Pigg Advice Needed

[paramount]

Now tenants are screening ‘homeowners’?

I thought new mortgage rules required 30% equity in a current home before getting another mortgage.

If that wasn’t the case, I would empty my 401k to buy a new house.

[evolusd]

I think it’s only fair to ‘screen’ them. We are entering into a contract. They’ll run my credit to be sure I can pay, so why can’t I research them a bit to make sure they can provide the rental in accordance with the lease?

I don’t know about the 30% equity rule to get another mortgage, but I assume there are some conditions, hence my original post.

[evolusd]

I think it’s only fair to ‘screen’ them. We are entering into a contract. They’ll run my credit to be sure I can pay, so why can’t I research them a bit to make sure they can provide the rental in accordance with the lease?

I don’t know about the 30% equity rule to get another mortgage, but I assume there are some conditions, hence my original post.

[evolusd]

I think it’s only fair to ‘screen’ them. We are entering into a contract. They’ll run my credit to be sure I can pay, so why can’t I research them a bit to make sure they can provide the rental in accordance with the lease?

I don’t know about the 30% equity rule to get another mortgage, but I assume there are some conditions, hence my original post.

[evolusd]

I think it’s only fair to ‘screen’ them. We are entering into a contract. They’ll run my credit to be sure I can pay, so why can’t I research them a bit to make sure they can provide the rental in accordance with the lease?

I don’t know about the 30% equity rule to get another mortgage, but I assume there are some conditions, hence my original post.

[evolusd]

I think it’s only fair to ‘screen’ them. We are entering into a contract. They’ll run my credit to be sure I can pay, so why can’t I research them a bit to make sure they can provide the rental in accordance with the lease?

I don’t know about the 30% equity rule to get another mortgage, but I assume there are some conditions, hence my original post.

[bearishgurl]

[quote=paramount]Now tenants are screening ‘homeowners’? . . . [/quote]

Unfortunately, this is just a sign of the times we’re in today :={

I’ve been on sdlookup in several different zips today and noticed SO MANY SHORT SALES (or “hopeful” short sales) in the active listings. There are quite a few where it DOES look like home equity (cash-out refi’s/2nd’s/HELOCs WAS spent on SOME home improvements.

SO MANY OWNERS are trying to get out . . . because they must HAVE TO. WHO ELSE would sell in this market??

It’s shocking to me how much some people paid for these properties during the “bubble,” esp. the ones with 20+ yrs STILL left of high MR!

[bearishgurl]

[quote=paramount]Now tenants are screening ‘homeowners’? . . . [/quote]

Unfortunately, this is just a sign of the times we’re in today :={

I’ve been on sdlookup in several different zips today and noticed SO MANY SHORT SALES (or “hopeful” short sales) in the active listings. There are quite a few where it DOES look like home equity (cash-out refi’s/2nd’s/HELOCs WAS spent on SOME home improvements.

SO MANY OWNERS are trying to get out . . . because they must HAVE TO. WHO ELSE would sell in this market??

It’s shocking to me how much some people paid for these properties during the “bubble,” esp. the ones with 20+ yrs STILL left of high MR!

[bearishgurl]

[quote=paramount]Now tenants are screening ‘homeowners’? . . . [/quote]

Unfortunately, this is just a sign of the times we’re in today :={

I’ve been on sdlookup in several different zips today and noticed SO MANY SHORT SALES (or “hopeful” short sales) in the active listings. There are quite a few where it DOES look like home equity (cash-out refi’s/2nd’s/HELOCs WAS spent on SOME home improvements.

SO MANY OWNERS are trying to get out . . . because they must HAVE TO. WHO ELSE would sell in this market??

It’s shocking to me how much some people paid for these properties during the “bubble,” esp. the ones with 20+ yrs STILL left of high MR!

[bearishgurl]

[quote=paramount]Now tenants are screening ‘homeowners’? . . . [/quote]

Unfortunately, this is just a sign of the times we’re in today :={

I’ve been on sdlookup in several different zips today and noticed SO MANY SHORT SALES (or “hopeful” short sales) in the active listings. There are quite a few where it DOES look like home equity (cash-out refi’s/2nd’s/HELOCs WAS spent on SOME home improvements.

SO MANY OWNERS are trying to get out . . . because they must HAVE TO. WHO ELSE would sell in this market??

It’s shocking to me how much some people paid for these properties during the “bubble,” esp. the ones with 20+ yrs STILL left of high MR!

[bearishgurl]

[quote=paramount]Now tenants are screening ‘homeowners’? . . . [/quote]

Unfortunately, this is just a sign of the times we’re in today :={

I’ve been on sdlookup in several different zips today and noticed SO MANY SHORT SALES (or “hopeful” short sales) in the active listings. There are quite a few where it DOES look like home equity (cash-out refi’s/2nd’s/HELOCs WAS spent on SOME home improvements.

SO MANY OWNERS are trying to get out . . . because they must HAVE TO. WHO ELSE would sell in this market??

It’s shocking to me how much some people paid for these properties during the “bubble,” esp. the ones with 20+ yrs STILL left of high MR!

[evolusd]

BG – really appreciate the advice. A quick search reveals what appears to be a purchase money mortgage in 2006 and a 2nd TD in May 2007, neither of which have been reconveyed. Also odd is a TD/Assignment of Rents from an individual not long after purchase, which was later reconveyed.

If I want to get copies of the docs at the office on PCH, will I have to pay?

[evolusd]

BG – really appreciate the advice. A quick search reveals what appears to be a purchase money mortgage in 2006 and a 2nd TD in May 2007, neither of which have been reconveyed. Also odd is a TD/Assignment of Rents from an individual not long after purchase, which was later reconveyed.

If I want to get copies of the docs at the office on PCH, will I have to pay?

[evolusd]

BG – really appreciate the advice. A quick search reveals what appears to be a purchase money mortgage in 2006 and a 2nd TD in May 2007, neither of which have been reconveyed. Also odd is a TD/Assignment of Rents from an individual not long after purchase, which was later reconveyed.

If I want to get copies of the docs at the office on PCH, will I have to pay?

[evolusd]

BG – really appreciate the advice. A quick search reveals what appears to be a purchase money mortgage in 2006 and a 2nd TD in May 2007, neither of which have been reconveyed. Also odd is a TD/Assignment of Rents from an individual not long after purchase, which was later reconveyed.

If I want to get copies of the docs at the office on PCH, will I have to pay?

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