Pigg Advice Needed

[Ren]

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

It isn’t about equity so much as income. If the first property is mortgaged, they would need enough to cover both PITI’s. Potential rental income doesn’t count.

If they already have a mortgage, the bank may require 30% down on the second property, even if the income is there. I heard that number from at least a half dozen lenders.

[evolusd]

From my ARCC search, they have at least one mortgage, with a potential 2nd taken out in 2007.
My title rep is providing me with copies of all TDs against the property so I can be sure.

I can’t imagine they make enough income to cover these mortgages as well as a new one for the home in Sky Ranch (those start at $500k+ for the SFRs).

Depending on what I find, I may need to have a candid conversation with them about this to make me feel comfortable. There must be some X factor like a recent inheritance or something.

Thanks, everyone!

[evolusd]

From my ARCC search, they have at least one mortgage, with a potential 2nd taken out in 2007.
My title rep is providing me with copies of all TDs against the property so I can be sure.

I can’t imagine they make enough income to cover these mortgages as well as a new one for the home in Sky Ranch (those start at $500k+ for the SFRs).

Depending on what I find, I may need to have a candid conversation with them about this to make me feel comfortable. There must be some X factor like a recent inheritance or something.

Thanks, everyone!

[evolusd]

From my ARCC search, they have at least one mortgage, with a potential 2nd taken out in 2007.
My title rep is providing me with copies of all TDs against the property so I can be sure.

I can’t imagine they make enough income to cover these mortgages as well as a new one for the home in Sky Ranch (those start at $500k+ for the SFRs).

Depending on what I find, I may need to have a candid conversation with them about this to make me feel comfortable. There must be some X factor like a recent inheritance or something.

Thanks, everyone!

[evolusd]

From my ARCC search, they have at least one mortgage, with a potential 2nd taken out in 2007.
My title rep is providing me with copies of all TDs against the property so I can be sure.

I can’t imagine they make enough income to cover these mortgages as well as a new one for the home in Sky Ranch (those start at $500k+ for the SFRs).

Depending on what I find, I may need to have a candid conversation with them about this to make me feel comfortable. There must be some X factor like a recent inheritance or something.

Thanks, everyone!

[evolusd]

From my ARCC search, they have at least one mortgage, with a potential 2nd taken out in 2007.
My title rep is providing me with copies of all TDs against the property so I can be sure.

I can’t imagine they make enough income to cover these mortgages as well as a new one for the home in Sky Ranch (those start at $500k+ for the SFRs).

Depending on what I find, I may need to have a candid conversation with them about this to make me feel comfortable. There must be some X factor like a recent inheritance or something.

Thanks, everyone!

[bearishgurl]

[quote=urbanrealtor]. . . Or you can call an agent you know (like [email protected]) and have them use their super human title company powers to get a free pdf.

Its like $.50 a sheet at the county.
That does not sound like much but it can add up if there are multiple documents (all of which are several pages).[/quote]

Nice of you to offer, UR, but I was just intimating that evolusd view the documents for free and take notes while viewing so he can review his answers. I’m usually down there once a month to do this for various reasons. Very seldom will I pay $2.00 pg to get anything, unless I am told to pick something up and will reimbursed with client’s $$.

For years I had Westlaw Real Property Practitioner in my home, but it got way too expensive for my sponsoring firm a couple of years back and they gave it up. It was just an AWESOME set of tools.

[bearishgurl]

[quote=urbanrealtor]. . . Or you can call an agent you know (like [email protected]) and have them use their super human title company powers to get a free pdf.

Its like $.50 a sheet at the county.
That does not sound like much but it can add up if there are multiple documents (all of which are several pages).[/quote]

Nice of you to offer, UR, but I was just intimating that evolusd view the documents for free and take notes while viewing so he can review his answers. I’m usually down there once a month to do this for various reasons. Very seldom will I pay $2.00 pg to get anything, unless I am told to pick something up and will reimbursed with client’s $$.

For years I had Westlaw Real Property Practitioner in my home, but it got way too expensive for my sponsoring firm a couple of years back and they gave it up. It was just an AWESOME set of tools.

[bearishgurl]

[quote=urbanrealtor]. . . Or you can call an agent you know (like [email protected]) and have them use their super human title company powers to get a free pdf.

Its like $.50 a sheet at the county.
That does not sound like much but it can add up if there are multiple documents (all of which are several pages).[/quote]

Nice of you to offer, UR, but I was just intimating that evolusd view the documents for free and take notes while viewing so he can review his answers. I’m usually down there once a month to do this for various reasons. Very seldom will I pay $2.00 pg to get anything, unless I am told to pick something up and will reimbursed with client’s $$.

For years I had Westlaw Real Property Practitioner in my home, but it got way too expensive for my sponsoring firm a couple of years back and they gave it up. It was just an AWESOME set of tools.

[bearishgurl]

[quote=urbanrealtor]. . . Or you can call an agent you know (like [email protected]) and have them use their super human title company powers to get a free pdf.

