Redhorse

2-5K is about average but as mentioned before it has to do with amount and some other factors.

Read the fine print because it can "cost" way more than that.

Another thing that we have is a large university that stimulates the economy not only around campus but as far out as Ascension and Livingston. 110,000 people in a 2 square mile area is a smaller version of Mardi Gras to the French Quarter. We start doing well and multiply that by how many home games we have.

Also lending laws changed up a good bit which might have saved us a lot of headache by keeping those who were high risk out of purchases which lead to foreclosures.

The commercial side is starting to slow down a good bit compared to last year as well. There are a ton of commercial vacancies right now. If you are capable, this is the time to start snatching up commercial. I think this year commercial is going to take a pretty substantial hit.

Not true. There are islands in the BVI that are safe but not mainstream as some of the larger islands. The one that I picked is only 1/2 mile wide and 2 miles long. Has a grocery store, bank, doctor, and the essentials. Just no airport. 45 miles to Nassau and 20 minute boat ride to major tourist shopping. Cheaper than buying a place in Florida that overlooks the water.

Easiest way an average joe can get that information:

LINK

Do a search by your address. It should pull your detailed information up. Click on map and it will show your lot. If you click on your lot it will tell a wealth of information such as trash days, legal description, district, zoning. But find the lot on the map and click on it. It will give you the legal description.

Call 389-3920 (ext 1) which is the tax assessor and depending on how long it has been, ask for the most recent transaction. If it is recent they might not have it yet.

IF they don't then call the Clerk of Court at 389-3950 and ask for land records/conveyances. Give them the legal descripion and/or if you know the sellers name. Ask them for the most recent conveyance and they should be able to tell you the date, amount and who the seller and buyer were.

As far as the purchase agreement you can go one of two ways. Inform them of the items that don't meet code or could cause potential problems. If the roof isn't actively leaking then that should have been reflected in the offering price. If it is leaking then make them fix it because chances are it won't pass federal loan requirements. The wiring issues can be fixed relatively easy.

If you like the house then see if they are willing to give some seller concessions to help cover those costs to cure. I have never heard of an oversized A/C unless they bought a used one from Joe down the street and installed it themselves because no respectible A/C man would do that knowing that it would cause mold & mildew issues down the road due to cooling the house too quickly and not letting the a/c remove the humidity from the air.

If they are packing then chances are they are going to be more willing to negotiate those items because they could possibly already have deposits on a rental or purchase of themselves. I have had friends who would have gladly given up a couple of thousand dollars than have the buyer back out altogether.

Look at the larger house and see if there are any listings of updated houses in that neighborhood. Not everyone has access to MLS or previous sales. See what an updated one went for or is going for and that should give you an idea of what you are working with. Make sure you are comparing apples to apples. You don't want to add 20-25K to a house that is only going to net you 5K after it is all said and done because the neighborhood won't support the overbuilt features you have added.

It sounds like the 1200 sq/ft is maxed out in terms of value and chances are it is higher than it is actually worth.

The larger house has been on the market longer so they are going to be more willing to wheel and deal.

It is easier to grow into a house than move.

OK let me clear this up.

FHA appraisals are completed on the same form as a conventional appraisal but require additional verbage stating that the property meets certain HUD guidelines.

Appraisers are not inspectors but are required to check the mechanincal and electrical systems in the house to make sure there is no major damage.

I.E. turning on the faucet is a pretty good indicator whether or not the cold and hot water are working as well as draining like they should. Or flipping on a light switch is a pretty good indicator that both that electrical switch or outlet are working. If they have central HVAC and you see three window units then chances are there is something wrong. In which case flip on the A/C and continue your inspection and in a few minutes you will know if it is working.

"As-is" versus "subject-to" can be applied to both. This is usually known before the appraiser is sent out to the property. But it is solely up to the appraiser how an appraisal should be completed.

The market conditions report a.k.a 1004mc is just that. It is now required for all forms unless otherwise stated by the lender. It states the market conditions for the immediate subject market, be it an established suburban neighborhood or a rural property based on the sold/active listings for the previous 12 months.

There are a couple of things to consider before refinancing. Are you planning on moving anytime in the next few years? If yes, then stay where you are. If no, then look at the rate drop what that actually means. Chances are its only going to drop your actual payment $150/month give or take and that is some rough math. Chances are the fee's are going to run about $4-5K. It will take +/- 3 years to get back to your starting point. If you are ok with that then go ahead.