All Forum Posts by: Johnnie Fair

It’s about 9k, for the holdback. Is that small?

My mortgagee is telling me that they can’t release funds to the contractor until work is completed. How’s that sound to everyone else?

Hey Ron any reason why? We’ve already completed the loan, have a contractor, and ready to roll.

Has anyone successfully completed an escrow holdback loan on a HUD? We are in the process of closing and still have a lot of unanswered questions. Such as does the contractor have to be licensed and or have a permit with the city or can it be someone that does handyman work on the side that is insured. Thanks.

Regular with minor repairs 

Hi anyone have any experience in how these work? Is the contractor paid after work is completed? Anyone have any good advice on getting a better deal on the service in these situations. Thanks.

Has anyone ever challenged an appraisal? I’m in a similar situation, my appraisal report says all appliances are in working order. We don’t have an oven or fridge!

Look at what everyone else has in the neighborhood and set your budget from there. Don’t put granite in a neighborhood that doesn’t have granite. It won’t increase the value at all. If the homes in the are top out at 150k putting granite in there will only help it sell faster you won’t reap any additional money from it.  Of course that goes out the window with gentrification. I can also tell you that it’s easy to over do it on your first one. Hope that helps 

Great info @Melvin List that’s what I’ve been looking for too. Another question how or who initiates what needs to be fixed or addressed. I know what id like to have done but I’m being told that the appraiser makes the decision. Any info you can share would be greatly appreciated. Thanks 

Jeff W. The more I punch the numbers the better it seems to do a long term investment but the added interest throughout the lifetime of the loan worries me for long term gains. 56k over 30 years. It turns into speculation that the property will increase in value as well. It’s a rural and tough area to live not sure how much it’ll increase in the next ten to fifteen years but it’s definitely something to think about. It feels like I’m missing something, maybe though taxes or something else.