Tammy's journey to refinement and FREEDOM. GREAT THINGS ARE HERE!

Keep at it! You are taking great steps and making good strides! Apply the knowledge you learn and get out and do the steps the academy has set up for you. And DON'T get caught up in the Tax Club and their weekly presentations! I swear, that was the worst thing that happened, because I focused my energies on on what the Tax Club was talking about thinking it was a part of the success academy (the way they present it, they make it sound as if Dean set it all up for his success academy students.) So I seriously wasted an entire month lining up those calls with them and using my little spare time with their calls and information. Get out and focus on the RE.

I'm doing my Randy and Greg signs for the property I live in as well as getting them up for my home in GA. I have to find the best area to advertise for high end properties for a lease option. I know the market's out there, I just don't know how to tap into it. I'm listening to extensive strategies on holding auctions right now, and will use that method for the home I'm living in as well as the GA home if I don't get a Lease Optioner in there by the end of November.

Hi Sherri,

Well, if you scroll down to the end of the message and click on the link that says 'TEXTUAL SMILEYS' below your message, click on it. It will show you how to do all of them. Then simply hit the back arrow to go back to your message (It does not erase)

(going off memory)

So, today I did a lot of follow up.
The REO I went and saw, well, the bank is going to find someone to fix it up and were INSULTED by my offer. ROFLMAO! Imagine that, a bank INSULTED! Funny thing is I only calculated a 15K profit into my offer, the bank makes that every millisecond in interest. Banks love to make money, but don't want others to make it.

The property I called my 'sweet short sale property', I made a GOOD connect with the broker there, and he remembered me calling on it and offering it. The bank foreclosed on it last month (which I knew by looking at Proptrend) but he still had the listing. Thought I'd try to see what happened. Here's the scoop. It was an INDYMAC loan. Indymac is a piece of work, they had an approved ss price, and then put in a buyer for the property to increase the approved price. Thus, the real buyers were not entertained. They were quibling with real buyers over 15K! During this time, all the plumbing was stolen and stripped, some of the wood was stolen, and a bathtub was also stolen. The property condition has gone down, and the city is red flagging it now while the bank owes it. (Indymac has never had to deal with this city's ordinances, which are crazy and strict as anything!!!) They are going to have to pay fines, and the house may need to be totally knocked down. All this because their big plan is to fix it up and sell it retail. BAAAHHHH!! HATE IT! This was an AWESOME property in an awesome location that's gone dewn the brae (as the Scottish inlaws would say) because a bank wanted to be greedy! Big bummer!!! But, I got a good broker who understands what I'm looking for as an investor. He was totally ok with me putting in offers well below ARV. Funny, when I talked to him last his didn't have too much time for me; so you never know!

FINALLY got ahold of the shortsale property I was trying to land for my friend. It supposedly has an offer in that's been counter offered 60K over asking price. . Turns out this property has a 1st and a second. I have several more short sales in that area I'm trying to get ahold of the listing agents. I will NOT give up!

Networked today by calling on FSBOs. One, a broker was working directly with the FSBO to screen people to make sure they'd qualify. He's also an investor himself and we had a great talk! This FSBO won't fit for an investor, but I made a great connection here!

Also called back a FSBO I talked to last month that wasn't too motivated that would not reveal to me they were in arrears and behind in taxes. I decided to let him know I knew this, and that I understood that he was a victim of all the terrible loans out there, and got him to commit to watch my foreclosure video. They are talking to a lawyer and considering bankrupcy but really don't know what to do yet. I told them the lawyer will make a lot of money off that bankruptcy, so please take a look at my video to see your other options that are available to you. I also followed up the phone call with an email about the (that the lawyers do NOT tell people about, but is right on the banks website if you look deep enough into the loan modification processes).

