All Forum Posts by: Ed Wood

New giant 3D printer can build a house in 24 hours

California AG Busts Statewide, Multi-Million Dollar Housing Scheme

They have their own addendum to the purchase contract just read it they give you a inspection period to back out reference that paragraph on the cancellation form.

call the listing agent on that transaction and ask why

Just means they received multiple offers and are giving buyers a chance to send in their highest and best offer. If you can improve your offer do so. Make strong offer by going with what is traditional for the area or better. So if inspection is 17 days keep it at 17 days or go10 days, if escrows are generally 30 days make it 25 days. Banks look for who will close, the least pain to deal with and of the buyers who will close who has the highest net. Make it easy for them and put forth your best price.

4-unit if possible mimumum 25% down conventional financing.

Very simple using the HUD site to find properties and make your offers here:

http://www.hudhomestore.com/Home/Index.aspx

buy the properties at the foreclosure auctions...

This was being discussed yesterday http://www.biggerpockets.com/forums/83/topics/113007-due-on-sale-or-dos-snap-poll since then I have found in the FNMA guidelines this on page 174.

*reference

Although the above has to do with underwriting the loan and not after it's closed it provides some insite to conventional guidelines thought.

I'm also going to see if I can get a a hold of a seriver to answer the question or pull a master servicing agreement as this question pops up a lot. I'm guessing here but I think it what triggers this with a servier is a grant deed recorded by title just like when you buy a property and when you transfer into your own LLC you usually use a quit claim deed which I don't think triggers the lender to act on the due on sale.

I've have a lot of customers who structure their properties in trust, LLC's and Corps and when we refinance them they need to be quit claimed out of the entity back into the individuals name to fund the loan (investment property only primary is ok to fund in a trust) then they ask escrow to quit claim back into the entity a month or so down the road, or have their attorney do it or some record the quit claim themselves.

I'll see if I can find out exactly how this works and post the answer.

Step 1. Have the inspector out and see what needs to be done.

Step 2. If everything makes sense for th deal buy the property.

Step 3. Get the work done.

As a side note, in case you're getting loan or when selling conventional lenders will only give value on permitted space and the property can not have health and safety issues.