All Forum Posts by: NA Jones

May 11 seems soooo far away but considering how long you have been enduring this madness, it'll come in no time.  Here's to finally ending the "Squatting in Will's House" chapter of this asshats life!

We're Cecil / Harford area - howdy neighbor!  In fact, the link that comes up in "related discussions" is my own intro from nearly a year ago.  LOL  - our PO Box is in Colora.  :)

I'm licensed as well - brokered with KW in Bel Air... we're mid-way through a flip in Elkton that we're doing with a partner met here on BP. We love all things REI - especially local. If you ever want to grab a beer at the Smokehouse (preferably not Thursdays since half price burger night is MANIC) let me know, we'd LOVE to talk shop :)

Welcome to BP!

congrats on your deal! Where is it? Details??

Everyone has given you great advice so far :)

From my experience, USDA turnaround is not too bad depending on the area and also how "on the ball" your buyer and his lender is.

If your buyer is asking you to pay what sounds like all of the closing costs, and going USDA, I would say there's a pretty good chance they have no money to come to the settlement table.  One thing to be aware of - their lender might require them to have enough cash to cover the closing costs, even if the seller has agreed to pay.  I would be weary of this.

The USDA guarantee fee is 2%.  So the house would have to appraise for 102% of your contract price in order for the buyer tack it onto the mortgage.

I would be skeptical of someone qualifying for USDA with a house in the 300k price point.  There is a maximum income limit - you can go to http://eligibility.sc.egov.usda.gov/eligibility/ to get an idea of what it is for your area specifically by choosing Income Limits or Income Eligibility on the left.   Guaranteed income limits are higher than direct.   If someone qualifies for a 300k loan, I think it's highly likely they exceed the income limits. 

I would certainly be entertaining the idea of the offer, but be cautious..

 I literally laughed out loud.

Dont trust anyone elses numbers...  always always always run your own.

Good luck!

Thanks Ryan :) You've given me what is probably false hope!