I hope to have some fruits for my efforts! Will update later! Sorry so cryptic

This is so awesome! But, I'm not going to get too excited, because I didn't meet the reserve and its subject to seller approval. I had 18 properties I did due diligence on, went and saw, created my own spreadsheet to easily analyze the properties and the max bids to put in. I would have actually had 2, but I put in a bid (I did the live webinar broadcast) 10 seconds before they closed it, and they mustn't have gotten my bid (although its all date stamped, I have the proof of this and I'm going to call to see if the buyer doesn't come through to put me on as second in line). SOOO. Here is the property I won!

Its listed on the MLS for 295K, btw, that is why I'm not going to hold my breath on this one.

My winning bid was 190K (My max bid was 215, if it got that far). I think the only reason I got it this low is because the auctioneer made a mistake and was selling it as 16 acres of land, and because I was online versus at the auction holding a piece of paper, I could see on my screen that it was not 16 acres of land, but the property I'd gone to look at.

So, here's the good stuff!

*UPDATE* I was so excited to post this I forgot the property details! 3/2 1750 square feet on a 7200 sq ft lot, property has solar water heater, 2 skylights, and needs landscaping work. Roof/soffets and eaves are in great shape, big yard, the rose bushes have managed to survive, and it has a gated entry. *jumps up and clacks feet together*

ARV: 305K
Winning Bid Price: $199,500 (includes auction premium)
Repairs needed: $ 8,000
Holding costs: $ 37,000
==>(includes 5 points for HML and interest costs, (and premium if my loan requires full payment), monthly utilities, insurance, taxes, closing costs, home inspector, transfer taxes (if any at all), lawyer or escrow fees)
TOTAL PROFIT POTENTIAL: $ 60,600 !!!!

Or, if I end up using a realtor (last resort) I'll have to pay the realtor $18,500 of that profit, which puts the profit at $42,000.

Please PRAY that they will accept the auction price! This is a big turning point to my Southern California property acquisition troubles!

Going to call the auction company now about the bid it didn't receive for some reason for the 2nd property I could have landed.

Oh, did I tell you, I already have an end retail buyer for it? (if he likes it and I think he will based on what he's told me)? That's the SWEETEST part! I am in the process of doing a PML for part of the funds (IRA money exchange in essence with another investor), and the other part I will use hard money (I've already talked to a few HML).

This is a great high, I am going to be so anxious awaiting to see if the seller (Fannie Mae) will accept the final price. The final price is actually $10/sq ft less than the LOWEST comp in the area in the last 6 months, so its debatable if they'll give me the go ahead. If they do, I close December 2nd.

EXCITING! I'm not posting this to the main board until its accepted by the seller and I'm certain all the financing will go through, so if you read my journal, you'll be the first to know.

PS: My hubby was here watching as I won the bid, and old Mr. Skeptical said, no, that's not a good deal, no, no, are you sure? I showed him all the comps and he of course focused on the one property that was 700 sq ft less and said 'but this one only sold for 180K), to which I pointed out the difference in square feet and beds/baths.

This property looks like another investor had it and foreclosed on it. Its all fixed up except for some pretty minor things. Has all new windows except for 2, a brand new kitchen and 2 brand new bathrooms (all done with higher end materials, including granite counter tops). Baaabbbooom!

My deal dance is on overdrive!

Congrats. I hope everything works out on this for you on this one, sounds like a great deal

way to take action tammy !! you are in the game and things are happening for you !! glad to see your amazing determination is not letting up .sounds like a good money maker if all things come through for you .hope to hear good news !!
jay

Great job on working hard to find that amazing deal. I really hope everything works out!

To your success,

Well, this week was NO FUN! I had Gastroenteritis for the majority of it. Ullghhh! But, I still worked hard through it! Got my first PML locked up at... now sit down... 3% interest, no points, NO costs.... No, not a family member or a personal friend either.

This is a first step in closing on the auction property. The second step is waiting for Fannie Mae to accept the offer. The waiting is KILLING me! I feel like calling them every day! But, I must be patient!

