All Forum Posts by: Jeff Rabinowitz

@Chris Moshier, of Simplified Insurance Agency should be able to help.

How much do you expect to lose on the $50K defaulted loan? Is the property worth foreclosing on?

The daily per diem is the interest that accrues every day. The payoff is the principal balance when the last payment was received plus the accrued interest. The title company needs the daily interest rate so they can send the proper amount if the closing is rescheduled, the wire (if payoff is by wire) is delayed by a day or two, the payoff is sent via mail, or the closing is just before a holiday. They will add in a couple days interest in those events.

If you are planning on borrowing funds from a hard money lender for the purchase price you are not making a cash offer. That misrepresentation is often made but it could cause your offer to be rejected or voided after it has been accepted. For your other questions: the answers will depend on the practices and preferences of the banks and insurers in your area. Survey a few and ask them.

There are plenty of private lenders in our area who will lend $50K on a strong deal. We also have an abundance of Real Estate Investor Association (REIA) meetings in our area. Attend some meetings and meet some people who can help. Metro Detroit RE Investors (look for @Tom A.) meet on a variable schedule, often in Troy. Renegade Detroit Investors (look for @Account Closed) meets the second Thursday of each month in Madison Heights. There are more groups, REIA of Wayne, Macomb, etc. A brief web search should identify most of them.

This site may not be updated immediately but it will give you a good first guess. There is no charge.

accessmygov.com

You could ask for permission from the seller though the best time to negotiate that is before the purchase agreement is accepted. I suspect you will get a pre-closing walk through. (It is unwise to go to a closing before walking the property to make sure there has not been any damage from the seller moving, to make sure the house is clean, and to make sure they don't leave large items behind. If any of those happen, you should be able to negotiate a fee to correct the situation.) I once brought a prospective tenant with me on a walk through the day before closing. I accepted their deposit and signed the lease the next day after I gained possession.

An ozonator (ozone generator) can greatly reduce the odor. 

@Roy N., this is a link to the story you mentioned: 

I Burned My House To The Ground. Should You?

A traditional lender (bank or credit union) will account for your monthly expenses, including taxes and insurance on all real property. Many private lenders, who make loan decisions weighted more on the equity in the property, will be less concerned about those expenses. Some private lenders may not consider them at all. All lenders have different criteria for different types of loan products and different types of borrowers.