All Forum Posts by: Patricia Steiner

@Juan Araujo

Juan, yes, the program is still available; you will want to contact a mortgage lender in your market for interest rates.

Best...

White interiors/exteriors are in high demand and perceived as more upscale and modern.  But that's the 'right white' - as  the 'wrong white' can be blinding and some even look like unpainted drywall.  The lighting matters a lot too.   I recommend Alabaster; it's a creamy white that looks white without the glare or blue hue.  I recommend doing an online search of 'what white paint colors do designers use' and you'll get some tried and true options.  If you're looking for a modern look and/or a way to light up a dark space, white is the right choice when it's the right white.  Nothing is easy...

Hope this helps...

Is the mortgage in both of your names? Is the mortgage a Freddie/Fannie mortgage? If so, putting the property into an LLC is not a problem as long as the LLC ownership matches the borrowers (here's an abbreviated summary: https://assets.newamericanfunding.com/media/5135/transferrin...)  You will need to get approval from the lender and it generally requires a form to be completed - and notify the insurance provider of the title change in order to ensure any potential claim will be covered (policy in your individual name won't cover an incident for the LLC).  If your state provides a homestead exemption on property taxes for owner occupied dwellings, changing the title to an LLC will most likely void that exemption since states provide this to individually held properties and some trusts.  There's more to this than going to a title company.  

If the mortgage is in just one of your names, then the LLC must also be solely owned by that person for Freddie and Fannie MAC.

I recommend that you contact your mortgage company first before changing the title to make sure you've got the bases cover. Best...

@Stephanie Luciano

If you currently own a home and you don't plan on selling it or making it an investment property, this financing option wouldn't be available to you. The lender will qualify you (there's a rather 'red flags list' that is used) - as well as have you sign all the occupancy declarations - that pertain to the financing prior to closing. After closing is a post-verification process.  Here's a link to the Fannie site that outlines the occupancy verification procedures:

https://singlefamily.fanniemae.com/media/26241/display

And, keep this in mind: it's one thing to not meet the 12 month occupancy requirement - life happens. But if caught claiming occupancy when you will not is a pretty serious offense: "Occupancy fraud is akin to banking fraud, where the lender can demand the loan be paid in full. Those who commit occupancy fraud may also face fines, penalties, and even jail time." (End)

Hope this helps...

Just saying, I would not hesitate a second on starting collection action. I'm a believer that when the collection is noted on the credit bureau, the tenant becomes more reasonable after not being able to get that new phone, car, or decent place to live. While I haven't (knock on wood) been in this situation personally, I would contact Rent Recovery Service which has a partnership with the American Apartment Owners Association. They have a flat fee option, they report to the credit bureaus, and a judgement is not required.

You're owe that money. If for no other purpose, taking action sets a precedent for your business that your services are valued and payment is not discretionary.

Hope this helps...

Your realtor doesn't have a choice to step aside.  Favor please: hire better next time.  I recommend:

Calling the realtor's broker and putting this back on the realtor to resolve.  (And, what an idiot that realtor is...she may be losing this commission - but I'm sure you'll be back to buy again when the employment issue is resolved.  Again, hire better next time). This is not a conversation with the seller. This is a Notice of Cancellation with Return of Escrow submitted to the listing agent that is prepared by your realtor and signed by you as the buyer to invoke the loan contingency and make demand for the return of escrow.  Your realtor can work with the lender to secure any documentation needed but your preapproval will state that the loan is approved pending no material changes. Losing a job is a huge material change.  Submitting your preapproval highlighting that clause along with an acknowledgement by the lender of the employment change and resulting cancellation is enough.  Also, your realtor should have notified the escrow/title agent of this issue as well.  The escrow agent has specific procedures that must be followed regarding safeguarding and release of deposits.

And, about the escrow deposit...the seller does not control it.  Neither do you.  The contract does and there is a process in place should ownership of the escrow be in dispute; it's state law.  

The seller is obviously disappointed; 'back on market' can result in a lower price as potential buyers perceive those as 'there must be something wrong with it.' But what's even more disappointing is keeping that property off-market for even one day should the sale be in jeopardy - and it is.  No one wins - so it is in everyone's interest to move on.  Get your realtor's broker involved and get this done right without the drama.  It simply is what it is.

And, fingers crossed that your husband's dream job is waiting on him. 

Best...

This has never happened to me or my clients for a couple of reasons: our properties are all non-smoking and we don't renew a lease until the renter's insurance has been renewed and proof is submitted - that policy is a big deal to us.  There's a lot online about the landlord's right to sue for damages when an event, like a fire, is definitively the tenant's fault.  In this case, I'm not sure you have that.  Is the boyfriend on the lease?  Is the requirement for renter's insurance in the lease?  I think I would consider a couple of options:

Require that renter's insurance be engaged immediately to include "landlord as additionally insured."  This is your responsibility to vet so make sure you have a copy of the policy.  All tenants should have coverage (meaning the bf too).  And, if this is in your lease, the tenant has violated the lease covenant and you would want to let them know that they have (in most states) five days to cure the deficiency or eviction could occur.  It's not their option to renew...

If they are unwilling/unable to cover the damages financially, come up with a payment plan that goes on top of the rent for the expense.  Put it in writing.  Please know that if they claim that it is due to landlord negligence, it will be a whole different ball game.  

Check renter insurance policies.  And, you may find that their original policy - had it been in effect at the time - may have limited reimbursement to a specific dollar amount and or conditions.  Knowing that information could avoid a pushback should they decide to challenge you and claim the fire was not of their making.  Their security deposit is also at risk due to the damage.  If it were me, I would want the repairs made now and without considering the security deposit.

So sorry this happened...just not good. Hope this helps.

Bolt.  But also be at peace...because foundation issues due to a whole host of reasons are not contagious.  It could very well be that the house was doomed from the very beginning due to one of the following - which would limit it to just that one parcel (from Source: Anchor Construction Repair - and more):

1. 1.Poor pad site development at the time of construction,
2. 2.Timing and conditions at the time of slab installation,
3. 3. Foundation construction standards, types, and shapes,
4. 4. Property drainage,
5. 5. Consistency with lawn care and watering maintenance, and
6. Under-slab plumbing leaks. (End)

With these, the repairs are not finite.  Any foundation issue in itself should be looked at inclusively as it will most likely require wall/window/door repairs and more.

Some discounts just are not deep enough...I hope you'll move on.

Best.

You need to google this...there are many sites for listing commercial property for rent.  I've used several successfully.  I recommend that you compare the properties already listed to yours to determine fit and competition.  And, I also recommend that you attempt to lease it yourself first - especially if you have a solid lease agreement available.  If you don't, it may be well-worth hiring a commercial realtor who is experienced in that market to not only find a tenant but to execute the lease agreement and collect applicable security deposits and proof of insurance with you as additionally insured (the google search will also show the realtors with active listings).

Best...

Not paying the rent is not an option nor is expecting the landlord to assist her.  You're running a business. And while we can all empathize with the tenants' predictament, we need to expect and trust that this life issue can be successfully handled by the tenant.  I would let her know that you're not in a position to assist her and that she needs to explore all options now. I would caution her to be proactive and have a plan in place for meeting her rent before it's due whether it means borrowing from family/friends/credit cards, public assistance for short-term needs, taking on holiday employment/second job now, cutting back/terminating non-essentials like cable/subscriptions - as the rent will be due on the 1st each and every month per her lease.  Again, this is her life event to address - not yours.  Let her now - without any hedging - that you fully trust and expect that she will resolve this issue herself.

Best...