Buyer's Edge Inspections

Can you sue someone who provide false information on the MLS(Multiple Listing Service)?

u37s25e14r99 — Fri, 18 May 2012 18:19:38 +0000

Question by David: Can you sue someone who provide false information on the MLS(Multiple Listing Service)?

Best answer:

Answer by Tom-SJ
You can sue anybody.

Whether you win, that’s another question.

If the error was ‘significant’ or ‘material’, and you can prove the other person intentionally made the error (fraud), I suppose you would have strong case.

Your damages should also have to exceed the cost of your lawsuit, otherwise you are throwing money away.

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Mortgage crisis – were investment properties one main reason?

u37s25e14r99 — Tue, 15 May 2012 16:10:00 +0000

Question by Alok M: Mortgage crisis – were investment properties one main reason?
Hi, If there is any mortgage expert / knowledgeable person on the subject – is there any source to point to which says that quite a major chunk of the properties on which there was default was secondary homes or investment properties (as opposed to a primary residence) – just curious to know if this statistic exists anywhere. Thanks !!
Of course, the question is for a US context, not any other in the world.

Best answer:

Answer by TruthMastaT
According to a survey performed by the Mortgage Bankers Association (MBA), 18% of loans in foreclosure in 2008 were investment properties. According to a Nevada Realtor Association study, over 87% of foreclosures are primary residences.

In my experience, investment properties require a higher down payment since these properties are considered inherently more risky than primary residences (since people are more likely to abandon an investment property than the residence in which they live). This higher equity requirement makes investment properties less likely for investors to walk away from them.

There are a ton of reasons for the mortgage debacle (which I would be happy to discuss) but I don’t think it was fueled by investors defaulting on loans for their investment properties. If it was a factor at all, it pales in comparison with many other factors (Fannie, Freddie, sinking property values in major markets, CRA and the market it created for loans given to non-creditworthy borrowers, inept rating agencies, severely low Fed funds rate, etc.).

The Mortgage Bankers Association (MBA) has a lot of good mortgage data. The URL for their site is www.mbaa.org.

Good luck!

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Are mortgage rates usually higher on investment properties?

u37s25e14r99 — Sat, 12 May 2012 14:08:14 +0000

Question by Lost I: Are mortgage rates usually higher on investment properties?
Are mortgage rates usually higher on investment properties. I want to make sure that i’m gettin the right information. Right now if i go onto bankrate the interest rate is 6.27 on a fixed 30 year. My mortgage broker says that on investment properties that they add a point.

The rate I’m getting on on a 30 year fixed on the investment property is 7.5. Is that sounds right or is that too high?

Thanks!!!

Best answer:

Answer by EvilWoman0913
This has been my experience also. 7.5 sounds high considering how low rates have been recently, but that’s probably about right. Doesn’t seem fair does it?

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I have 2 investment properties in Euclid, Ohio.How do I determine the basis and depreciation for tax purposes.

u37s25e14r99 — Wed, 09 May 2012 12:08:01 +0000

Question by moor questions: I have 2 investment properties in Euclid, Ohio.How do I determine the basis and depreciation for tax purposes.
I bought first property for 9,000 in September of 2005 and the second property for 7,000 in January of 2006. When I used tax filing software to do my taxes for 2005 and again for 2006,the software indicated that I had zero depreciation for both years.What am I doing wrong. It too late to do anything about last year taxes, but I have not filed my 2006 return as yet. I was told by people with investment propert that I could claim depreciation as soon as the houses became marketable.Is there a mistake that I made or is the mistake with the software?

Best answer:

Answer by bostonianinmo
You must be doing something wrong with the software. Your basis is what you paid, plus the cost of any improvements. For depreciation purposes you must subtract the value of the land since land is never depreciated. You then divide the remaining basis by 27.5 to arrive at your annual depreciation amount.

It’s not too late to correct last year’s return. File an amended return on Form 1040X to correct prior year returns.

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Why you should be pre-approved – Tips for first time home buyers in Orange County

u37s25e14r99 — Sun, 06 May 2012 10:07:56 +0000

Website: www.CoastalLivingGroup.com Facebook www.Facebook.com This video features Colby Culbertson with Coldwell Banker Previews International in Newport Beach California, discussing the importance of getting pre-approved before you start the home buying process. Should you need help buying or selling a home in the Orange County Ca region, please be sure to contact us at 949.214.8772 We serve the following Orange County Coastal Cities: Laguna Beach, California Newport Beach, California Corona Del Mar, California Costa Mesa, California Irvine, California Huntington Beach, California Dana Point, California San Clemente, California Don’t see your area of interest on this list? Call us today to find out if we serve your area! Also, if your an out of area buyer and need a REALTOR please feel free to call us as well have contacts around the United States that can help you buy or sell your next home. DRE#: 01439112
Video Rating: 5 / 5

When buying land what fees should we watch out for that are not necessary to pay at closing or when financing.

u37s25e14r99 — Thu, 03 May 2012 08:11:21 +0000

Question by TIFF D: When buying land what fees should we watch out for that are not necessary to pay at closing or when financing.
i am buying some land and was told to watch out for unnecessary fees, just wanted to know what these fees are.

Best answer:

Answer by jay b
Just about any fee that does not
pay for someone elses services.
If your lender pays himself to do
something, that is add on or
negotiable. Check your good faith
estimate of closing fees and
question all of them. Most are
legit, but some are added to pad
the lenders profit.

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where is the best city to get investment properties?

u37s25e14r99 — Mon, 30 Apr 2012 06:09:51 +0000

Question by shaun j: where is the best city to get investment properties?
I wanted to know the best cities to buy an investment property some tell me orlando and miami beach are good any ideas?

Best answer:

Answer by bill
Any area that is currently in a steep downturn from it’s peak and will someday get back to it’s former self. Las Vegas, Phoenix, and many places in Calif. and Florida.

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What are the procedures for buying real estate in Houston, TX?

u37s25e14r99 — Fri, 27 Apr 2012 04:12:11 +0000

Question by rango7766: What are the procedures for buying real estate in Houston, TX?
Planning to move from Canada to Houston, TX at the end of this year. It will be my first time to purchase real estate in US. Any suggestions?

thanks in Advance

Best answer:

Answer by MommyN06
A great place for you to start is har.com. They have thousands of home listings. If you find a home you like, they provide you with the realtor name, information, etc. The realtor can walk you through the steps from there. Good luck in your search!

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Deer Park- Rehab Short Sale Investment Property for Sale!

u37s25e14r99 — Tue, 24 Apr 2012 02:08:02 +0000

www.RoyalFrogRealEstate.com This investment property in Mt Lookout is not listed with a realtor! Don’t miss out on this great deal. Also be sure to join our buyers list today to get the jump on other great rehab investment property deals for sale and handyman specials in cincinnati! http 000k, worth 5000 Call for details and showings 513-400-5128
Video Rating: 0 / 5

is there a free website for multiple listing service?

u37s25e14r99 — Sat, 21 Apr 2012 00:08:20 +0000

Question by enjoying my newborn: is there a free website for multiple listing service?

Best answer:

Answer by rhsaunders
To look at listings, there are a bunch. To post a listing, no; mls4owners is one that you can use.

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