By: keia

keia — Wed, 06 Oct 2010 21:28:06 +0000

can I submitt my papers you

By: keia

keia — Tue, 05 Oct 2010 22:36:25 +0000

underwriting is concern about the credit report that Ihave paid off.creditors are still on the report.I would like to know if you can suggest some advice.

By: keia

keia — Tue, 05 Oct 2010 22:29:51 +0000

Hi matt spoke to over phone a while back about being deined for home loan.Iwent another lender to see if can get approve through them.I’m in underwriting right now and theyhave submitted to committe to review it.If get deined again can go to another lender.

By: Sue

Sue — Wed, 08 Sep 2010 04:10:26 +0000

I have been through hell, literally, with two lenders in 4 months. the property i am attempting to buy is a unique property in a rural southeastern state with a small, river front cabin on about 8 acres. the first lender denied the loan because we protested the appraisal that came in 25K lower than the contract price and had all kinds of mistakes on it. The lender said they were going to order a new appraisal and then backed out saying that it wasn’t worth the risk and the property wasn’t considered marketable based on it’s uniqueness. Our attorney said to look for another lender and we did. This lender claimed that they specialize in “unique” properties and they sounded promising. The seller gave us a revised contract with a new closing date of Aug 31st. We started the loan process in early July. This new lender said that we would get approval within 72-96 hours, but that never happened. The appraisal came in at only $2500 over the sales price, but now the lender wants a comprehensive comparable review. The underwriters are in CA and don’t know a thing about rural properties on the east coast. I doubt that the appraiser doing the review does either. So, here it is now Sept 7th and we are waiting for the review report. The lender said that the review would NOT effect the appraisal value. But from everything I’m reading on the Internet, that is not the case. The lender required that we pay for the review which was $315. So they now have $715 of our money and we still don’t know if we have the loan. They haven’t even let us lock in on a rate yet. What do you think they are up to? I am totally exhausted, but we love the property so much and really want to purchase it. The seller bought it in 2006 for $240K and is selling it to us for $215K. He has already lost money on it in this market, so he really doesn’t want to come down anymore, and I don’t blame him. The property is unique, but is very very desirable. It is only 15 miles from a major resort area and we intend to retire to this property….IF the lender comes through for us. The owner has given us first right of refusal on a land contract if the loan doesn’t go through. That is fine, but it won’t have the tax advantages of a loan. Any advice? Input on the Review? Thanks.

Comments on: Appraisal Review: Is it a Blessing or a Curse?

By: keia

By: keia

By: keia

By: Sue