All Forum Posts by: Santhi Mani

Let us say inspection went through well but two days before the closing there is a roof damage due to heavy rains and corresponding leak inside the living room.

Question:

01. If seller unable to fix the new repairs prior to the agreed closing date, could buyer walkout of the deal?

02. If seller accepts to fix the deal but buyer has additional cost due to extending the lender rate lock etc, could buyer ask the seller to pay it additionally?

In case of #01 above, are there any commission due to the listing agent or buyer agent even when the deal falls through?  If so, who pays it?

In case of #01, buyer could legally getback the earnest money deposit?

Any  other costs the buyer or seller need to be aware of?

IRS given examples : https://www.irs.gov/newsroom/interest-on-home-equi...

If I buy a property and live there for 5 years (loan borrowed non-fha and conventional lower rate for self-occupied) and later move to a larger property and rent out the current one, do I need to inform the bank and ask them to increase the rate of interest to investor loan rate?

@Ross Denman & @Tiffanie Ellis Guys, I'd appreciate if you could fwd the same information as well!

Just a thought, instead of paying 15k upfront, is it not better to buy materials directly online and ask the contractor to take delivery of the same and we pay only for the labor and services portion?  It might minimize the risk but may not alleviate the risk though..

Could someone help me understand how having a lower equity we may avoid EQ insurance? Let us say, if I have a 1 mil property and 900k loan outstanding, why it is not worth taking EQ insurance? If the house is damaged are we not personally liable to settle the loan?

Could someone help me understand how having a lower equity we may avoid EQ insurance? Let us say, if I have a 1 mil property and 900k loan outstanding, why it is not worth taking EQ insurance?  If the house is damaged are we not personally liable to settle the loan?

Hi,

Could someone tell me why (or under what circumstances) we should use Lima one instead of conventional lenders.  Because, I called them for a 150k worth property and they are talking about  8%+ interest rate with 25% down from my end whereas other conventional lenders only asking for 6%+ as this being an investment property. 

I mean in a nutshell for the 2% extra interest I may need to pay, what benefit I am going to get?

Thanks

Some updates about the earlier posts: "Brad Barkley at Bloom Bank",  Bloom Bank, now taken over by Mutual Bank.  Brad Barkley currently looking after commercial lending (not individual mortgages) and no longer handles mortgages.  

I wish we can get a daily water usage email from the water company.  Or an alert if any of the daily use gone up n number of gallons rather than giving us a surprise at the end of the month..