All Forum Posts by: Linda M.

Thanks Crystal I am planning to go the route of estoppel certificate  for each tenant as Clarence subjected, this way I will know from the tenants exactly what they pay and if a security deposit is in place.  Also it will aid in the financing process as well, ,Thanks for your help 

I will Clarence  and thank you and every one that took the time to respond, I am feeling a lot better about going forward with this process. 

Hey  Clarence Thanks for your advice. ..The bank is "claiming that they have no knowledge of anything rents ,security , condition. .they know nothing about the the property, so I would have to find out the best way I can about anything concerning the property .I was reading that it is for their own protection not to know anything then they can not be held  responsible for anything 

I am not doing a fha loan but you sound like an owner occupied deal, as far as closing cost I'm not sure of what they will be but I Googled closing costs for the Chicago area and some of the sights gave me some measurements of what I may be paying for the cost of certain things on a standard close 

Hey  Byron  ,Dan  thanks for the heads up. Derek  thank you for your quick response, because you kept me in the deal without getting so emotional and afraid, I appreciate all the help I can get THANKS 

This was new to me also this is why I thought it is a good investment as far as my agent she is as green as I am and we are both learning this process, we knew nothing about the building being fully occupied 

I have an inspection scheduled for Thursday and don't have confirmation on viewing all units.  There are 4 units and 2 basement apartments,  the bank does not know about security deposits and the contact state I will be responsible for the tenants security deposit if they are claim that they paid one.  The building is fully occupied and the longest tenant is 5 years the shortest is 1 year,  how likely is it that they have a security deposit and why would I be held responsible for the deposit if it was not given to me at closing? 

Thank You! I have also given my earnest money before signing THEIR contract , am I in danger of losing if I don't sign the contract? I have a inspection in a couple of days can the accepted offer  change due to the report?

Are the REO properties loaded with debt that is passed on to the purchaser, I did a check at the county on the property and found nothing on the record but could something pop up after I close?How would I know before hand what all the hidden things are when it comes to what it will cost me?

I need quick advice I am a first time buyer and made an offer on a four unit a little nervous and about the steps it will take the learning process is intimidating