Financing in 30297>Question Details

Writer, Home Buyer in Metro Atlanta

Underwriter for *well-documented,* small (REO) loan???

Asked by Writer, Metro Atlanta Thu Jul 31, 2008

Original lender bailed less than 24 hours before closing. I can pony up 5% and that is on top of the EM and SELLER'S contribution. Need speedy action to pull this one off. Contract already executed and clock is ticking. Open to any creative financing that doesn't involve ARM or interest-only--downpayment assistance grant programs, piggybacks, whatever. Need someone who is not freaked out by Clayton County/who's never set foot there and small mortgages.

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Well, I closed on the house in escrow Friday and the sale was finalized today. A very wonderful agent at Countrywide worked his magic (as did his coworkers) and my buyer's agent and attorney were impressed at my perseverance. Thanks to all of you who offered advice and encouragement. I learned a lot and I'm happy to be back among the rank of homeowners -- at an extremely affordable price!

If anyone wants insights from the buyer's perspective on purchasing a single REO, I'll be happy to share my experiences.
0 votes Thank Flag Link Tue Aug 26, 2008
Someone is working on it, but nothing has changed yet... I will take quotes from anyone.
0 votes Thank Flag Link Sat Aug 2, 2008
Any progress on this??
Keep us posted on how this pans out if you will!

Thanks!

Lee
Web Reference: http://www.leeadkins.net
0 votes Thank Flag Link Sat Aug 2, 2008
Give me a shout.

Will
Mortgage consultant
Wells Fargo
678-473-6776
http://www.myrenovationfinancing.com
0 votes Thank Flag Link Sat Aug 2, 2008
Writer,

I don't think there is much anyone can get done in less than 2-3 weeks for you. I know the $100 per diem hurts!

You may be able to talk with the seller about waiveing that fee given the circumstances. They will work with you in some cases.

You could try contacting Jim Harvey at http://www.hometownmoney.com and see what he can do for you. He is a broker, but has many lender contacts that he has great relationships with that have pulled of a few amazing deals for me in the past.



Good luck and I hope it works out for you.
0 votes Thank Flag Link Thu Jul 31, 2008
Thanks, Lee... sure enough, I think there's a fee of $100/day to extend the closing date. Agent has people working it in-house, supposedly, and I am in touch with my bank (which probably can't meet the deadline). I'm very unhappy about this.
0 votes Thank Flag Link Thu Jul 31, 2008
hmmm...

appraisal may be the biggest issue. Each lender will want to do their own appraisal most likely - GA is finally moving away from the top of the mortgage fraud list....

I would reach out to Steve Chance at Wells Fargo at:
770-238-0211 (Office)
Stephen.B.Chance@wellsfargo.com

He's done some amazing stuff for me, I'm not sure what anyone can do for you on such short notice, but still will give you solid advise on your options. Certainly mention my name when you call.

If you are represented, you should talk with your agent about ability to unilaterally extend closing, to buy yourself 7 days to get your stuff together - You can try for an Amendment once you use up your 7 days (obviously start the process before the 7th day ...).

The bank doesn't want a termination and to keep ownership of the house, but just be sure to play by the rules and all that junk in those addenda. Beware of any per diem fees they will charge for not closing by the date in the contract.

Good luck to you. I hope Steve can help you.

Lee
Web Reference: http://www.leeadkins.net
0 votes Thank Flag Link Thu Jul 31, 2008
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