HDTenEightyP/NetNews huggingface dataset:
From: mgreeny@uxa.ecn.bgu.edu (David S. Greenberg)
Newsgroups: misc.invest.real-estate
Subject: Re: Lender destroyed the note!
Date: 11 Jan 93 04:29:04 GMT
Organization: Greeny's Bar & Grill
NNTP-Posting-Host: uxa.ecn.bgu.edu

mayo@pa.dec.com (Bob Mayo) writes:

Sounds wierd to me... And unless you signed some sheet of paper saying
that you'd sign things in the future to correct any other errors, I
wouldn't sign anything... they screwed up -- so tough. (of course, I'm
not a lawyer, so you should consult with one before saying take a hike
to the lender...)...

It also probably wouldn't hurt to make a friendly visit to the County
recording office and see what they have there.... Not to mention having
the lender return ALL copies of the invalid notes, and send you a
notarized letter stating that they were in error, that the errors have
been corrected, that the two invalid notes are attached to the letter
and that the bank has no liens, claims, etc to either of those notes...
Also have them give you a copy of the "valid" note...

>I refinanced on December 16th, and today I received a letter from my
>new lender asking me to sign a new Note since the investor accidentally
>destroyed the old one.  I can't believe any lender would accidentally destroy 
>the only document that proves that I owe them more than one hundred thousand
>dollars!!!  Unbelievable!

>The actual wording of their letter was "Due to the investor's error, would
>you please sign this document over.  The investor made a mistake in crossing 
>out this document.  He thought that this document did not pertain to this
>file."  

>Some history:  Interest rate was locked at 8.75%.  Lender backed out of the
>lock and offered 9%.  I reluctantly accepted.  Lender then drew up
>documents at 8.75%.  I signed them.  Lender caught error just before
>funding, and had me sign new documents for 9%.  Then a few weeks later
>I get this letter.  My guess:  The investor saw both the 8.75% note and 
>the 9% note, and crossed out the wrong one.

>So this probably is nothing more than incompetence on the part of the lender.
>But here is my question:  Is there any sort of scam that this could be part
>of?  If you can think of such a scam, how would I protect myself?
>It seems like a bad idea to have 3 notes (2 of them invalid) floating
>around.  Shouldn't the correct note have been recorded at the county?  

>--Bob
-- 
Microcomputer Support Specialist, Student Residential Programs
Western Illinois University, Macomb, IL  61455
Internet: mgreeny@uxa.ecn.bgu.edu (preferred) GEnie: GREENY (once a month)
AOL: GREENY1@AOL.COM (really infrequently....use the internet!)
Newsgroups: misc.invest.real-estate
From: alexg@austin.ibm.com (Alex Gurevich)
Subject: Re: Investment Buying
Originator: alexg@madrid.austin.ibm.com
Date: Tue, 12 Jan 1993 20:22:38 GMT
Reply-To: alexg@austin.ibm.com
Organization: IBM Austin


|> If a home seller needs all of the equity to buy a better home, what
|> are some creative methods I could use to buy the house ?
 
Why don't you give us more pecularities about this house: type of existing
financing, "due on sale" clause, amount of equity in the house... It'll
make it easier to brainstorm.

<<Hopefully he is motivated, in which case he would be willing to take
<<out a home equity loan (up to 100%, which means higher interest rate),
<<to get his cash, then you agree to buy the house on terms with little
<<or no money down. If the seller is neither willing to sell at a cash
<<discount or on good terms (no or little down) then you need to move on
<<to another property where the seller is a wee bit more motivated. 

I am sorry but I was under impression that nowadays lenders (even hard
money lenders and finance companies) would not let anybody borrow above
80-85% Loan To Value with home equity line. Not even close to 100%.

The other option would be to run an ad in the Classified financial "Loans, 
wanted to borrow" section of your local paper offerring a lucrative
interest rate to a private party on a second motgage note.

- Alex Gurevich       alexg@austin.ibm.com
From: sstasuke@ncrsoph.Sophia.NCR.COM (Steve Stasukewicz)
Newsgroups: misc.invest.real-estate
Subject: First time home buyer
Date: 8 Jan 93 13:54:02 GMT
Reply-To: sstasuke@ncrsoph.Sophia.NCR.COM (Steve Stasukewicz)
Distribution: world
Organization: NCR European Development Center (FRANCE)

I will be returning to the States soon and will be in the market for 
my first house, ( used ).  I realize there is a lot to know when 
purchasing a home, so I am asking if anyone out there can recommend a good 
book that covers some or all of the following:

1) Choosing a realtor.
2) Things to consider when buying a house ( age, location, taxes, etc..)
3) What to inspect ( furnace, plumbing, roof, windows, etc ) 
4) Financing ( 30 year vs. 20 year vs. 15 year.  Variable vs. fixed.
   And other types of payment options. )
5) Other expenses that are part of the process, and who pays for them, the
   buyer or seller.  Can they be incorporated into the agreed selling price?
6) Any other important information.