I have a retail buyer so interested in this property without having to do the HML and its tempting to just use a transactional funder and get rid of it with the least amount of risk and a quick turnaround. Because of Fannie's guidelines, you can not make more than 20% of a profit from the price they sell it to you for; but that's still 30K after transactional funding costs. Hmmmm.

Otherwise I can still sell it to him for more using a lease purchase so I can start getting money for the property right away while waiting for the 3 month ceiling Fannie puts on the sales price. (A lease purchase is different than a lease option; it means that the sale has to happen, it isn't an option) I have to research if a lease purchase would be considered within Fannies time frames though. Since the clause is in the contract that the home can not be sold for more than $X, I want to be absolutely certain!

Been calling HML all week. A tree on one of my lots of land has lightening damage and I'm calling gardeners to get that taken care of. Called several auction companies to sell my PA lot, made more progress on getting people interested in doing the lease option auction on the home I live in (showing it just isn't feasible. I've tried to keep it clean for more than 2 days, it just DOESN'T work! So, the auction should work nicely.

Also, if anyone has any ideas for marketing to high end end purchasers who would do a lease option, please let me know of your ideas. I was going to look in the high end areas and see who's in preforeclosure as a start, see if I can get records on owners of high end homes that have already foreclosed, and see if there's a way to find their new address. This seems like a lot of work, so I'm wondering if there's any way to get them to come to me through marketing efforts.

My next mission is to get supplies from HD or Lowes for signs for the LO property in GA. My buyer is in the military and he's out of town, so the official signing of the documents hasn't occured yet due to that reason, BUT, I am controlling and managing the property in every other way (since 9/1); its just not on public record yet. I have had NO interest in the property at all, so I need to get my bird dogger out there with the signs and fliers to get some action! I HAVE had action on general ads I've posted about LO, but for homes that are much less expensive!

That's my RE update! A LOT going on! Many milestones working at one time. Its falling into place. There have been some bumps in the road and hiccups, but I am moving forward, not backwards!

They're going to use their entire 15 days... not just calendar days, but working days. So, I won't know until the 12th of November. In the meantime, I'm going to be contacting some FSBOs and see if I can find someone willing to do creative financing, and send a couple of pre foreclosure letters out.

I found that HML no longer do financing based on ARV out here because the values dropped so fast, that most of the companies that would do it are out of business. So, I have the money from the private money loan. I will be doing another one under the same terms for $25K. (The loans are not secured by the RE, so they can be used for any deal if this one should fall through.) I can't count on that one being available until after the closing date though, so I'm limited to a few HML that will do 20% of the purchase price down and give me a rehab loan; or just do a transactional funding and double close with an IEE. I'm going to reread about IEE on this site (for about the 4th time, but its been awhile) and in Dean's book. I'd get just as much money with a lot less work turning it to my end buyer as doing a partnership due to the holding costs and HML points and interest.

Waiting for the auction property stinks!

was a day of finalizing the private money loan documentation. All the disclosures have to be written out and, well... disclosed. I had forgotten about this part as I haven't taken one of my PML courses in about a month! (SHAME ON ME! BAD, BAD, BAD!!!)

I researched IEE, again, its amazing how things are forgotten if you don't use it regularly. After rereading all the threads here, and IEE can't be done with a Fannie Mae. Although, in my contract, it does have a provision in it that if I sell it before 90 days, it can't be for more than $239K, so I will be calling RESA tomorrow.

My youngest wanted me to read to her book after book for over an hour and a half! She is a little sponge. I tried to read Dean's books to her, she got excited and said Dean Graziiiooosssiii at his picture and I opened the book and didn't get more than a sentence read and she took it away and promptly handed me Goodnight Moon and a stack of other books more to her liking. Alright, it was worth a try, no? I had bought Totally Fulfilled off of ebay and wanted to start reading it. Tonight was not the night.

Spent the remainder of tonight on election material, researching the propositions and judicial candidates. Took me all my free time, but it is an important thing to do as much as I can't stand politics. If you have me as a friend on FB, you know my political views are... Most politicians are liars. I don't care what party they are, politicians have become a joke.

