All Forum Posts by: Justin Lanciault

How did you forget?

@Zachary Dooley you are confusing a few things - I help a lot of FHA buyers and have a decent knowledge of the ins and outs.

1) you property appraised, congrats! You cannot negotiate a lower price.

2) a 3k difference in sales price for your agent will result in maybe $90 dollars before their split to their brokerage.

3) your "as-is" sale has nothing to do with the lender required repairs which are now a LOAN condition. As-is refers to the property condition and home inspection; lender required repairs are exactly that, lender required repairs. Depending on your jurisdiction and contract, this can play out a number of ways, BUT the repairs must be fixed prior to closing.

If you want to house hack a duplex, you need an fha or conventional loan. FHA is 3.5% and conventional is 15% (I think for duplexes). Any bank/lender should be able to do an owner occupied loan like that.

Definitely seems high, but can’t really comment without knowing the actual breakdown. With lower priced homes they do tend to tack on additional fees.

If it's not in the contract it never existed.

I have always wondered how wholesaling a property in Baltimore City works with tenants in it. I know you can get around it by listing with a broker, but I don’t know about wholesaling.

I had this happen to clients before. The story is too long to get into, but I recommended that they file a lis pendens, they did not listen, and to this day, there money is still just sitting, don't be like them and file the lis pendens.

Realtors don’t qualify you for the loan, sure we know what is needed generally but your case would be unique, talk to a loan officer and see what they can do. I am working with folks who literally just graduated so I know there are exceptions. 

Find yourself a good agent to help you run comps and rental numbers (make sure the agent is an investor) - I don't go north of Baltimore City, so I couldn't really tell you much, but right now is a great time to buy because of the interest rates being so low.

 Could you get a 2-3 bed condo near the university and then rent out the rooms?