor
- Canton-Akron, OH
- Posts 916
- Votes 476
Originally posted by @Marcus Walker:
To all experienced investors, please feel free to post on some of the major key things that will help some people who are just starting out; For example, how to get your POF letters, where to find local investors, and maybe just some other tips you might have that you think beginning investors should know!
Everyone starts at a different place, everyone has different objectives. It's difficult to give anything but generic answers without knowing what someone wants to accomplish.
When you ask for tips for new investors, then you mention such as a POF letter. If you are an investor you already have funds, and you can just run a copy of your bank statement, or have the bank write one up for you. I sense you want to be a "wholesaler" that's not an investor and the strategy or tips for the two are very different.
The best generic advise I can give is to decide what you want then find out what you need to learn, study, get trained in to accomplish that. That may be through formal education or working for someone who is doing what you want to do.
Study and work harder then anyone else in your chosen field, after five years you should be well on your way, and way ahead of most.