Skip to main content
No. of Recommendations: 0
OK Guys thanks for the input. i must agree with JAFO on one point. I know Im just a newbie but it seems to me that having a Broker handle my clauses is a little like walking a tight rope without a net. I would much prefer paying a lawyer who at least has a true binding agreement with me than a Broker who might still be just out for his own profit.

I do feel somewhat better having heard that some of you guys actually make offers without actually seeing the property in question. I guess I will just have my lawyer sit with me and input all the valid clauses that i need.

As for the money for repairs, what I figured was this. I am getting preapproved by one lender and looking to get this process done with another as we speak. Both are working the numbers to include the 203K loan of $20K. I got the first lender to give me some figures he came in at $1686 a month for the mortgage. Now Im trying to get him to put his preapproval in writing and have my lawyer look it over, who knows what kind of snake might be lurking around the desk...lol. But I figure if all else fails Ill just have an escape clause in my offer stating that if finance is not applicable I walk from the deal. Can I do this??? have any of you actually done this.

Ohh and now that Im beginning to understand this 203K better, I msut say what a Country..lol. I mean assuming the repairs on a deal of this nature comes in under sayyy 10 or 15K, I could theoretically walk from this deal with enough cash to finance another deal the next day, God I love this business :)

As for the inspection are there certified inspectors and what about liabilities. How do you know the inspector knows what hes talking about. I was told that the Bank would be the one to choose the 203K inspector seems like I might have no control over this.

Well I must be running now, I will give an update as soon as I can get in touch with more info.

Hopefully by Saturday I will have more info on my preforeclosure prospect. Im trying to make it down to the courthouse on Friday morning and get friendly with the clerks, I understand their is a WEALTH of information just waitng there for me. Thanks Guys I will post again soon

Isiszion...
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.