All Forum Posts by: Grant Kemp

I will be purchasing a house subject to the existing mortgage. How should I best handle the insurance? The options I see are

1. Contact their insurance and make me the "name insured", then have them as "additional insured"

2. Cancel their policy and get a new one all together.

How do you handle this situation to best avoid any DOS issues?

Jon is right

essentially, with the "assignment" is "hey, I'm going to designate someone to take over your payments in return for you signing the deed over to them". You're assigning the payments to someone else.

I've tried searching the forums, but can someone walk me through who is being paid, and what their doing as far as closing costs are concerned with MAPS?

As far as I can think, it would only be the title company needing to receive any money for closing.

Let's say I was looking at a house FSBO and wanted to be represented. Does the agent contact the owner and just say "Hey...I'm representing ____. I'm going to need 3% of your sale price, sign here."

Obviously phrasing would be different, but what happens there? What does the agent have the owner sign, and when, that says the owner will be paying the buyer's agent. And how do you, as an agent, approach the owner in this situation?

Steve Babiak thank you for finding that!

Thank you Don. I saw that you said it "could" be done in Excel, but with my admitted lack of knowledge in financing I was not sure how to do it. Thank you for providing specifics on what to put into excel to accomplish this!

Sure, I understand it's not going to be even close to 100% accurate. It would just be nice since, as you guys stated, you can tell the amount of the loan taken out for the house by what the lien is on that house.

Hopefully someone will create a tool that can do all of the math using assumed 30 or 15 year loans, the average street interest rate for that time period the loan was taken, and let you punch in what the loan amount was for to give us what would be owed if the owner had made the minimum payment each month since then. Seems like that would be awfully handy for negotiations.

TBH Financing confuses me a bit, and I live in a non-disclosure state, so here's what I'm looking for to use in my negotiations:

I'd love if there was a tool that could let me put in the known loan amount, and when that loan was taken out, and have it take into account the average interest rate at that time to give me an *approximate* remaining loan balance. Is there something like this out there that I'm unaware of?

Thanks!

Personally, I say go for it. I think little things go a long way with tenant loyalty. I give my tenants $50 off in december to help with christmas. I consider it a marketing expense.

great info. Can someone direct me in the way of what insurance y'all are getting?

and yes Ann Bellamy, I am just starting out, and am taking your advice to heart.