I am sick of lenders who say I can get it done.
They make there promises send us commitment letters order appraisals and now they cant get it done after all.
Is there a loan officer that does what they say?
I have 2 deals working right now but there taking 45 days or longer.
It’s imperative to close quickly.
Time is money
Help
FD4
I just sent you an email.
Aaron, just FYI - I had sent you an e-mail to the addy listed on your website and it bounced back.
Do you have an alternate?
and to FD4
Agree with you entirely on “getter done”! We even had a closing date and then OPPS! Can’t do it afterall. Very frustrating!!!
It’s great to get your responses.
Thanks so much.
I welcome others.
My rehab homes are usually dogs I buy them for 40k I then put in 20k nd I sell it for anet profit of 20k to 40 k.
My last house sold for 98 the one before sold for 105K.
My next one to start is selling for 79K
So I dont know if some lenders will mess with me or not.
Let me know.
Thanks
FD4
Aaron, got your e-mail and my bad - had sent my previous e-mail to premiumrates.com instead of .net.
So it’s been resent.
Just wondering what states you do loans in as I could not find that info on your website.
Have a GREAT day!
Karen
What state are you in? Our usual turn time on a file is about 10 days if the buyer is motivated and there is nothing really crazy about the deal. We do rehab’s in MI,OH,WI. Give me your scenarios.
Its in Michigan - not a rehab - commercial with a seller second. FICO 565. PP $130, PA was for $138 to roll in closing costs. Seller 2nd is a LC at 10% interest - right now is set at $23, but the asummable LC was $92. LC holder is willing to subordinate to lender.
When you have a deal fall through at the last minute, say the day before closing. Has anyone ever had the mortgage broker ever try to get you to pay them back for the appraisal, and other expenses?
I had a deal fall through because the City said if it burned down we couldn’t rebuild. So a couple of days before closing the mortgage company kicked it back. The broker I used tried to get me to pay for the appraisal and other things.
Does anyone know the rules on this senerio?
Ironrange,
i actually have never had a mortgage comp. order the appraisal until it is paid for. this is not their expense it is yours. if the house burns down, it is part of the risk you took in the contract process, not the risk they take in possibly loaning you the money.
What happened was the mortgage company that my broker used kicked back the loan at the last minute because the property was non-conforming. The City refused to sign a paper saying that if it burned done I could rebuild the duplex. Even though I had insurance, it didn’t matter, the mortgage company still said no. I’m not sure why they would care.
The mortgage broker pays for the appraisal and then at closing everything is paid up by the Title Company.
the reason they would care, is the only value they can place on the property is for the land. if the dwelling burned down and could not be rebuilt, it would be considered having no collateral value. the seller is ultimately responsible for the appraisal, your broker just streamlines the process by paying up front and being reimbursed at closing, a practice many brokers are getting away from for this reason.
wasj=wendy
i meant the buyer is ultimately responsible for the appraisal cost.
Wendy,
I checked with my insurance agent. He said that if the property burned down he would pay off my mortgage and any other leins, and then send me a check for the remainder. So the part you said isn’t accurate. If the place burned down there would be no mortgage. If I rebuild or not would not affect the mortgage company.
I think the underwriter is just a paper pushers who forgot to come up for air.