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Real Estate Forum - Real Estate, Property & Homes For Sale and rent

Real estate
Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general. Also: the business of real estate; the profession of buying, selling, or renting land, buildings or housing."[1] It is a legal term used in jurisdictions such as India, the United States, United Kingdom, Canada, Pakistan, Australia, and New Zealand.

Apartment

An apartment (in American and Canadian English) or a flat (in British English) is a self-contained housing unit (a type of residential real estate) that occupies only part of a building, correctly, on a single level without a stair. Such a building may be called an apartment building, apartment complex, flat complex, block of flats, tower block, high-rise or, occasionally mansion block (in British English), especially if it consists of many apartments for rent. In Scotland it is called a block of flats or, if it's a traditional sandstone building, a tenement, which has a pejorative connotation elsewhere. Apartments may be owned by an owner/occupier, by leasehold tenure or rented by tenants (two types of housing tenure).
Terminology
The term apartment is favoured in North America (although flat is used in the case of a unit which is part of a house containing two or three units, typically one to a floor). In the UK, the term apartment is more usual in professional real estate and architectural circles where otherwise the term flat is commonly, but not exclusively, for an apartment without a stair (hence a 'flat' apartment). Technically multi-storey apartments are referred to as 'duplex' (or 'triplex') indicating the number of floors within the property. Usage generally follows the British in Ireland, Singapore, Hong Kong and most Commonwealth nations.

In Malaysian English, flat often denotes a housing block of lesser quality meant for lower-income groups, while apartment is more generic and may also include luxury condominiums. This usage has also been appearing in British English where apartment is used by developers to denote expensive 'flats' in exclusive and expensive residential areas in, for example, parts of London such as Belgravia and Hampstead.

In Australian English, the term flat was traditionally used, but the term apartment is also frequently used, as is "unit", short for "home unit".

Tenement law refers to the feudal basis of permanent property such as land or rents. It may be found combined as in "Messuage or Tenement" to encompass all the land, buildings and other assets of a property.

In the United States, some apartment-dwellers own their own apartments, either as co-ops, in which the residents own shares of a corporation that owns the building or development; or in condominiums, whose residents own their apartments and share ownership of the public spaces. Most apartments are in buildings designed for the purpose, but large older houses are sometimes divided into apartments. The word apartment denotes a residential unit or section in a building. In some locations, particularly the United States, the word connotes a rental unit owned by the building owner, and is not typically used for a condominium.

In the England and Wales, some flat owners own shares in the company that owns the freehold of the building as well as holding the flat under a lease. This is commonly known as a "share of freehold" flat. The freehold company has the right to collect annual ground rents from each of the flat owners in the building. The freeholder can also develop or sell the building, subject to the usual planning and restrictions that might apply. This does not happen in Scotland, where long leasehold of residential property was formerly unusual, and is now not possible.

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Author Topic: Need help refinancing with more than 10 houses!  (Read 312 times)

admin

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Need help refinancing with more than 10 houses!
« on: March 21, 2016, 03:26:35 pm »
Need help refinancing with more than 10 houses!

I have been trying off and on for over 2 years to find someone to do a refi for me.  Everything starts off just fine as my income is high, my LTV is around 70%, my credit is over 800...and then whoever is helping me finds out I have over 10 houses.  When they learn that fact, the deal is off--my boss/overlay/bank won't let me.  I get a letter in the mail once a week, sometimes 2 in a single day, saying that I have pre-qualified for a refinance, but when I call them they say "oh, sorry, we can't help you after all."

IS there ANYONE out there that will do a refinance on what to me seems like a very low risk mortgage?  Why do banks walk away from such a sweet deal, just because I have over 10 rentals?

Please help!

 

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