All Forum Posts by: Ed Wood

Thanks Mike I'm curourious too..

wow that's amazing before the HUGE bonus as the seller in my opinion I would have gone with a few more property upgrades, lite staging and professional photos put the property under market created demand and taken the highest and best offer. Another opinion, primary residence property isn't like selling a used car, timeshare or vacuum cleaner, people really have to want the property.

It's 4 years and 2 years with extenuating circumstances. (Foreclosure is 7 years.)

Selling Guide
Fannie Mae Single Family
Part B, Origination Through Closing
Subpart 3, Underwriting Borrowers
Chapter 5, Credit Assessment, Traditional Credit History

pages 463, 465-466

https://www.fanniemae.com/content/guide/sel011713.pdf

There are what they call "lender overlays" which banks and lenders will tighten up the Fannie/Freddie guidelines to improve their overall performance.

you don't want to go down that road, occupancy fraud. I just got a call the other day from a friend who called me in a panic seeing if I could help his in-law and that a mortgage investigator showed up at the door they did a loan as owner occupied when there was a tennant in the property.

investment property conventional minimum FICO is 620 however most lenders set that at 640 so as long as any open derogatory items are taken care of/resolved you'll be good to go if you wanted to do this on your own.

Your partner would have to finance the properties,fund the loan in only his name then add you to title later.

http://www.car.org/newsstand/newsreleases/2013releases/oct2013sales#

PowerPoint Charts:

Unsold Inventory by price range.

Change in sales by price range.

Share of sales by price range.

for conventinoal financing they always use purchase price or appraised value which ever is lower. Years ago I had a guy call for a refinance on his house he bought it or 500k and put 200k into his back yard and interior so when I asked how much it was worth he said $700k, I explaned that's not how it works the appraisal come in at 560k...

Hard money some let you go off "ARV" after repair value but the rates reflect the leniency.

"general contractor"?

Most local MLS systems have a public access just contact your local board of realtors. You have many of the tools agents do and can set up your own alerts without all the spam form the housing portals. Also the data is real time so you'll be first on the notifications and have listing agent contact info so no guessing who the listing agent is. For example in Sacramento the local MLS is http://www.metrolistpro.com/

With conventional financing it's all treated same attached or detached units...