Comments for California Home Strategies» California Home Strategies-

Comment on Appraisal Review: Is it a Blessing or a Curse? by keia

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

can I submitt my papers you

Comment on Appraisal Review: Is it a Blessing or a Curse? 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.

Comment on Appraisal Review: Is it a Blessing or a Curse? 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.

Comment on Appraisal Review: Is it a Blessing or a Curse? 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.

Comment on The 8 stages to homeownership. An illustrative guide for buyers by keia

keia — Thu, 05 Aug 2010 01:16:07 +0000

thanks for helping me for that support i was not able get loan.we didnt have any credit that in positive stage.such as light bill,water ,car insurancethey had neg.were going to try another lender or mortgage company.please write back if can.

Comment on The 8 stages to homeownership. An illustrative guide for buyers by keia

keia — Tue, 03 Aug 2010 01:35:24 +0000

hi matt I’m still in stage 6 and underwriter is ask for condition documents such as letter of credit from entergy bills in my name.lo told me today that she still pushing to close on wednesday 4.I have turn in all the documents that the underwriter needed today.Is there a strong possiblity that underwriter will sign of for loan.LO build some more credit for me do think the underwriter will exccept it tomorrow.I have came to far them not to exccept the loan.so lo is trying her best in getting all the documents the underwriters.

Comment on The 8 stages to homeownership. An illustrative guide for buyers by Matt Freeman

Matt Freeman — Wed, 28 Jul 2010 03:20:44 +0000

A conditional Loan Approval means that you have conditions that need to be met before they will order loan documents. That can be 2 simple conditions or 25 conditions. If you are able to satisfy the conditions all will be ok. If there is a condition that you cannot meet then that could be a problem. The key here is too find out the conditions LO will ask you for all they need from you and then you have to wait for the Underwriter to sign them off. Try to get the funding conditions satisfied up front as well. This will help expedite the latter stages of the process. Any questions dont hesitate to ask.

Comment on The 8 stages to homeownership. An illustrative guide for buyers by keia

keia — Wed, 28 Jul 2010 03:16:37 +0000

iam conditional approve at this time the loan officer had to the contract all over again so they extended closing date so doyou think we got the loan.

Comment on The 8 stages to homeownership. An illustrative guide for buyers by Matt Freeman

Matt Freeman — Wed, 21 Jul 2010 00:30:56 +0000

There are many factors. How long have you been in underwriting? FHA? Conventional? Bank or broker? Close dates can be extended so I wouldn’t panic. If you have been in underwriting for more than 10 days or so and you don’t have am approval I would ask why? Is there any reason you wouldn’t b approved. Derog credit, job history, income. The stages are a guide and if it is a bank there is cases where the signing, finding and recording go quick. Just get the facts from your loan officer and sleep well knowing them

Comment on The 8 stages to homeownership. An illustrative guide for buyers by keia

keia — Wed, 21 Jul 2010 00:22:01 +0000

I’m stage 4 and it in underwritting stage.i ask my loan officer,what is the statue with that she have not heard anything.I’m littla concern about because i have to be going by july 27 from my house. what should i do.