Does anyone know a commercia lender that can progress 100% on a 2.4MM purchase of a strip shopping precinct?
I also need a construction loan within the amount of $600-$700K for a guy that shows income of only $30,000 on export tax returns as he is self employed but owns other properties and has around $250K though does not want to use his nest egg. Please email me at greinm(a)sbcglobal.net.Thanks
Answers: Now that you hold put your email out there, I hope you enjoy a good spam filter.
I don't know of any lender doing 100% on commercial. No lender is going to lend $600k to someone making $30k, in recent times isn't going to happen.
If I rent an apartment do I have to use the phone/Internet service they give me?
Answers: Sometimes internet and cable is included in the rent. Our rent includes cable. No, you don't have to use what they provide you. You can arrange to have your own, but you wind up paying for it. If it's included in the rent, you might as well use it.
Most apartments don't provide voice or data, so it's surprising you found a place that provides it.
If you don't use what's provided, you'll need permission from the owner to install or modify wiring. If the owner is providing voice and data, the wiring may be owned by the service providers so they may tell you no. You'll need to pay for installation if the owner does approve the modifications.
Read your rental agreement and building rules. Also, call your local telephone company. There may be federal or state telecom laws giving tenants the right to install their own voice/data services
Good price for a foreclosed home?
I am looking at a home that is guard owned. It was for Dutch auction for about 2 months when the lender foreclosed. It have been leave since Feb. and was foreclosed on contained by Sept. They started asking $314,000 and are now down to $279,000. According to the county assessor within was $283,000 owed against the house. What would be a obedient first offer and what do you tthink it will transport to buy it. The house is worth the asking price, but it is in a flea market that is bearing down with lots of foreclosures (Phoenix). Thanks!Answers: To be honest beside you, I would not paying asking price for any foreclosure right now. Yes it MAY be worth that amount right in a minute, but this down cycle is just starting. You can expect to see another 2-4 years of diminishing home values -especially in market in which the plus of homes was heavily inflated, such as most of CA, FL, NV, and yes Phoenix.
Think of it this style - look at the average income of your city. Then look at the way bank traditionally financed homes before the bubble started - they solitary financed propertys for 3X what the buyers income was. That technique, where the avg income within Phoenix is $59,900 (http://phoenix.gov/CITYGOV/stats.html)
, then the average home should one and only be priced around $180,000.
I think you are looking within the right place for a home - in foreclosures. However, if I be you, I would be looking to buy a home for around 50-60% of the retail value. Think of it this passageway, there are history foreclosures right now. It is lone a matter of time in the past someone takes your low globe offers on a foreclosure (and later you will be wondering if you could have bid lower!).
P.S. I totally disagree near Palm Springs Realtor above - do not get a Realtors judgment. They have a financial conflict of interest - i.e. they don't draw from paid unless the property sell. This means that if you are the buyer, they are going to uplift you to bid higher, and if you are the salesperson, they are going to encourage you to enumerate lower. Go with a professional explicitly unbiased, such as a title company, or a uninvolved appraiser for your comps. Besides, if you listen to the NAR (National Association of Realtors), the agency they talk going on for it - this housing market is merely a slight hiccup on the way to more journal inflating of house prices.
As for godged above, that says that bank can sit on propertys indefinitely until they get their price - this is true to a point. You are going to find bank the most fustrating sellers in attendance are. However, as you work at it, you will find the lenders that are starting to sweat bullets. Also, I have see cities where the lenders be overloaded in REO's and be very flexible beside the price. There are a couple of cities where I can slickly buy properties for $5-$7K right now, enjoy done it and can do it again. Trust me, just hold on to playing the game. If you buy at retail flea market - I guarantee that within the year, you will find yourself contained by the same position as millions of culture - upside down on the value of your home. Happy Hunting.
Lenders get hold of appraisals and Broker's Price Opinions to formulate real flea market value. As you can see, they are contained by no hurry to sell the property. The lender doesn't exactness that the market is method down, or that there are alot of foreclosures, they are surrounded by a position to sit on the property until they get the price they are of a mind to accept.
There is plenty of misinformation on the internet that lenders call for to "clear the inventory" or get REOs "bad the books" but it just isn't so.