One other question.  Is selling a home the same as selling a car from a
dealing standpont?  I have received copies of advertisements of homes
that are for sale in which the price is included.  I know it depends on
each individual case, but IN GENERAL, do people usually inflate their
asking price?  By how much? 5%? 10%?  Is it "normal" to make an offer that
is considerably lower than the asking price, and to see what the 
response is?  ( For example, offering 100K for a house that is advertised
for 140K ).  Any advice, tips, recommendations are appreciated.

Thanks

Steve
------------------------------------------------------------------------------
Steve.Stasukewicz@sophia.NCR.FR       
NCR Europe Group ISS/ECS
Espaces De Sophia
25 Route de Lucioles                   Tel. (33) 92.94.45.12
06560 Valbonne FRANCE                  Fax. (33) 92.94.45.45
--
From: avi@seal.imagen.com
Newsgroups: misc.invest.real-estate
Subject: Re: Tom Vu, anyone?
Date: 6 Jan 93 23:22:34 GMT
Reply-To: avi@seal.imagen.com
Organization: none

In article <93004.48148.J024330@LMSC5.IS.LMSC.LOCKHEED.COM>, J024330@LMSC5.IS.LMSC.LOCKHEED.COM writes:
> In addition, I met one lady who took out her life savings
> of $75,000 to bid on a $200,000 property.  She won the bid.  Little known
> to her, across town at the same time, on the same property, there was
> another foreclosure auction, for $50,000 (total of $125,000 in leins).
> Another bidder won that foreclosure bid.  The lady I knew had a JUNIOR
> lein that was wiped out, in other words, she LOST her money.  Thank you
> TOM VU!

1) Sorry, but what is a "junoir lein" exactly ?

2) How did this lady LOSE her money ? (I understand how she can lose the bid,
   but why would she be forced to put down the $75K if she ain't buying ?)

3) Also, if she won the initial bid for $75K - was she told it is not a final
   win until the results of the other auction are in ? If not, what legality
   does it have for her to lose the bid (not to mention, lose her MONEY) ?

4) What does this story with the lady have to do with TOM VU ?
   Seems to me it will apply to ANY bidder on a foreclosure, if the above
   situation is actual and legal.
Newsgroups: misc.invest.real-estate
From: J024330@LMSC5.IS.LMSC.LOCKHEED.COM
Subject: Re: Tom Vu, anyone?
Organization: Lockheed Missiles & Space Company, Inc.
Date: Mon, 04 Jan 93 11:01:31 PST


Do decypher this code, all you have to do is send me e-mail. You don't
even have to attend the seminar.

                          SYTAM




1  My opinions are mine alone.  They may or    Address all flames to:
2  may not be shared by my employer or the    ccolvin@lmsc.lockheed.com
3  owner of this system.                           Chris Colvin
4  My .sig is only 4 lines long  ;-)                 ><IXOYE>
Newsgroups: misc.invest.real-estate
From: steveny@panix.com (Steve Bookman)
Subject: NYC Building Mortgage Financing Wanted
Date: Tue, 5 Jan 1993 22:33:57 GMT
Organization: PANIX Public Access Unix & Internet, NYC

I am on the board of a 20 unit building
in Manhattan, seeking to refinance an underlying
cooperative mortgage at a fixed rate for
15 - 30 years.

Current mortgage is fixed rate 30 years but
was obtained when long term rates were much
higher.

Principal amount would be $350 to $400K.

Private investors as well as institutions
most welcome to inquire.

Email:  steveny@panix.com


Newsgroups: misc.invest.real-estate
From: waltc@cpqhou.se.hou.compaq.com (Walt Croom)
Subject: How to find best deal for re-finance?
Organization: Compaq Computer Corp.
Date: Fri, 8 Jan 1993 20:08:13 GMT


Does anyone know a good, systematic way of finding the best deal for a 
re-finance? I've heard of something called the HSH listing - would this
be helpful and where can I obtain one? Should I consider a non-local lender
or would that be more of a hassle than it's worth?

I also need the formula or a reference for how to compute the reduction in
term for either a one-time or ongoing pre-payment of principal. I want to
compare my cost savings for the re-finance vs the savings I could realize 
by applying what I would pay in closing costs to shorten the term of my 
current loan.

Thanks for any help!

