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efete1

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Posts posted by efete1

  1. Posted · Report reply

    Erik

     

    I would be interested as well.

     

    Good idea. I apologize that I haven't had our Mastermind call in a while. Perhaps we should re-start it and use this marketing question as an entry/discussion point. Just a thought; I can send the call in info if anyone wants to set up a date/time/etc.

     

     

    Eric

  3. Posted · Report reply

    SO: ethical question: have a house I had as a LO. Owner was getting desparate to get filled so we found a tenant and just signed her up (she signed her lease and gave us deposit); the next day we find a tenant/buyer. Assuming he is good to go, do we take him and tell the tenant we have to cancel? The owner does want to sell the house (that was his intention) so I am going to discuss with him and have him decide as well. Thanks for any input!

     

     

    Have a good weekend all!

     

    Eric

  14. Posted · Report reply

    Hi all

     

    Not sure what happened either; I was on the call at 9 sharp and didn't hear anyone else chime in??!! Something must have been in error or perhaps I dialed the wrong # in my drunken stupor!

     

    Let's try it again everyone! That's never happened before so let's have a re-do!

     

    How's next week look for everyone? Monday at 9 PM EST?

     

    Talk soon

     

    Eric

  18. Posted · Report reply

    Hi gang,

     

     

    Anyone familiar with OHFA (first time homebuyer loans) in Ohio or anywhere for that matter? I spoke with a seller who has a second mortgage with OHFA and thinks that if he rents his home on a LO that they can accelerate the loan (like a due on sale, ie ask for the balance all at once).

     

    I couldn't find anything online yet but will keep looking. It's only a few thousand per him but he would prefer not to pay it of course.

     

    If anyone has experience with this, please let me know.

     

    Thanks!!

     

    Eric

  19. Posted · Report reply

    Hi all

     

    Hope everyone is having a good 2012 so far!!

     

    We have another mastermind call in a few weeks; be sure to be on it!

     

    I have a question for the seers/mavens/wizards/sage out there:

     

    Appraisals and option prices; what to do if the house appraises lower than the option price. I have a tenant/buyer for a house who, now that she moved in and started paying rent a few months ago, now sees nearby houses with lower values, etc. She believes that the house will not appraise for the option price. Not sure, she may be right; who knows in this crazy market. I believe it was priced well at the time (few months back) per my comps. She wants to buy it but is concerned, rightly so, that if the appraisal comes in lower, she won't be able to get a loan. She mentioned that the owner could drop his price, but he doesn' have a lot of room to drop or he'll be underwater. She doesn't want to pay any more into it (she paid 4k of the 5k option fee) and waste it if she can't get a loan.

     

    House price (option price) 186K, after option fee and rent credits: 180K, owner owes 176K right now (will owe less by closing time but not that much less of course).

     

    I assume there is no point to getting an appraisal now as she is not ready to finance? Not sure how appraisals work, ie would it be voicd if she can't get a loan until the fall? Would the banks want a new one by then?

     

    Ideas, suggestions, etc appreciated!!

     

    Thanks,

     

    Eric

  20. Posted · Report reply

    HAPPY NEW YEAR EVERYONE!!!!

     

    I hope 2012 will be a great year for you all!

     

    Sorry for the late response/update for the MM group calls.

     

    Let's shoot for February and let everyone sleep off their hangover for the month, especially John Jackson!!

     

    How does Feb. 6th sound?

     

    Talk soon!!!

     

    Eric

  21. Posted · Report reply

    Hi all;

     

    Man, we had a GREAT call last night! I mean, other than John Jackson talking for 22 hours; the other folks got a few minutes . . .

     

    It was a 2 hour call and thanks to Jon Rexford for joining in and offering his sage thoughts and input. We also had a few other new callers, with some interesting strategies.

     

    I put the call info/recording below.

     

    Let's get some other new voices on the next one!!!

     

     

    *Free Conference Play Back*

    > > Playback Number: (605) 475-4099

    > > Access Code: 427522#

     

    Eric

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