Trying to get a section 184 loan — also how to deal with cash?

So my mortgage lender said I don't qualify for a 184 loan because I had (have paid them off now) a delinquent payment to cox in the last 2 years. The thing is when I went to pay, it was not on my current account. The delinquency was from another account from 2006, which was closed almost a decade ago… The verbiage of the HUD documentation says delinquency in last 24 months on an OPEN account… Do I have any recourse?

Also I have a question regarding cash and 184/FHA loans. For the last several years I have been the roommate responsible for paying rent, every month I paid it in the middle of the month and my room mates would reimburse me with their part of the rent in cash as they got it throughout the month. To keep myself from wanting to spend this money, i just saved it… Now the mortgage lender is telling me I can't use it for my down payment… does anyone have an suggestions?

More real estate tips at Program Realty Wix site


Low Ball Offer

Found a house that meets most of my requirements however, it is over priced. Backstory is that it was bought last fall and then updated/flipped with a variety improvements by a couple. Big things: wall taken down to open up kitchen into open living and dining area, kitchen cabinets and countertops updated, new fridge and dishwasher, floors replaced to laminate (not sure what it was before), new carpets, 2 bathrooms were updated (except tub in one was left as is), and new interior and exterior paint job. They listed it about 3-4 months later with an asking price almost 200k above what they had bought it for which has dropped 30k over 2+ months on the market. Definitely don't think the updates could be valued that high. Additionally, two houses in the same neighborhood were sold during that time which had also been recently updated (with better upgrades) within past 5 years and sold for appx $200-250/sqft. This house is priced at $350/sqft. Wondering if I should continue waiting for the price to come down or just submit a low offer? What would you offer? The market where I am used to be very hot (multiple offers within a couple days of listing) but has since cooled a little bit. (OR)

More real estate tips at Program Realty Wix site

[TN] Buying my first home (23 yrs old)

I have some money saved up (about $200K) and want to invest some of it in my first house. I am 23yrs old and am just now moving to a new city [TN] for a job paying around $45k/yr base. I have 2 roommates who I know I am going to live with which led me to consider buying a house that we could all live in. The plan would be to have them pay me rent, but idk what I would charge them or how to approach this yet. I know friends are friends but I want to have some legal documentation of their commitment to paying me rent to ensure I am not squeezed for money to pay a mortgage by myself if they were to move out. This is my first time buying a house so I am also curious what rates I should charge my 2 roommates to cover a mortgage and additional expenses like tax, insurance, maintenance, etc. I am looking at $400-$500k homes with estimated mortgage prices around $2k/month. I plan to have my parents help purchase the mortgage because they have better credit and can help get better rate. Would love some input on this if anyone has suggestions. This is all just flow of ideas right now nothing is concrete and my approach could be completely off. What are things I need to be thinking about? Thanks! 🙂

More real estate tips at Program Realty Wix site

Who to hire to get second opinion on shifting floor boards and cracks appearing in corners of house?

We moved into a remodeled, renovated house from the 1920s. When we moved in everything perfect. A couple months later, we noticed the floor boards shifting a bit and cracks appearing in corners around the house.

We also have a sump pump that runs constantly after a storm. There's a part of us that things water is getting into the basement and messing up the foundation. Or that the soil around the home is shifting for whatever reason. Or it's just the house settling after the remodel (does that happen?).

Anyways, what specialist (structural engineer, regular home inspector, foundation/basement repair specialist) should I hire to take a look?

Any thoughts greatly appreciated!

More real estate tips at Program Realty Wix site

Signed a contract with broker to sell my place two days ago. Received an offer from my neighbor last night.

I live in Fort Lauderdale, Florida. Hours after signing a listing agreement with my realtor I received a call from someone in my HOA saying my neighbors have been looking to purchase. I met with them last night and received a great offer to which I accepted.

When signing the agreement my broker explained to me that terminating the contract would result in a $500 fee for advertising. They have not taken pictures, showed, or listed he property yet.

I am not so much concerned about the $500 as I am other legal obligations to said broker. I have been communicating with them via text and sent one saying that I would not like to list it anymore to which he responded that he understood.

Is there any formalities or obligations I should be aware off before proceeding with the sale to my neighbor? My neighbor that is purchasing used to be a realtor herself and said that I just need to express my option to terminate the contract and am not obligated to provide a reason. I just want to double check with you guys. Thanks in advance!

More real estate tips at Program Realty Wix site

Agent asking for 15% cash payment upfront with official paperwork only have the remaining 85% as the “real” cost of the house[NYC]

Hello Everyone, one of my friends is trying to buy a house in NYC and their agent seems to be pulling something shady on them.

They are asking for 15% of the "actual" cost of the house to be paid in cash while the paperwork will only mention the remaining 85% as the official "real" amount for the amount paid on the house which can be paid through a normal mortgage. I'm not well versed in matters of real estate and buying homes, however this sounds like some kind of shady tax evasion scheme to me. Does anyone here know whats going on here or if what the agent is doing is even legal?

More real estate tips at Program Realty Wix site

Is 2018 a good time to build or buy a house? (MN)

I currently own a house locked in at 3.625% for a 30 year mortgage I bought back in 2013. I bought my house for about $193k and I believe I could sell it for $250-$270k. Within the last year, I got married and although we don’t have kids now, we would like to start soon. The problem with my current house is we live in a terrible school district and it isn’t close to work for either my wife or me. We are looking at building a house for about $500k that will be slightly closer to work, but more importantly is a much better school district. My main concerns with building this house are (1) we will lost some financial flexibility and I’m not how much our potential kids will cost in the future, and (2) I don’t know if I’m really timing the housing market right with interest rates increasing. I’m looking for insight on whether this is a good time to build a house or not. Tl;dr: is this a good time to start building a house with increasing interest rates?

More real estate tips at Program Realty Wix site

Property Management and selling real estate (VT)

So I just started selling real estate, been absolutely loving it so far. My husband and I bought a multi family last year (4 units) and have been managing that property while we are living in one of the units. Many of my clients are out of staters looking for a summer home, and hoping to rent out their properties in the winter. I thought, hey this could be a great way to grow our property management company. I'm trying to figure out the best way to get started – I currently have a client that wants me to help him figure out how much he could rent his home out over the winter (its close to the ski areas). What is the best way to go about this – searching similar properties on airbnb? Whats a good resource/template for building a presentation to show expenses, cap rate and NOI to show to my client?

More real estate tips at Program Realty Wix site

Why do renovations increase home value by less than renovation cost?

Hey guys, sorry if this is a dumb question, I’m new to real estate. I’m looking to buy my first home and I’ve seen a couple that are under my budget but that I might want to renovate with some of the savings. However, wherever I look online, people seem to be saying that the difference these renovations make on the resale value is smaller than the cost of the renovation itself. Why is this the case? If renovating the kitchen is going to cost me $20k and increase the value of the home by $15k, isn’t that going to be a bad decision financially? Am I missing something here?

Location: New Jersey

More real estate tips at Program Realty Wix site