I didn't feel at all productive today, but that's because I didn't do any busy work; mostly researching and doing disclosures-which are about as exciting as getting a root canal.

Tomorrow is a kid day, art class, mommy and me with the little ones, park, children's museum, pick up grocery basics like milk, eggs and bread. Get lost and turn into a residential area I haven't scoured yet.

PS, I had a great Halloween. Took the kids to Granny and Grandpas and went trick or treating. I had the cutest little chicken and unicorn ever. Wish I could attach a photo! EVERYONE commented on the chicken one! So cute! I also had a cute leopard and my son was a college graduate and sometimes a faceless ghool when he'd put on the mask, (or something like that).

Tammy, I have to comment on liar/crooked politicians. We have no one to blame but ourselves!! We the people do not educate ourselves and vote them out after one term if they don't do what is in the best interest of their bosses (us). We the people know more about the NFL or NBA that the constitution! We the people form our opinions based on what we hear from Oprah, the View, 60 minutes, Etc. Etc. We don't listen to both sides of an issue or know and judge the sources of the info.
We the people allow crooked politicians to stay in office!

Go get those deals and don't forget to tithe!

Michael Mangham
MD Home Acquisitions LLC

MY OFFER ON THE AUCTION WAS ACCEPTED!!!!

YYYYYYYYEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEESSSSSSSSSSSSSSSSSSSSSSSSSSSSSS

Yes, there are people in this world who rely on what the TV squaks at them and all the dumb political ads instead of doing their research and *SHOCK* READING the bills and propositions. Letting other people choose which candidates are best for the country.

But, you have to admit, sometimes when choosing candidates, you tend to have to choose between bad and worse and go with the one that has the least amount of bad impact. I do my homework on the candidates and bills and make the best choice. So this 'we' in the people does her duty!

on your auction offer being accepted.

on winning the auction...God is Good!!

Now the hard part starts. I have my HML all set up and ready to go. But, I am checking a few more to see if there are any that can beat the current terms (which aren't so great.) 20% down (that's the nice 3% PML), 6-7 pts at 15% interest. 6 to 7 points is a whopping $12K!!! So, I'm seeing if there are any other viable options available, while not burning any bridges.

So, I made a comment to my husband, so are you going to start believing in me (or at least God's guidance for me) and that I can do this, to which he said, well, I found one of the buyers. I said, yes, yes you did. But, do you still think this is all a scam? Waiting for a reply from him.

I also got ONE call on the GA home; a lady in Canada who wants to buy it and immigrate here. She wanted to know about immigration and how to go about doing that, . Of course, I don't know much about that, so I referred her to calling immigration. Not too solid of a lead, but once I have my buyer finder get the signs out there, I hope the response is better. Its a tough market there in GA! WAY too much inventory and not enough work. Maybe my marketing of the L/O isn't getting the word out correctly. STILL can't get sellpoint to post it to the bigger sites. (GGGRRRRRR!!)

So, now I am working on 3 deals all at once. Prrrrettyyyyy amazing!

Thanks Grant and Bill for the congrats! Now I've got to pull this financing off! PHHHEEWW!

I spent all this evening working on my disclosure statements and company overview and info for the private money loan. Exciting indeed!

/music/ God is an awesome God, on high, his glorious might and reign!

i've been out of town so much lately that i've gotten behind on all the journals i follow. wow, you have great things happening! congratulations on the auction deal. you just keep moving forward! can you send me some of that energy??? i wish i could get just a part of what my grandkids have, even when they are sick.

Nice to see you stop by! I always tell my kids they each took a big chunk of my energy, but this auction was by the grace of God. Another one at the same auction subject to acceptance by the seller (AKA not meeting the reserve) was rejected by the seller. Fannie's in BIG trouble right now, so I got in the right place at the right time on this one.

