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All Forum Posts by: Ed Wood

Ed Wood has started 49 posts and replied 290 times.

Post: California AG Busts Statewide, Multi-Million Dollar Housing Scheme

Ed WoodPosted
  • Real Estate Broker
  • Orange, CA
  • Posts 380
  • Votes 87

California AG Busts Statewide, Multi-Million Dollar Housing Scheme

Post: Freddie Mac - Multiple Offers

Ed WoodPosted
  • Real Estate Broker
  • Orange, CA
  • Posts 380
  • Votes 87

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.

Post: Buying REO PROPERTY

Ed WoodPosted
  • Real Estate Broker
  • Orange, CA
  • Posts 380
  • Votes 87

call the listing agent on that transaction and ask why

Post: Freddie Mac - Multiple Offers

Ed WoodPosted
  • Real Estate Broker
  • Orange, CA
  • Posts 380
  • Votes 87

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.

Post: Property Type

Ed WoodPosted
  • Real Estate Broker
  • Orange, CA
  • Posts 380
  • Votes 87

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

Post: Investing in HUD Homes? What Are Details that I Should Know

Ed WoodPosted
  • Real Estate Broker
  • Orange, CA
  • Posts 380
  • Votes 87

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

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

Post: Foreclosures or REO's..... do I have use a realtor? CanI buy direct form banks?

Ed WoodPosted
  • Real Estate Broker
  • Orange, CA
  • Posts 380
  • Votes 87

buy the properties at the foreclosure auctions...

Post: Can you set up an LLC for properties financed through a residential loan?

Ed WoodPosted
  • Real Estate Broker
  • Orange, CA
  • Posts 380
  • Votes 87

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.

  • The loan being refinanced and the title to the property are in the name of a natural person or a limited liability company (LLC) as long as the borrower was a member of the LLC prior to transfer. Transfer of ownership from a corporation to an individual does not meet the continuity of obligation requirement
  • *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.

    Post: Anyone know how to deal with unpermitted additions?

    Ed WoodPosted
    • Real Estate Broker
    • Orange, CA
    • Posts 380
    • Votes 87

    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.