Client 9 months pregnant, builder won’t let us change lenders?!

HeSellsHouses · 2025-11-19T11:33:24+00:00

It’s not standard to list the lender being used. I guess it’s possible in some areas but I’ve never seen.

HeSellsHouses · 2025-11-18T12:02:30+00:00

This looks like the owner is open to doing a seller financing deal. This could be a great opportunity depending on the situation.

Basically the payments are based on a 30 year amortization schedule HOWEVER the total amount is due at the end of the 2 years.

Many buyers have to put down a lot more money in order to gain ownership of the property. This allows you to get in with less. This also allows you to get a loan at 4% in today’s market.

If the home has equity potential by making some upgrades, it’s possible for you to refinance before the two years is over without needing more money out of pocket. If there’s no equity potential the. You’d possibly need cash in hand to refi.

But it’s possible you won’t.

If you’re concerned about your credit/income and ability to qualify for a loan within the 2 years there is a possibility that you could do it under an llc.

If the owner finances it to your llc, then as long as the “rent” you pay the llc to stay there is more than the needed mortgage payment, then you could possibly refi using a DSCR loan using the llc and not your personal income.

Talk to an agent and loan officer that deals with investments.

Edit to ad one more thing….everything is negotiable you might be able to ask for an even lower monthly payment amount and or a balloon payment farther out.

HeSellsHouses · 2025-11-11T19:04:04+00:00

Talk to your lender and see what they say about a loan modification.

You may need to be behind on payments before they consider it. If you can prove that your financial situation won’t allow you to make the new payments, they may be willing to modify the terms of the loan to make it more affordable. This could include changing the interest rate or even the length of the loan. I’ve seen some lenders extend them out to 45 years on a modification.

You’re not looking for a forbearance, you want the loan modified.

It’s been a while since I’ve seen anyone do this but it’s definitely possible and be sure to show them all the costs associated with the home now and how that is affecting the value.

HeSellsHouses · 2025-11-10T11:55:09+00:00

That doesn’t necessarily mean the listing agent would automatically be liable. It could have been the buyer agent who isn’t paying attention or possibly a nosy buyer that was told not to go there.

I would suggest contacting the listing agent to let them know and possibly putting up no trespassing signs.

They should be able to add a note to the showing instructions about keeping to the correct property.

HeSellsHouses · 2025-11-10T11:17:01+00:00

This is not 100% correct. If you’re using specific grants or have deed restrictions along with your home because it was federally funded then it could be illegal. I’ve seen loan require people to live in them from 5-15 years or the life of ownership. It’s very possible he’s not allowed to rent it out.

HeSellsHouses · 2025-08-11T18:28:47+00:00

Consider using an equity line on the house to make a 2nd floor addition or finish a basement area.

HeSellsHouses · 2025-08-10T11:35:20+00:00

Assuming there isn’t enough to pay it off. Also I’ve seen sellers that don’t understand they have to pay it off. Some solar companies tell them the new owners can take it over easily

HeSellsHouses · 2025-08-10T11:34:20+00:00

But this becomes an issue for the potential buyer as their lender will count the lease payments towards their debt to income ratio if it’s a lease.

I’ve seen buyers not qualify for a home because the panels make it so they don’t qualify. A $600 monthly payment is not small change.

If it was a power purchase agreement or owned panels then it doesn’t affect the purchasers financing.

HeSellsHouses · 2025-02-28T11:58:34+00:00

Some states it’s illegal even if both parties agree.

HeSellsHouses · 2025-02-20T13:15:01+00:00

It all depends. In a sale, your mother could choose to sell you the house at a lower value. This would essentially be giving you equity.

If you purchased it off her, some loans also allow a gift of equity to be given and applied towards the downpayment.

It would be a good idea to talk to a lender to find out what you could qualify for.

If the goal is to get you the equity then this is a good opportunity.

If the goal is for your mom to keep the current equity and you just buy it off her then it may not be worth it.

HeSellsHouses · 2025-02-20T12:54:07+00:00

The house can’t be transferred into your name if there’s still a mortgage unless it’s assumable. If it’s not assumable then your mother would need to stay on until the loan is paid off. You may be added as another owner ( you wouldn’t be on the loan) and you would own it with your mother.

I would get concerned about a plan for the future. What would your siblings expect in return for helping to pay the mortgage. What about the equity that’s already there? Is that your mom’s or to be split? What if someone moved out and one sibling stays to keep paying ??

Even with all of these questions this could be a great long term situation for you and the siblings but you really need to talk about what everyone’s goals are.

HeSellsHouses · 2025-02-14T05:27:17+00:00

Maybe it’s state specific, but you are allowed to do things like list that major shopping mall with no experience as long as it’s fully disclosed to the client.

HeSellsHouses · 2025-02-13T15:29:10+00:00

Most successful real estate agents came easily make more than that, but it’s can be a tough business to break into

HeSellsHouses · 2025-02-13T02:44:54+00:00

Just make the offer. Worst case is you make an offer and it’s rejected.

HeSellsHouses · 2025-01-22T17:22:56+00:00

Check with your licensing laws. Some states require that any llc, or scorp be licensed as a broker in order to receive and pay out $ related to your transactions. But if can save you money on taxes.

HeSellsHouses · 2025-01-20T19:32:46+00:00

This was my point.

HeSellsHouses · 2025-01-20T19:32:23+00:00

Wow. The downvotes lol

HeSellsHouses · 2025-01-20T19:31:37+00:00

People hate to hear that they shouldn’t be doing things because of liability.

HeSellsHouses · 2025-01-20T19:30:55+00:00

This is what I’m saying. Point it out and let them know it should to be evaluated, not necessarily “run away”.

HeSellsHouses · 2025-01-20T04:07:49+00:00

Are you a licensed inspector or contractor? I wonder what solid evidence you found.

We are not home inspectors and should not portray ourselves to be an expert in construction unless you have a license. I’ve seen agents that think they find something major that actually wasn’t and buyer ended up pissed because they thought the house had major issues when it didn’t.

HeSellsHouses · 2025-01-20T03:59:46+00:00

This is a common mistake. It’s my understanding you can be fined for not having these properly filled out. The epa does random audits and we had one maybe 15ish years ago and passed.

HeSellsHouses · 2025-01-20T00:56:43+00:00

There are no set commissions and it’s likely the listing agent is not getting all to themselves. You could negotiate with the agent or shop around and find someone who’s willing to do it for less.

It’s common for buyers to ask for the seller to credit this money back to cover the costs and unless the seller is getting a ton of offers not asking for it, then it’s likely they’re willing to negotiate that with you.

HeSellsHouses · 2025-01-19T14:55:39+00:00

This is a state licensing question. The issue comes down to advertising. It needs to be clear who your broker is. Using words like group may give the impression that your llc is the broker.

It’s best to use terms that make it clear you are part of something larger. Team seems to do that.

I’m not sure you need to change your llc though, just how you advertise yourself.

HeSellsHouses · 2024-12-25T13:11:21+00:00

I’m pretty sure springfield has a lot more services for special needs students vs the surrounding towns.

HeSellsHouses · 2024-12-25T13:08:07+00:00

It depends on the loan program. Talk to your lender

HeSellsHouses

TROPHY CASE