I attended the auction via the live webcam. When my lot # came up, I was on the phone with the auction company trying to get connected. It was not working, and I spent about 25 minutes on the phone. I got on JUST as this property was starting the auction process. (Talk about fate) Of all the ones I researched thoroughly, this was the first one and the one that my max was about $15/sq ft below the LOWEST comp in the area, and I thought it was the one I had the best shot at getting. When the lot came up, on the internet, it shows the picture and address. Live at the auction, they don't have that luxury, just the item #. The auctioneer was auctioning it as 16 acres of vacant land!!! Even my husband was saying, no that's not the right one! Listen to him! I said, look, it IS! So, when it all came down to it, people at the live even must have thought there was an error. I got it $25K below the highest amount I would have paid for it! I TOTALLY have no doubt that God is really taking the reins on this one! Its the ONLY property the auctioneer made a mistake on! I'm just so STOKED to get it!

What's ironic, any listing RE agent out here would have laughed at an offer on the property at 199K. (Its listed at $295K). This has been the norm for SO many offers I've put in on REPOs out here. I don't know what the listing agents are thinking, but they just don't give the offers to the banks out here (even though they're SUPPOSED to...) That's been a huge struggle out here for me!

I went to the property today. It needs much less work than I originally estimated. YES!!! All the landscaping is not it that bad of shape. Since the rain, much of it is in recovery. A little trimming, removing a tree and some grass seed should do it!!! Its got brand new everything inside, including water heater. The only thing I don't know is if the A/C unit works. Its an older unit, so I'm not sure. Some of the rentals I've bought in the past need less work than this house!

Looked for all the banks in my area (at least w/in 15 miles) that I've never heard of. After going through 621 banks, I am left with a list of about 150 banks. Boy, HOW am I going to get to all of them? I would love to do a quick finance without involving a HML because its much cheaper, but I don't know if one could get me the loan by the 2nd of December.

I'm searching for other HML to see if I'm getting the best deal. I did not get a chance to call every one of them that responded in the post I put about HML in CA, so I'm going to make sure I get the best deal I can.

My husband is still in shock that we got this property at that price. He was looking for something that MUST be wrong with it. It is SO nice and in a very good area. He says we could save so much money moving into the property ourselves and not have our huge mortgage, tax and insurance payments. I agree, but getting a $1.5M house sold with 4 kids to constantly mess it up can only be done with an auction because showings at whim are out of the question with the 4 kids. Almost impossible to keep a house looking show ready when homeschooling and the kids are always home!

Good job we hope the deal goes smooth for you. Keep up the good work.

Steve and Veronica.

good job tammy on the auction !!way to go am glad to hear all is going well for you.You are putting the time and effort in it and getting results .Its awesome to see things happening for those who take action !!!!
as steve and veronica said KEEP UP THE GOOD WORK !!
jay

Thanks for stopping by Jay! I am a bit nervous about how the HML will work. Seeing as I have a buyer, and turns out one of my L/O buyers is interested as well, I may need a longer term loan. Would like to get that loan w/o paying 6-7 points upfront, but will need the money by the 2nd. Guess what I'll be doing all tomorrow!?!? LOL

I had computer and printer issues last week. I was getting the dreaded blue screen error. I did a full diagnostic testing on all systems, ran a chkdsk, there was a volume issue and suspending Windows Media player which seemed to be causing the issue according to some research. Didn't fix the problem. So, I downloaded an anti spyware program after doing some research and opened the computer in safemode with only the command prompt and ran the spyware off the USB card so it wasn't using any memory where windows was at all. It crashed once after that, but, knock on wood, it hasn't for 2 days now.

Then, after getting that resolved, my printer wouldn't work. Went and bought a new one, and now also have a fax machine! My husband took apart the old one, and the kids had stuffed a barret in it! Oh brother! LOL So, these are some of my daily struggles! But, I wanted to document them in case I have the computer issues again and forget what I did, I can always look in here!

Got my PML all set and expedited. I should be getting the check Monday, or Tuesday at the latest. This is only one part, the $48K of it; in another month or two will be securing $25K more. God is SOOO good! All of this is coming together so nicely. Where can you borrow money for 3%? Again, its not a friend or family member.

