All Forum Posts by: Scott Schultz

My opinion is it may limit the buyer pool slightly, or it may bring about buyers remorse later on that you may hear about it, every Murder or Suicide house I have sold, the buyer finds out usually when they meet the neighbors, Personally I shy away from stigmatized homes, even though here in WI we do not have to disclose it. 

why do the loans have to be secondary market? I have 11 mortgages none are conventional all are on commercial paper, none are on my credit report, and I can still qualify for FNMA, you can always refi to FNMA later, just pull a commercial 3 or 5 year for now.  

there are several options, you could do a Non owner occupied Cash Out, on the Secondary Market like Fannie or Freddie, you could take a Line of Credit, some banks may do a HELOC most will not because its a HOME Equity Line of Credit, and because its not your Home most will not, but you could do a Commercial Line of Credit, I have a couple, one is for 3 years the other is 2 years, but dont be surprised if they only offer you a 1 year term to start. you could also cash out on a commercial note, 3 or 5 year term, 20 or 25 year amm, these are pretty easy to get if you or the property have decent income, your biggest struggle will be that you are out of state, so may want to look to banks that are in both your home market and where your property is, like BMO for example, still a smallish bank so somewhat flexible, yet large enough to be in both markets, good luck

@Jay Hinrichs Have you looked at a State Approved WI Offer to Purchase? with addenda and disclosures you could easily be in the 17+ page range to present to a seller, its kinda nuts, they tell us we have some of the toughest real estate laws in the country. 

@Jay Hinrichs  Yea in WI the rule is 3 transactions in 5 years or 5 in 10 years creates a track record of being a dealer and under WI law you need a License for more than that. 

@Alvin Sylvain  from my reading of the ADA and FHAA there is a clear distinction between a Service Animal and an Emotional Support Animal (EAS) the EAS does not always have the same protections under the law, to afford the same protections there needs to be "a Psychiatric need"  the words specifically used, and it went on to say you could require proof from a medical or psychiatric professional.   

they would probably be lost in a boating accident while transporting them

@William Clark first off the FHA and FHAA are different things, I am referring to ADA and FHAA rules FHA= Federal Housing Administration ADA= Americans wit Disabilities Act, FHAA= Fair Housing Amendments Act

Second The FHAA clearly allows for proof of need for the service animal for long term tenancy purpose, it also clearly states a landlord may not ask about the disability, so a disabled person does not need to disclose what the disability is, but may require proof of need by an appropriate licensed person. 

The 1968 Law would be consistent with what you are saying, but the 1988 Amendments modify the 1968 law, I am confident the panel of Lawyers at the Realtors Association would easily defend their position in court. I dug deeper and the language is clear as a bell, and has opinions from Lawyers at both Wisconsin Realtors Association, and National Association of Realtors. William where did you pass the Bar Exam?  Im not a lawyer just expressing the opinion of about 100 Lawyers that specialize in this type of law.  

@William Clark under the Fair Housing Amendments Act of 1988 landlords may be permitted to require proof of the need for a service or ESA this is very clear in the amendments to the 1968 law