Moving out of state? Are you in the lenders’ “job black list”?

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job-blacklist

It seems that the key phrase ‘job black list’ is somewhat a secret quote used in the lenders and mortgage industry.

I had no clue of its existence as an agent until my last buyer, moving from another state. He was pre-approved by a lender, and I wrote pre-approved, not pre-qualified. He had a top number on that document and I was sending listing with what he was looking for within his price range. So far, so good.

Once we had the right property, he came down, driving 11 hours, had a good few hours look at the property, made an offer, which has been accepted, made an inspection and survey. Everything was going smoothly when he suddenly got the news: his job is on the lenders’ “job black list”

So, what do you need to be part of that list exactly? You need a job, a career or a position that is making money only in the area you are practicing and which could make no money elsewhere. Let me give you some examples:

A self-employed individual who build his business locally and getting business from local advertising, as mortgage broker, plumber, electrician, lawn, Real Estate agent, insurance, painter, A/C maintenance, pool maintenance, and more…

Lenders have denied my buyer because leaving his state to move into another one, will put his income in jeopardy!

So, make sure that your out of state buyers are REALLY approved before putting any offer in writing. That moves can save time to all parties.

You can find helpful mortgage material HERE. This can help you the understanding behind the ugly scene :-)

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Comments (0) Feb 20 2010

You think your pre-approved Real Estate buyers will be approved? Think again…

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I learn something everyday. And yesterday was no exception.

At the first place, when this couple contacted me for their real estate needs, they were explaining what they were looking for, that they have been pre-approved, not pre-qualified, with a mortgage broker, that they were coming to see few properties.

At the end of January, they came for a week-end as planed and we saw 4 houses that Saturday and another 3 that Sunday.

A couple of days later, we discussed an offer on one of them, a 95% of asking price offer that was accepted.

The inspections went OK and they were in their loan paperworks for a couple of weeks when I got a phone call from them. They have been denied. I had to confirm with their mortgage broker and ask how pre-approved buyers can suddenly be denied. Here are some details I was not aware of:

She is an artist and create art that she sells online, on her website, Ebay and other sites. She just need a one car garage space or an extra bedroom for her job. She’s netting about $30K/year.

He’s a manager of a firm that is restructuring and he’s relocating from Richmond to Knoxville, to be the local branch’ manager. He’s netting about $60K/year.

Now  the best part. His income could not be taken as usable income from 2 lenders because that’s an income produced in another state. They ruled that if they are moving to another state, that income will be lost. He will need to provide 6 to 12 months of income in the new state. The wife is OK because they ruled that she can continue her job anywhere and a relocation will not change her income.

Therefore, only the wife’s income can be used and they will be able to buy a property at 1/3 of the original qualifying number.

On the phone with the mortgage broker, he was “shocked” while another one I called explained that it is part of all the new reforms that is happening in the mortgage industry.

Fortunately this time, I didn’t lose that sale since we finally found an owner financing willing to cooperate with agents.

But in the last 4-6 months, I have had buyers who have had a hard time dealing with financing…

Today is another day, another new lesson…Can’t wait to discover what it will be!

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Comments (0) Feb 17 2010

E2 investor VISA Business for sale | 4 cabins rental in Sevierville, TN

Posted: under Investments.
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Ideal 4 cabins rental properties on 8 Acres for owners/operators and qualifying for E2 visa.

This business will qualify for foreign investors seeking an E2 investor Visa.

Grossing $75,000+/year and could be better if on site owner and if rented as overnight.

Possibility to built 2 more units and cottage on the creek side.

20 minutes from the Great Smoky Mountains National Park with 11 millions visitors/year!

This property has huge potential. I strongly suggest to use the basements and garage as home theater and game room/entertainment area with big flat screen TVs. With the 2 other cabins built, this property will have 6 cabins in total. The potential rent for those completed cabins could be as follow:

1 X 4 bedrooms cabin: $45K/year

2 X 2 bedrooms cabin: $64K/year (2 X $32K)

3 X 1 bedroom cabin: $75K/year (3 X $25K)

Cottage/camping site/RV space could go from $25/night to $60/night with a potential of $$36K/year

So the total potential gross could reach the $220,000 mark per year.

The 2 cabins that can be built would cost a roughly $160K for both.

The cottage are smaller studio like cabin that can be extremely competitive if priced below $60/night because that will be a cheaper alternative to hotel room while bigger,more private and located in a better environment.

Asking: £590 000/$945,000/725,000 Euros | 70% financing in place already | £180,000/$315,000/225,000 Euros down (30%)

Claude THOMAS

1-865-237-5043
www.isellsevier.com/156868

Sevierville cabin E2 investor visa business for sale

Sevierville cabin E2 investor visa business for sale

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Comments (3) Feb 08 2010

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