Its like $.50 a sheet at the county.
That does not sound like much but it can add up if there are multiple documents (all of which are several pages).[/quote]

Nice of you to offer, UR, but I was just intimating that evolusd view the documents for free and take notes while viewing so he can review his answers. I’m usually down there once a month to do this for various reasons. Very seldom will I pay $2.00 pg to get anything, unless I am told to pick something up and will reimbursed with client’s $$.

For years I had Westlaw Real Property Practitioner in my home, but it got way too expensive for my sponsoring firm a couple of years back and they gave it up. It was just an AWESOME set of tools.

[bearishgurl]

[quote=urbanrealtor]. . . Or you can call an agent you know (like [email protected]) and have them use their super human title company powers to get a free pdf.

Its like $.50 a sheet at the county.
That does not sound like much but it can add up if there are multiple documents (all of which are several pages).[/quote]

Nice of you to offer, UR, but I was just intimating that evolusd view the documents for free and take notes while viewing so he can review his answers. I’m usually down there once a month to do this for various reasons. Very seldom will I pay $2.00 pg to get anything, unless I am told to pick something up and will reimbursed with client’s $$.

For years I had Westlaw Real Property Practitioner in my home, but it got way too expensive for my sponsoring firm a couple of years back and they gave it up. It was just an AWESOME set of tools.

[bearishgurl]

[quote=evolusd]From my ARCC search, they have at least one mortgage, with a potential 2nd taken out in 2007.
My title rep is providing me with copies of all TDs against the property so I can be sure.

I can’t imagine they make enough income to cover these mortgages as well as a new one for the home in Sky Ranch (those start at $500k+ for the SFRs).

Depending on what I find, I may need to have a candid conversation with them about this to make me feel comfortable. There must be some X factor like a recent inheritance or something.

Thanks, everyone![/quote]

If there is no reconveyance of the first (or “2nd” that could be a 1st if a reconveyance was filed approx 20-100 days after the “2nd” was filed), then there could actually be two loans.

I’m sure your title rep knows to get this, but you want to see any reconveyances filed in 2007, as well.

Is the conveying document in 2006 a grant deed or a quitclaim deed??

If there is no grant deed/trust deed filed in 2010, they obviously have not yet closed any new-construction transaction like they claim they are “in escrow” on.

Ask yourself these questions:

How do you know they are actually in escrow on new construction and not just moving back in with a relative or in a cheaper rental (so they can strategically default while they collect rent from you)?? Even if they ARE in escrow to buy another property, how can you be certain they will close? What is the occupancy date they are advertising the property to be available for rent? If they show no current signs of moving/cleaning/carpet cleaning, etc. and have never been landlords before, how do you know they will do these things on time for you to move in? How much are they asking you for a deposit? How many days in advance of moving in are they asking you to pay them the deposit?

You don’t want to get yourself into a position of having given them a deposit to “hold” the place for you, of having your vacate your current rental and then they don’t close on time or leave the place a mess for you.

Ask to see a copy of their “Rental Agreement” or “Lease” in advance. Insist on a walk-thru of the premises with a written checklist before plunking down the bulk of your deposit (anything more than $200-$300 to “hold” the place). If you find they are overmortgaged and the things they are telling you do not add up, ask to see their escrow instructions (and any amendments) on the place they are buying. Check the downpayment percentage, closing date and conditions for closing on the instructions.

I don’t see these people getting large deposits from potential renters unless they have a property manager to “vet” the situation first, that is, unless they find a very gullible ad-answerer.

[bearishgurl]

[quote=evolusd]From my ARCC search, they have at least one mortgage, with a potential 2nd taken out in 2007.
My title rep is providing me with copies of all TDs against the property so I can be sure.

I can’t imagine they make enough income to cover these mortgages as well as a new one for the home in Sky Ranch (those start at $500k+ for the SFRs).

Depending on what I find, I may need to have a candid conversation with them about this to make me feel comfortable. There must be some X factor like a recent inheritance or something.

Thanks, everyone![/quote]

If there is no reconveyance of the first (or “2nd” that could be a 1st if a reconveyance was filed approx 20-100 days after the “2nd” was filed), then there could actually be two loans.

I’m sure your title rep knows to get this, but you want to see any reconveyances filed in 2007, as well.

Is the conveying document in 2006 a grant deed or a quitclaim deed??

If there is no grant deed/trust deed filed in 2010, they obviously have not yet closed any new-construction transaction like they claim they are “in escrow” on.

Ask yourself these questions:

How do you know they are actually in escrow on new construction and not just moving back in with a relative or in a cheaper rental (so they can strategically default while they collect rent from you)?? Even if they ARE in escrow to buy another property, how can you be certain they will close? What is the occupancy date they are advertising the property to be available for rent? If they show no current signs of moving/cleaning/carpet cleaning, etc. and have never been landlords before, how do you know they will do these things on time for you to move in? How much are they asking you for a deposit? How many days in advance of moving in are they asking you to pay them the deposit?