--
Walt Croom            waltc@cpqhou.compaq.com
Compaq Computer Corp.     voice: 713-374-6027
20555 SH249, M100601        fax: 713-374-0297
Houston, TX  77070

Newsgroups: misc.invest.real-estate,misc.invest
From: haferman@icaen.uiowa.edu (Jeff Haferman)
Subject: HELP how to get a loan with very little down-payment?
Date: Tue, 5 Jan 1993 22:49:18 GMT
Organization: University of Iowa, Iowa City, IA, USA


Basic background information:

  A friend of mine wants to open up her own dental practice.  She
has worked as an associate for several years, but now would like
to get out on her own.  Another dentist in town is selling his 
building, which she would like to buy.  She has done a lot of
research, etc, etc, and has been talking to the banks.  The big
problem is that (for various reasons) she does not have a substantial
amount of money for a down payment.  It may be possible to obtain
financing through the seller, but barring that, what alternatives
are available?   (eg, how did Neal Bush get that no-money down
loan from the small business association  a year or so ago - I'm
sure it had a lot to do with who he was, but does anyone recall
what type of loan that was?) 

Please e-mail.  Thanks.


Jeff Haferman                            internet: haferman@icaen.uiowa.edu
Department of Mechanical Engineering     DoD 0186  BMWMOA 44469  AMA 460140
The University of Iowa
Iowa City, IA  52242                                 '76 R90S
Newsgroups: misc.invest.real-estate
From: davea@mail.boi.hp.com (Dave Allen)
Subject: Re: Looking for RealEstate Network
Date: Mon, 4 Jan 1993 15:45:59 GMT
Organization: Hewlett-Packard / Boise, Idaho
X-Newsreader: TIN [version 1.1.4 PL6]

I would also be interested

David
(H) 208 939-0932



--
   *************** __  ****************************************************
   ************   / /   ************ David C. Allen                       *
   **********    / /      **********                                      *
   *********    / /        ********* davea@hpdmmft.boi.hp.com             *
   *******     / /___ ______ ******* HPDesk: DAVID C. ALLEN /HP4800/UM    *
   ******     / __  // __  /  ****** Hewlett Packard Company              *
   ******    / / / // /_/ /   ****** Network Server Division              *
   *******  /_/ /_// ____/   ******* 11413 Chinden Blvd                   *
   ********       / /      ********* Boise, Idaho 83714                   *
   **********    / /     *********** Telenet: 1-323-4617                  *
   ***********  /_/    ************* Phone: (208) 323-4617                *
   ************      ******************************************************
----------


Newsgroups: misc.invest.real-estate
From: lalla@venice.sedd.trw.com (Bakul Lalla)
Subject: Re: Looking for RealEstate Network
Organization: TRW Inc., Redondo Beach, CA
X-Newsreader: Tin 1.1 local 2 PL4
Date: Mon, 4 Jan 93 17:00:46 GMT

I would be interested in finding a Real Estate Network. Wouldn't this
be great. If you find something like this, I would definitely be 
interested!

--
Bakul Lalla
-----------------------------------------------------------------------------
e-mail     : lalla@venice.sedd.trw.com
yell-mail  : (310) 764-9178
snail-mail : TRW Inc., DH4/2423, 1815 Glenn Curtiss, Carson, CA 90746
-----------------------------------------------------------------------------
Newsgroups: misc.invest.real-estate
From: farah@venus.ral.rpi.edu (Jeffrey J. Farah)
Subject: Buying a House in NJ
Organization: Rensselaer Polytechnic Institute, Troy, NY
Distribution: misc.invest.real-estate
Date: Mon, 11 Jan 1993 18:59:26 GMT


Hi:

I haven't really posted anything to this newsgroup before so please
forgive any faux pas that I might commit.  

The question I have is in regards to purchasing homes in NJ.  In 
particular, how do I go about finding out about government owned
properties and/or foreclosed properties that exist and are available
to be purchased (i.e. from banks, the government etc.).  My wife
and I are first time buyers so any ideas about how we could save 
money, how we could get relatively low interest mortgages, etc.
would be very very much appreciated.

We are looking in the Basking Ridge, Bernardsville & Township, and
Bridgewater areas since they have the best overall school, location, 
access, rating (we created our own rating schemes).


Any help would be greatly appreciated.  Please email responses to me
at my email address.  Thanks in advance.


