Market it to all investors you can by emailing a detailed report on the house, include all repairs, the comps, an appraisal if you have one, a property inspection if you have one. Price it so you make what you need to off the deal and the investor makes 20% or more. You can do a double close, and get paid when you close to the buyer or do an assignment and collect an assignment fee at closing.
Are you saying your parents have a mortgage or something on the house and your brother is paying that? If so they are paying rent regardless of what you call it. If that is the case as a CPA there is no license risk.
If the loan is not related to the house then you can say something along the line of John Smith lives at ABC street and pays the property owner X amount per month and has paid ontime. Just do not refer to rent and keep it simple to avoid lying.
I am assuming your parents signed a Verification of Rent (VOR). This is what many lenders want if the rent/mortgage does not show up on the credit. The reason for this is that banks use the credit score and rent/mortgage lates when determining the rates. A credit card late affects the score which in turn affects the rate but you can still get "prime credit" if your score remains over a 640.
The best bet if the bank will not accept the VOR is to find a different bank. I am a mortgage broker and have multiple banks for many different mortgages as all mortgages are not the same. Each bank may have say 5-20 different loan products, but they specialize in 2. You need to have your mortgage broker find a bank that specializes in first time home buyers with a non constitutional VOR. Many banks want a constitutional VOR, which is from a company such as an apartment complex. Some banks, though, will do the loan with a VOR from a private individual. Maybe ask for a local portfolio lender. Once he has this mortgage, he can refinance down the road and not have problems (and maybe get a better rate).
Thanks for replies. No, they are not paying rent. They are paying back a loan so their is no rent to verify. I think that they may have the issue resolved. Thanks.
First, your contract should have a termite/wood destroying insect clause. What does it say? This will determine how to negotiate with the seller.
Then find a real pest inspector who can tell you if they are active or inactive and can give you a cost to cure. At least the cost to treat. You may need a licensed contractor to give you an estimate of cost of repair.
In many jurisdictions you can pay for a termite inspection which often includes the cost to fix the damage -ask. Get the estimate before moving forward because the bank will have to disclose the damage to the next buyer if you back out.
Market it to all investors you can by emailing a detailed report on the house, include all repairs, the comps, an appraisal if you have one, a property inspection if you have one. Price it so you make what you need to off the deal and the investor makes 20% or more. You can do a double close, and get paid when you close to the buyer or do an assignment and collect an assignment fee at closing.
nothing much, $1000 would be fine would just like to see the numbers, and how to do it for myself.
Are you saying your parents have a mortgage or something on the house and your brother is paying that? If so they are paying rent regardless of what you call it. If that is the case as a CPA there is no license risk.
If the loan is not related to the house then you can say something along the line of John Smith lives at ABC street and pays the property owner X amount per month and has paid ontime. Just do not refer to rent and keep it simple to avoid lying.
I am assuming your parents signed a Verification of Rent (VOR). This is what many lenders want if the rent/mortgage does not show up on the credit. The reason for this is that banks use the credit score and rent/mortgage lates when determining the rates. A credit card late affects the score which in turn affects the rate but you can still get "prime credit" if your score remains over a 640.
The best bet if the bank will not accept the VOR is to find a different bank. I am a mortgage broker and have multiple banks for many different mortgages as all mortgages are not the same. Each bank may have say 5-20 different loan products, but they specialize in 2. You need to have your mortgage broker find a bank that specializes in first time home buyers with a non constitutional VOR. Many banks want a constitutional VOR, which is from a company such as an apartment complex. Some banks, though, will do the loan with a VOR from a private individual. Maybe ask for a local portfolio lender. Once he has this mortgage, he can refinance down the road and not have problems (and maybe get a better rate).
Good Luck.
Thanks for replies. No, they are not paying rent. They are paying back a loan so their is no rent to verify. I think that they may have the issue resolved. Thanks.
Hi! I would be more than happy to help you in Dallas! I am a real estate agent. Dallas is still considered an "undervalued city" in the States!
If you are buying with Pounds Sterling... pretty good exchange rate!
All the best,
Katrina
PS I love the UK! Spent a few months in Scotland and a few more months in the Channel Islands! I miss it everyday!
First, your contract should have a termite/wood destroying insect clause. What does it say? This will determine how to negotiate with the seller.
Then find a real pest inspector who can tell you if they are active or inactive and can give you a cost to cure. At least the cost to treat. You may need a licensed contractor to give you an estimate of cost of repair.
In many jurisdictions you can pay for a termite inspection which often includes the cost to fix the damage -ask. Get the estimate before moving forward because the bank will have to disclose the damage to the next buyer if you back out.