All Forum Posts by: GL L.

found out it is called termination-option period .  So even if it take you inspector longer to show up for inspection,  you still have to pay the fee.  It is actually part of the contract that you turn over w/ your contract and earnest money.  

 It says in Texas RE guidelines   have to pay something to hold up in court and $1 is frownd   upon?  Crazy    I hope Texas agents can help with this.  

According to my agent  if I want the option to get out  of my buy contract if  inspection report bad, then I would need to  pay $200 or more.    Otherwise   I would lose my ernest money .  She says it is not mandatory but most seller agents will  discourage  seller from  taking offer unless that money is there for them.  Is this true?

I told her everything is negotiable and is not part of my negotiation  but she is still pretty insistent.  What am I missing?  

 What route did you chose and what type of deal did you get?

My Old neighborhood Concord Estates  Also the sourounding Neighbors up  a bit off  Perkins Road.  Lee Dr Also has many outstanding neighbors.  Do not go to neighborshood near College and interstate.    All Neighborhood  off Airline Between Interstate and Florida Drive are pretty good.   My siblings own a ton of rentals in BR.

GEAUX TIGERS!

It was not orginal set up as condotel and are all indvidually owned condos built in 70s. The local lender is clueless and trying to convince me he is right. Cannot get loan from someone fighting you on terms. My bank manager is working with me on Portoflio ARM sound like it is not a bad deal from what I am reading and worthwhile to pursue. Thanks

I have conventional option as well.  Maybe harder as a lot of the condo units are being used primarily as vacation rentals.  I have used primarily as primary home until recently. Now renting rooms on Airbnb some (see link below)     and plan to have 2nd home in texas.    They call units with a lot of vacation rentals in them "Condotel"  (not sure of spelling)  They are leary to do conventional in this case for these types of units.  

Why is it important to exhaust conventional loan option route instead of ARM? What am I missing?

BTW this a cashout refinance also w/ opportunity to lower rate I am paying now for past 10 years. I am cashing out 150k to go toward downpayment/purchase of 2nd home/investment property in tx. Also considering portfolio loan for 2nd home in tx through same lender in Ut. Should I go for conventional for 2nd? I can get the same No Fees if go with ARM portfolio.

I have an opportunity to do and 5 year ARM with my bank with 30 year amortization. No Fees for anything as it is Portfolio loan and been banking with them for over 8 years. Bank Manager handling the loan.

It is the only type of portfolio loan the offer.   What are pit falls of  going this route over a 30 year conventional other than  interest rates possibly rising up to 2% every 5 years?  

This is My primary home.  Also considering this on investment rental income  property I own free and clear and 2nd home.  

Thanks

Hello,  If  a investor/home buyer becomes aware of property before it is listed and views  it before listed and has even begun verbal negotiation with seller,   can the buyer sidestep the   acquired listing agent to save/negotiate RE cost for seller?  This is in TX.   If you have links to laws regarding this please share.  Thanks.  

I am having to  show Wholesale property to potential buyer or hard money lender, without having contract with seller.  How do I prevent this person getting sellers name and phone # and doing their own deal?    Thanks for the help.

Ok thanks for the info.  So as long as they have 0 credit they are considered "unknown"? 

I will  try and get him to get cosigner.  Thanks again.