All Forum Posts by: Phil G.

Move on.  The seller's silence says that they don't consider your offer a serious offer, worthy of countering and your offer is at the top of your budget.  They may be turning away better offers than yours.  So it would seem that unless the listing languishes and they are willing to drop the price substantially, you're done.  Your calculations are just noise.

@Josh Day

Assuming your actual payment is less than the 1% of the balance, you may want to look at a Freddie Mac Home Possible (first time buyer program) loan instead of FHA. Freddie Mac will allow a lower actual payment to be included in the DTI. Banks can impose stricter overlays, so shop it around to multiple lenders, if need be.. I think I read the Fannie Mae also has relaxed their policy on student loan payment calculations. The downside is Home Possible and Fannie Mae's Home Ready programs have a 5% down payment requirement on 2-4 unit properties, higher than FHA's 3.5%. But Fannie and Freddie's first time buyer programs have a much better deal on mortgage insurance. So there are trade-offs. Any you can still use rental income to help qualify. You do need to take homeowner education training (online) and landlord education for 2-4 unit properties. Best of luck.

Call me old fashioned, but seems to me if you make an agreement, you should honor it.

I'm sure you're disappointed and under a lot of stress, given your housing situation, but it's important to keep a cool head.  Sorry you have to go through it your first time out of the gate.

If you were my client, I would advise you, that if you wish to look for any recourse, that you seek competent legal advice from attorney in your jurisdiction before taking further action.  You've gotten advice from many well meaning folks here, but most are not attorneys, myself included, haven't read your contract and don't know Pennsylvania law.

Clouding title is generally not a good idea without an attorney's input. For example, I always put a rider in P&S, when selling properties I own or have the attorney's I have representing my clients include, that allow the seller at their option to declare the seller's obligations to be null and void and may deem the buyer to be in default if the buyer makes an assignment or records the agreement with registry of deeds. Depending on the circumstances, it could also possibly create some legal liability for you.

Best of luck in your resolution of this, however it turns out.

Smokers are not protected in Federal Fair Housing act as said previously.  Nor in NH state civil rights law ( RSA 354-A).  If you want to read yourself to sleep:  

http://www.gencourt.state.nh.us/rsa/html/xxxi/354-...

I suspect OP has an ulterior motive as he created multiple threads on this topic.  Maybe trying to gain exposure on BP or in google searches.  Or maybe just a bone to pick with agents as "Questions to self" would indicate.

Agents always take the bait and argue with him.

Personally, if it were me, I would invest in 15 minutes of a tenant/landlord attorney's time to make sure you're clear on the procedures that need to be undertaken.

Not sure OP is using his real name, but I just notified Brooklyn MLS to be on the lookup,

Any agent who gets involved in this is a dumbass..

An agent, who belonged to one of the MLS I do, was offering this type of arrangement up to investors on BP. I reported him to his broker and the MLS. He was fired by his broker and lost his access to the MLS permanently.

SEC regulations do seem a bit messed up. A non-accredited investor can blow their entire IRA, Junior's college fund, etc. on pump & dump penny stocks and trying their hand at options trading. But making a small investment in a note fund -- whoa Nelly.