You don’t want to get yourself into a position of having given them a deposit to “hold” the place for you, of having your vacate your current rental and then they don’t close on time or leave the place a mess for you.

Ask to see a copy of their “Rental Agreement” or “Lease” in advance. Insist on a walk-thru of the premises with a written checklist before plunking down the bulk of your deposit (anything more than $200-$300 to “hold” the place). If you find they are overmortgaged and the things they are telling you do not add up, ask to see their escrow instructions (and any amendments) on the place they are buying. Check the downpayment percentage, closing date and conditions for closing on the instructions.

I don’t see these people getting large deposits from potential renters unless they have a property manager to “vet” the situation first, that is, unless they find a very gullible ad-answerer.

[bearishgurl]

[quote=evolusd]From my ARCC search, they have at least one mortgage, with a potential 2nd taken out in 2007.
My title rep is providing me with copies of all TDs against the property so I can be sure.

I can’t imagine they make enough income to cover these mortgages as well as a new one for the home in Sky Ranch (those start at $500k+ for the SFRs).

Depending on what I find, I may need to have a candid conversation with them about this to make me feel comfortable. There must be some X factor like a recent inheritance or something.

Thanks, everyone![/quote]

If there is no reconveyance of the first (or “2nd” that could be a 1st if a reconveyance was filed approx 20-100 days after the “2nd” was filed), then there could actually be two loans.

I’m sure your title rep knows to get this, but you want to see any reconveyances filed in 2007, as well.

Is the conveying document in 2006 a grant deed or a quitclaim deed??

If there is no grant deed/trust deed filed in 2010, they obviously have not yet closed any new-construction transaction like they claim they are “in escrow” on.

Ask yourself these questions:

How do you know they are actually in escrow on new construction and not just moving back in with a relative or in a cheaper rental (so they can strategically default while they collect rent from you)?? Even if they ARE in escrow to buy another property, how can you be certain they will close? What is the occupancy date they are advertising the property to be available for rent? If they show no current signs of moving/cleaning/carpet cleaning, etc. and have never been landlords before, how do you know they will do these things on time for you to move in? How much are they asking you for a deposit? How many days in advance of moving in are they asking you to pay them the deposit?

You don’t want to get yourself into a position of having given them a deposit to “hold” the place for you, of having your vacate your current rental and then they don’t close on time or leave the place a mess for you.

Ask to see a copy of their “Rental Agreement” or “Lease” in advance. Insist on a walk-thru of the premises with a written checklist before plunking down the bulk of your deposit (anything more than $200-$300 to “hold” the place). If you find they are overmortgaged and the things they are telling you do not add up, ask to see their escrow instructions (and any amendments) on the place they are buying. Check the downpayment percentage, closing date and conditions for closing on the instructions.

I don’t see these people getting large deposits from potential renters unless they have a property manager to “vet” the situation first, that is, unless they find a very gullible ad-answerer.

[bearishgurl]

[quote=evolusd]From my ARCC search, they have at least one mortgage, with a potential 2nd taken out in 2007.
My title rep is providing me with copies of all TDs against the property so I can be sure.

I can’t imagine they make enough income to cover these mortgages as well as a new one for the home in Sky Ranch (those start at $500k+ for the SFRs).

Depending on what I find, I may need to have a candid conversation with them about this to make me feel comfortable. There must be some X factor like a recent inheritance or something.

Thanks, everyone![/quote]

If there is no reconveyance of the first (or “2nd” that could be a 1st if a reconveyance was filed approx 20-100 days after the “2nd” was filed), then there could actually be two loans.

I’m sure your title rep knows to get this, but you want to see any reconveyances filed in 2007, as well.

Is the conveying document in 2006 a grant deed or a quitclaim deed??

If there is no grant deed/trust deed filed in 2010, they obviously have not yet closed any new-construction transaction like they claim they are “in escrow” on.

Ask yourself these questions:

How do you know they are actually in escrow on new construction and not just moving back in with a relative or in a cheaper rental (so they can strategically default while they collect rent from you)?? Even if they ARE in escrow to buy another property, how can you be certain they will close? What is the occupancy date they are advertising the property to be available for rent? If they show no current signs of moving/cleaning/carpet cleaning, etc. and have never been landlords before, how do you know they will do these things on time for you to move in? How much are they asking you for a deposit? How many days in advance of moving in are they asking you to pay them the deposit?

You don’t want to get yourself into a position of having given them a deposit to “hold” the place for you, of having your vacate your current rental and then they don’t close on time or leave the place a mess for you.

Ask to see a copy of their “Rental Agreement” or “Lease” in advance. Insist on a walk-thru of the premises with a written checklist before plunking down the bulk of your deposit (anything more than $200-$300 to “hold” the place). If you find they are overmortgaged and the things they are telling you do not add up, ask to see their escrow instructions (and any amendments) on the place they are buying. Check the downpayment percentage, closing date and conditions for closing on the instructions.

I don’t see these people getting large deposits from potential renters unless they have a property manager to “vet” the situation first, that is, unless they find a very gullible ad-answerer.

[Author]

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