All Forum Posts by: Josh Green

@Barrett Bridgewater

Great input thank you

@Michael Haynes

Thanks for the referral. How do their fees compare to other title companies? What advantages does one gain having them as underwriters as well?

@Daniel A. Abreu

Thanks for the referral. How do their fees compare to other title companies?

@Luke Rorech

Thanks for the referral. How do their fees compare to other title companies?

Looking for tips and or referrals! How did you find an excellent title company? By excellent, I expect great customer service, communication, and obviously thoroughness as far as title clearing is concerned. What I'm trying to find is the best value - title is responsible for a good chunk of closing costs so how have you found a great priced title company to work with? Don't like how non transparent pricing can be and wanted to gather ideas here.

Been having a hard time with appraisers. First was a duplex I was under contract on myself. The appraiser used comps over 12 months old (obviously a dramatic 20%+ difference in prices then) which led to a low appraisal (not a ton of comps within 2.5 miles. They used old comps over comps in the 4-5 mile distance and the deal ultimately fell through because of this.

Next, an appraiser valued a 4plex using the income approach (came out to $604k). Rents were estimated way lower. Why did the appraiser use this method when identical 4plexs in the same neighborhood sold just a few weeks prior ($700+k)?

My questions are:

1) why does an appraiser choose income approach vs a comparable sale approach? Is it the type of loan being used to purchase the property (owner occupant vs investment)? Is it anything to do with having fewer than say 5 comps?

2) why would an appraiser pull comps over 10 months old that are within 2 miles from the subject property rather than comps that are 1 month old within 4 miles?

Having a hard time finding a good insurance broker. Often times when I'm analyzing a potential deal, I need to know the numbers for both hazard and flood insurance fast. How have you been able to find good brokers that can do this? Already combed through Google and it's just not yielding the people I'm looking for.

@Stephanie P.

Yeah these product will not be backed by ginnie/Freddie/Fannie. You are correct for the most part that often times the rate is just high enough to offset any benefit in doing it over FHA. However, I'm optimistic I can find one below 5% interest, which would make it more profitable than FHA.

@Andrew Postell

FHA is not a bad route, but I'm looking to see if there is better is really all. If I can get a lower PITI than fha, then that's a win. If not, FHA is probably what it'll have to be.

@Stephanie P.

This MIGHT be true but I'm skeptical. I've reached out to nearly a hundred lenders and actually got a couple that are offering these terms but the rate was just high enough that it comes out to basically the same piti as FHA (5-5.5%). Currently waiting on another lender, based on Chicago and licensed in FL, that claims he has had these types of loans pre covid and will know next month if it is rereleasing. Otherwise, they are only open for him in Illinois for now.