I am pretty scared about the HML. The terms aren't so great on it. I've got 2 buyers now for the property, a L/O buyer and another buyer who needs to get a loan. Because its a Fannie Mae, probably easier to do the L/O. Hoping I can get all the financing settled next week so I can get that scary part over with! I made it an all cash offer, so I have no choice but to close on it! EXCITED!

I am pretty scared about the HML. The terms aren't so great on it. I've got 2 buyers now for the property, a L/O buyer and another buyer who needs to get a loan. Because its a Fannie Mae, probably easier to do the L/O. Hoping I can get all the financing settled next week so I can get that scary part over with! I made it an all cash offer, so I have no choice but to close on it! EXCITED!

from the auction company today. They will close as soon as I want to! I don't have to wait until the 2nd. I need to get a good HML now! Working diligently at it!

It is CERTAIN we will SUCCEED!

This was a good day. Things I've learned finally paying off. It won't be in my account too long before it goes into the escrow account. Still shopping HMLs. There are a few more options. Want to do business with the best one!

FINALLY, my husband got ahold of the listing realtor, and am I EVER glad HE did and not me. Because, my husband was STILL skeptical of this deal, and he had a nice talk with the realtor. The realtor was in disbelief that we got the property for this price, and even said, and I quote "we (as agents) would NEVER entertain such a low offer. There is NOTHING wrong with this house! You'll make a MINIMUM of $50K on this property" "D

Well, he didn't believe me, but he believes him, a total stranger, because he's a realtor. And now my husband is BEHIND me in my investing journey, talking about more deals and starting to learn some of the investing stuff. I've had to tell him about transactional funding, double closing, how hard money works (as he fell asleep each time I watched Nathan on the Edge DVDs).

He's been talking with a guy at work, the one who needs the loan, and that guy didn't believe it was a good deal and asked a friend who is a RE broker to assess the deal. Now, I don't know why, as I have it under contract and signed, but I'm not too happy about a broker being in on this. The guy had the broker call my husband, and my husband was smart enough not to tell him what we have it under contract for. I don't know, my worst fears flashed before me thinking they'd lock it up, and then back down at the last minute, we'd lose our $10K EMD and they'd submit an offer after we fell out of escrow. This vision took over my thoughts for a couple minutes; I know it happens. But, after all this time, effort and work to get this deal, I am NOT letting it slip out of my hands.

I have to get my SFL leadpipes set up with my 2 counties. Since we have 3 counties right here, I put it off until I knew for certain which counties I would need buyers in, as I look in all the counties around here (there's actually 5, but 3 are most probable). I know One of them now.

Today was Tuesday so I spent the day out of the house with the kids, and doing errands. Missed the call from one of the HML. Called back, playing phone tag. My cell didn't ring when she called; probably for the better because I'm always distracted (even moreso than at home with the kids) when I'm out and about. I dunno, maybe something about 4 of them and 1 of me.

Turned in my lesson planner today to the school (they keep us accountable for doing our lessons with the kids). (I homeschool through a local Christian school that has a satellite program for homeschooling.)

God has blessed me with so many wonderful things in my life. I need to not focus on ANYTHING that brings me down and always keep my eyes on all the good. (Phil 4: I decided to give God control over my business as I was expending so much effort into it that I was draining myself, and look at how He's directed me! God is SOOOOOOOOO good! Its going to be nice to be able to give a tithe and donations out of the profits!

It is CERTAIN we will SUCCEED! YES INDEED!

I hand type this in BTW, because it is a way to keep the affirmation at the top of my head. I can SEE, FEEL, HEAR, TASTE and TOUCH that success! Thanks to GOD! And of course to everyone on here for all their invaluable help, to Dean, to RESA, to the coaches there, to Lou Brown, and all the wonderful resources that have allowed SUCCESS on my journey!

i am so excited that your husband is coming around! good for you.