Jeff Farah

email:  farah@sol.ral.rpi.edu



Xref: sparky misc.invest.real-estate:1163 misc.consumers.house:16269
From: 1k1mgm@kuhub.cc.ukans.edu (Christopher Gunn)
Newsgroups: misc.invest.real-estate,misc.consumers.house
Subject: Recent T-bill values? (mortgage indexes)
Date: 4 Jan 93 15:12:08 CST
Organization: University of Kansas Academic Computing Services

I recently applied for an adjustable-rate mortgage indexed to what
I believe to be the one-year average of one-year T-bills.  (I need
to re-read the fine print to find out exactly how it's computed, etc.)
This ARM with a 1% annual cap turned out to be a better deal during
years 3 to 7 (with aggressive principal repayment) than a nominally
more 'desirable' COF11-based loan with a 2% annual cap--assuming
worst-case (maximum increases) behavior of both loans.  Since selling
in year 4 or 5 of loan is a strong possibility, 'mid-early' behavior
of loan is more important to me than the 'very early' or 'mid-mid'
advantages of the COF11 index.  Won't bore you with more details--
basic plan is to build enough equity so we won't be upside-down
with respect to selling costs if selling is necessary.

Problem is (and a good one to have, really):  rate can be locked in
for free as far as 90 days from closing (closing is late April),
essentially meaning I can freeze rates from end of this month on.
Local newspaper publishes in its weekly major financial section
the *weekly* average of 1-yr. T-bills.  By spending an afternoon
in the library I can chart the rates for a year of weeks previous
to now and come up with a weekly moving average estimator of what
my mortgage index is doing.  Then, if rates appear to be rising,
I can try to figure out when they're likely to trigger a mortgage
index hike (requiring a delta >= 1/8%) and lock before that.
(If I'm reading things right, rates actually have been declining
a little lately, which needs to be factored in, too.)

Question is:  is there a common publication that already has such
weekly averages for the past year?  Or some easily-accessible
database or on-line service?

This may be a brain-dead question ("everyone knows it's on
p. 7 of _Money_ [or _Business Week_, etc.]") but I are semi-
illiterate financially and have only got to the point I can
ask such questions by a lot of dreary self-bootstrapping.  Can
anyone save me another N hours of such?

Christopher Gunn	Molecular Graphics and Modeling Lab
SPAN--KUPHSX::GUNN	Department of Medicinal Chemistry, Malott Hall
913-864-4428 or -4495	University of Kansas, Lawrence, KS  66045
Newsgroups: misc.invest.real-estate
From: deyo@hong.Eng.Sun.COM (Deyoung Hong)
Newsgroups: misc.invest.real-estate
Subject: Title One loan
Date: 5 Jan 1993 19:29:49 GMT
Organization: Sun Microsystems
Distribution: world
Reply-To: deyo@hong.Eng.Sun.COM
NNTP-Posting-Host: hong.eng.sun.com

I heard about Title One loan, a program funded by government to let homeowners
borrow money to improve their home (even for home without much equity).

Does someone know such a loan in Santa Clara county?

Thanks,

Deyoung.Hong@Eng.Sun.COM
From: mayo@pa.dec.com (Bob Mayo)
Newsgroups: misc.invest.real-estate
Subject: Lender destroyed the note!
Date: 9 Jan 1993 04:04:47 GMT
Organization: DEC Western Research Lab
NNTP-Posting-Host: mayo.pa.dec.com

I refinanced on December 16th, and today I received a letter from my
new lender asking me to sign a new Note since the investor accidentally
destroyed the old one.  I can't believe any lender would accidentally destroy 
the only document that proves that I owe them more than one hundred thousand
dollars!!!  Unbelievable!

The actual wording of their letter was "Due to the investor's error, would
you please sign this document over.  The investor made a mistake in crossing 
out this document.  He thought that this document did not pertain to this
file."  

Some history:  Interest rate was locked at 8.75%.  Lender backed out of the
lock and offered 9%.  I reluctantly accepted.  Lender then drew up
documents at 8.75%.  I signed them.  Lender caught error just before
funding, and had me sign new documents for 9%.  Then a few weeks later
I get this letter.  My guess:  The investor saw both the 8.75% note and 
the 9% note, and crossed out the wrong one.

So this probably is nothing more than incompetence on the part of the lender.
But here is my question:  Is there any sort of scam that this could be part
of?  If you can think of such a scam, how would I protect myself?
It seems like a bad idea to have 3 notes (2 of them invalid) floating
around.  Shouldn't the correct note have been recorded at the county?  

--Bob

Newsgroups: misc.invest.real-estate
From: cassorla@churchill.ColumbiaSC.NCR.COM (John.Cassorla)
Subject: Construction Loan vs. Conventional Mortgage
Organization: NCR Corp., Columbia SC
Distribution: na
Date: Tue, 12 Jan 93 16:03:11 GMT

I am contemplating buying a piece of property and having a builder custom
build a home for me.  What type of institutional lenders will loan to me?
Do I need to apply for a construction loan or a regular conventional loan?
What are the major differences? Can I lock into a 30 rate right now or
do I need to wait until the house is completed? 

