All Forum Posts by: Richard Ball

Remember when down payment and credit requirements were lowered so more people could buy a house because people couldn't save for a down payment? The government always has a way of lowering the bar instead of helping people up and it often comes at a cost to the middle class.

@Randy Wiley Hello! Did you end up making an offer on this property?

@Trevor Wolski I am! I just sent you a PM.

These are high and it depends on your lender

Processing Fees $495.00

Underwriting Fees $695.00 

I just had a closing and here were the charges from the lender for them

Processing Fees $225.00

Underwriting Fees $225.00

Origination Fees $300.00

As stated above this is garbage and I would consider a new Realtor

Realtor/Broker Service Fee $395.00

So there is $835 you are over paying but you can't get rid of it unless you switch your lender and agent but based on the fact you have closing costs those actions would probably cost you the deal. I would recommend that course of action on the next house.

Also some lenders are now willing to pay your appraisal fee at closing so you could have gotten that $515.00 fee credited back to you towards closing costs. With that credit you would have a total savings of $1,350.

@Mike Watson Welcome to BP!!!

@Account Closed Michigan is quite large, are you able to narrow down what area in Michigan you were thinking about investing in? Detroit, Metro Detroit, Grand Rapids the U.P. etc...

@Bara A. Looks good, please put money assigned to account for taxes. The only way I have successfully seen someone guard against theft is a house sitter while the house is being rehabbed/listed. You can put in the listing that the furnace / hot water heater will be installed with an accepted purchase agreement but other items are still available for the taking.

@Dennis J Marsack that is a great start just make sure you follow up. Since you know where she lives I would go knock on her door and start a conversation. Let her know you live down the road and are looking for a house (or a friend if wholesaling) and ask if she is looking to sell or knows anyone looking to sell. If she says no ask her if you can leave your number in case she comes across anyone and then see if you can follow up in a couple months to see if anything changed. If she says yes you've got your first chance at putting a deal together.

@Dennis J Marsack Welcome to BP! Yes you should pursue it, just use a title company when you close on it. If you don't pursue it message me the address and I will :D If i purchase it I will pay a finders fee so it'll be a win win.

PM me the address of your house in Detroit and I can comp it for you.