All Forum Posts by: Scott Anthony

Hey all, what are the general requirements for a Conventional 97 loan?  I believe it's through Fannie Mae.  I'm a first-time home buyer and I know these loans are intended for single-home residential properties, in which I would want to use it for, but what are the other requirements i.e. credit, income(s), etc?  Thanks in advance for any and all help!  I appreciate it.  

Hey all, so in the midst of trying to purchase our first home.  Long story short, we put an offer in on a house that we saw the day it was listed.  We offered asking price with 3.5% assist.  They went with an offer that offered no seller assist.  Today I found out the house is on the market because the buyers backed out.  Now the ball is back in my court.  I'm offering asking price with 2.5% sellers assist and that's pushing my limit.  I can't do much more, as this is at the top of our range.  With that said, here is a question I have about locking into the interest rate.  I am currently bringing my credit card utilization to 30% (it's high now), but I can pay that down this week to 30%.  I know they report to credit bureaus about every 30 days.  With this change in my credit score, I know I would get a better rate.  Now, if my offer is accepted, when is my interest rate locked in?  Can I lock in my rate at closing or just before closing?  Can I make that part of the contingency? I heard something about a floating rate but lock in 10 days prior to closing?  If anyone could shed some advice, that would be great! 

Thank you! 

Thanks a ton @Wayne Brooks !!!

Thanks @Wayne Brooks ! So, I am a newbie and am going to ask a newbie question.

Let's say I'm approved to buy a home worth about $300,000.  I find a home that needs some work, but costs $240,000 and I could put $60,000 into it to fix it up..  How do I acquire the $60,000 to do the renovations?  Probably a silly question here. 

Thanks so much @Sean Lunny !  I appreciate the advice.  

Hi all, I hope this is in the right section (if not, please move to right section :)) 

Anyhow, I am a first-time home buyer and lost out on a newly listed home this past weekend.  I knew the house would sell QUICK, so I made it a point to see if the day it was listed.  I offered full asking price with 3.5% concession.  The home was already at the TOP of my budget, so I needed the 3.5% sellers assist.  I found out this morning that my offer didn't win.  The seller ended up going with someone who offered full price with no sellers assist.  A little disappointing, but I'm sure it will work out.  My question(s) are as follows:

1.  What are some aggressive tactics/strategies going forward that I can utilize to make sure the likelihood of this happening doesn't happen again?

2. I'm also thinking about buying a slight "fixer-upper" for less than my budget and putting some renovations into it, but my realtor stated that the only things I can do with a FHA loan are minor cosmetic renovations like carpet, tile, cabinets. What if i wanted to knock a wall down or something of that nature? Is that not allowed with a FHA loan?? I'm quite confused here. Also, let's say I look at a home that's $75,000 below my max budget, but I want to invest $75,000 of renovations into it? How do I go about that?

All advice and help is greatly appreciated!!  Thanks all .

Thanks very much @George Blower

Thank you very much @Seth Ferguson.  What would you recommend as the best way to start networking with brokers and landlords?  I will contact my local townships about zoning requirements!  I appreciate your advice. 

Hello everyone.  New guy here from the Philadelphia area.  I'm a relative novice to real estate; however, I have some super basic knowledge of residential real estate due to some of the family and friends working in real estate.  I am currently in the process of looking for a residential home to live in with my family (looking to move within next 3-6 months).  With that said, I came here to learn more about Commercial Real Estate, specifically leasing.  I plan on starting/opening my own business in the next few years and wanted to learn more about the commercial leasing process.  I know what I want to open and have a good general idea as to where I would like to do this at.  This looks like a great place to start with some awesome connections.  I look forward to A LOT of learning!!

Hello everyone.  I am new here and wanted to pick your expert brains a bit!

Within the next couple-few years, I would like to start my own business and be able to lock down a great location for it.  I currently work in the medical health and fitness field and I know pretty much what I am looking for as far as size is concerned, general location, etc.  The biggest draw is I have no clue where to start.  I am a novice to commercial real estate/leasing.  What are my first steps to locating a property to lease?  What about potential investors/partners?  Thanks well in advance :)