Any help would be appreciated.

------------------------------------------------------------------------
Jon Cassorla
NCR Corporation				
MCPD - Columbia
UNIX Systems Software
email: Jon.Cassorla@ColumbiaSC.NCR.COM
------------------------------------------------------------------------
Newsgroups: misc.invest.real-estate,misc.consumers.house
From: mhl@spirit.ece.cmu.edu (Mikko H. Lipasti)
Subject: Assuming existing mortgage
Followup-To: mhl@ece.cmu.edu
Organization: Electrical and Computer Engineering, Carnegie Mellon
Distribution: usa
Date: Mon, 4 Jan 1993 18:35:27 GMT

I'm interested in hearing from anyone who has purchased or sold a 
home by assuming an existing mortgage from the seller.  It seems 
that one could save several thousands of dollars on closing costs 
this way.  What, if any, are the risks involved for the buyer and 
the seller?

Summaries provided on request.

-Mikko
mhl@spirit.ece.cmu.edu
From: pcurry@fnalo.fnal.gov (Pat Curry)
Newsgroups: misc.invest.real-estate
Subject: Tenant Relations
Followup-To: misc.invest.real-estate
Date: 4 Jan 1993 21:15:50 GMT
Organization: Fermilab
Distribution: world
NNTP-Posting-Host: fmsm03.fnal.gov

Hi All:

Can anyone tell me where I can find information regarding tenant
relations, in particular those cases where the tenant is being
evicted.

P. Curry
Newsgroups: misc.invest.real-estate


You can buy real estate through and IRA but you must find a finiancial 
institution to manage it for you. (the "arms' length thing").  You cannot
touch the money (rent).  It must be handled by a property manager.  Check with
your bank for details, or call around and find one that is knowledgeable.  Not
all of them will do this.
Newsgroups: misc.invest.real-estate
From: moghal@aludra.usc.edu (Nadeem Moghal)
Newsgroups: misc.invest.real-estate
Subject: On Getting Financing
Date: 6 Jan 1993 00:33:29 -0800
Organization: University of Southern California, Los Angeles, CA
Distribution: usa
NNTP-Posting-Host: aludra.usc.edu

Dear Friends:

(Please don't jump at me for asking so straight-forward questions. 
Believe me, I have tried to get some background on these consi-
derations, and have not be able to get answers to my satisfaction. 
So, please bear with me. With a smile :-) )

1. WHat is the meaning of OWNER WILL CARRY? WHat are the pros and 
cons? I know that it saves the loan application and some other 
costs, but what are the long-term implications. Essentially, why 
would the owner do it?

2. What are the pros and cons of SHARED EQUITY? 

3. While hunting for a good financing rate, are their some special
generalities to bear in mind? Any banks or institutions to avoid? 
Any recommendable? What is the deal with these loan agents adver-
tising "Get a loan for any reason, upto a million dollars, at 
minimum rate." HOw can they do it?

4. For a person with a decent credit history but not a very long one,
what is the ebst startegy?

5. How can an ordinary person (meaning, non-veteran) apply for an
FHA or VA-sponsored property?

6. What are the things to be mindful of when dealing with real-estate
brokers? ALso, how much commission do they charge when you (1) buy, 
and (2) sell something?


I would be very thankful if someone could get me some insight into
these areas. 

Feel free to e-mail me. If I get good rr\esponses, and the people
on the net want that, I could mail the synopsis.

Thanks a million.


Nadeem Moghal
University of Southern California
From: robh@meaddata.com (Rob Hoeting)
Newsgroups: misc.invest.real-estate
Subject: Re: Investment Buying
Date: 12 Jan 1993 14:20:59 GMT
Organization: Mead Data Central, Dayton OH
Distribution: na
NNTP-Posting-Host: retina.meaddata.com

 In article <1993Jan11.195051.1323@altair.selu.edu>, pcs$1703@altair.selu.edu writes:
|> If a home seller needs all of the equity to buy a better home, what
|> are some creative methods I could use to buy the house ?
 
Hopefully he is motivated, in which case he would be willing to take
out a home equity loan (up to 100%, which means higher interest rate),
to get his cash, then you agree to buy the house on terms with little
or no money down. If the seller is neither willing to sell at a cash
discount or on good terms (no or little down) then you need to move on
to another property where the seller is a wee bit more motivated. 

Rob




Newsgroups: misc.invest.real-estate