All Forum Posts by: Ryan Fatula

Yeah the offer finally came in just now so I'm going to start calling around to see what I can find out. It looks as if they're considered conventional loans though, so if that's the case I might be okay and not be bound by FHA 90 day flip rule.

Anybody?

Had an agent call me today to tell me she will be submitting an offer with USDA financing on one of our rehabs. I didn't think the property was that rural but apparently it qualifies. Anyways, I've got very little knowledge on USDA financing, so I wanted to ask the BP community about your experience with them. Do they adhere to the 90 day FHA rule? Do they take any more or less time to close?

If they don't adhere to the FHA 90 day rule, then that's awesome. This property is currently under 90 days and we don't want to have to do the whole 2 appraisal thing!

Thanks in advance

Met with these folks at the property Monday evening. I think they're full of it. Reason being, among other things, is they mentioned that " no real estate agent will work with us." I've been in the biz long enough to know that when an agent doesn't want to work with someone, they're trouble and usually a waste of time.

I learned from everyone's replies though in case this comes up again in the future!

Thanks so much for the replies guys, after reading them it seems like we are going to hold off on the windows, but would it be absolutely insane to replace only the windows in the front, and leave the rest but dress them up/hide them with some nice window treatments like John suggested?

Ryan it's difficult for me to extract that out of the market, even with a bunch of comps to use. I've been trying to come up with a window adjustment and I'm losing my mind trying to make this decision.

Sorry guys, yes it is for a flip. We did not budget for the windows initially because they aren't in terrible shape, they're just pretty old. The area is well desired, and there are a bunch of comps to use, however since the homes are older many of the windows aren't original, but aren't brand new either as they've been upgraded throughout the years. We are going to do a pretty nice rehab on it, and I'm in a kitchen design meeting as I write this (being rude on my phone). I'm also glad the point was brought up about appraisers not giving adjustments for new windows, as I've not seen them do this either.

Wow really? I thought we would at least get our money back.

We have a new project we are starting and it's in a great location. We know what we need to do inside and that it needs new electrical and plumbing among other things. The house is 60 years old and the windows are likely original. We are 90% sure we need to replace them, but we'd like to get an idea of what type of return we are going to get from adding them because its gonna kill our budget.

Thanks in advance!

Thanks for the replies fellas. Got this one under contract at ask price and 2% towards closing costs and/or prepaids....hopefully we have no issues and get it closed!