So, I chose a HML, talked with the lady Wednesday telling her I'm going to go forward with the 20% down loan (because I have the PML I can do this!). Called yesterday, she didn't call back, called several times today and FINALLY got ahold of her. SHE DIDN'T EVEN START THE LOAN! So of course my hubby's negativity was creeping up and he was telling me I'm going to lose $10K and this isn't worth it. So, I have to keep calling another lady who I first spoke with at the company who is more on top of things. I told him I didn't want to come off as being pushy and panicy, but despite I did it anyways.

The other lady called back and reassured my husband that we will know by Mon whether the loan is approved. But, I am disappointed in the lady putting my loan in, she acted as if she hadn't talked to me before, I'd sent her documents starting 2 weeks ago and she was on the phone asking me to send things I'd already sent; so she looked in her email while I was on the phone and said, oh, yes, I did get some emails for you (after seeing 4 of them with attachments), and then she had to get all the my information again. I'm HOPING I chose the right lender! I have a few backup lenders, but it will be pushing the limits to the close point too close for comfort if this loan doesn't go through. I see no reason it won't, but I wanted to know by the end of this week (today) if I needed to get another lender. She DEFINITELY is not on top of her stuff.

So, I will be very relieved (and my husband will be off my back) by Monday. The other lady (that I first spoke with before she delegated me over to this other lady) is making sure she follows up and through with my loan. Push comes to shove I have 2 cash buyers interested in the property and I can do a quick double close.

Despite that he's been helping me with phone calls tremendously. He's just very impatient and a worry wart. I told him to trust in God, pray, and we'll just keep following up.

Thanks Linda, he really is coming around; he is just afraid of losing our deposit! And, after finding out the lady sat on our file for 2 days, I'm not feeling as confident with the lender as I was. Especially because she told the other lady it was me that wasn't calling back (not true) and that because I changed from a 40% loan to a 20% loan (LAST WEEK!) that delayed it. (Even though she said she'd get it in when I talked to her Wednesday and I was under the impression the only thing we were waiting for was the appraisal after talking to her Wednesday.

We had a REALLY bad experience with a different lady and company on our last loan for the cabin, so it felt like de ja vu where everything was fine and then a week before closing all of a sudden we didn't qualify. DO NOT want to go through THAT again! Especially with the amount of points we're paying to assure its a quick close!

The points on the loan will only be $8K versus another company that would go off of ARV, BUT they had 10 pts to do so.

Who is doing the appraisal for the lender and when will the lender have it? Do they already have it? Have you seen their appraisal or the fact that they concur with yours, if that is the case? Step one is they verify the value of their collateral(your property). If you have seen it I will feel better.
You might jump on a couple of other lenders ahead of time, just in case!

On another note, I knew your husband would come around! GO girl!!

Michael Mangham
MD Home Acquisitions LLC

I haven't seen the appraisal yet. I have been trying to find out when they were going to do it since Wed. There is no way it won't appraise. This is the cheapest house in the neighborhood, and the 4 surrounding neighborhoods, I have every comp out there. Unless they go 5 miles away out of the city, then I'll be in trouble. But, they need to stay within a mile of the property.

One on the same street, just closed Oct 15th for $275K (and that part of the street backs to the busy road!) and is almost 350 sq ft smaller. I looked at pics and drove by all the comps. Even if they took only the rehabs and foreclosures in the area, it will appraise much higher than I'm paying! Do you know the margin of profit they're looking for in the appraisals? Do I need to be over $100K? The lowest comp in the area needed over $70K in repair and upgrade.

I'm looking at a huge spread. 2 brokers and the RE agent have said doing nothing to the property you could sell it $50K higher than you're paying for it easily. I've gotten 3 (now) cash investors interested in it already if I need to double close it. (Not to mention building my buyer's list! ) I haven't even started my lead pipes to find a buyer. It IS indeed a good deal and I wasn't too worried about the appraisal. Should I be?