If the lender doesn't accept the condition of the home they can absolutely refuse to lend on the property, but just because a loan requires a desk review and from there a 2nd appraisal, I've never heard of the lender nixing the deal altogether.
I mean after all, the reason they require extra follow up is when they have misgivings about the value presented in the appraisal. The desk review and 2nd appraisal seemed to confirm the value. Not sure what more they want.
Something smells rotten on this and I'm not sure what it is. There has to be something more to the situation. It's possible the loan officer isn't being up front as to the true reasons behind the delays or maybe he/she doesn't have a good understanding of the true reasons.
I'd suggest the buyers work with a different lender. It will set you back a few weeks, but if the first lender can't close it then it's time to move on.
If you want to pass along my contact information, I'm local and we regularly close loans in 30 days or less and I can run this by my in-house underwriter to see if she thinks this will be a problem. I'd need to speak to the buyers and have them share some additional info so I have a complete picture.
Sr. Mortgage Loan Originator – NMLS #977416
Luxury Mortgage Corp
29200 Northwestern Highway, Suite 300
Southfield, MI 48034
Mobile: 313-622-7383 | Direct: 248-714-4914| Fax: 248-415-1522
Thank u for ur inquiry. This home is a condominium wuth association duesof $165 mo. The price is $179,900. These condos cannot b purchased using fha financing. For more info or to view please call direct.
Would u like info on similar properties?
I can email u homes that are active on a daily basis through the mls direct.
Or u may seach at www.coleendemoss.com for more current info.
Thanks and happy holidays
20 yrs experience... more
I have a few Mortgage Officers you can work with and keeping in mind what Trevor said below. Getting the pre-approval is the first step. If you are not working with any Realtor yet to find a home in the Fenton/Linden area, please contact myself Steven Melchor a.k.a. Melch 810.513.1561 or my Buyer Agent, Andy Cool, 810.241.0857. We are very knowledgeable in the area and working through the mortgage processes.
Hi - you are absolutely correct. Since you paid for it, you own it. If they want to pay you for a share of the appraisal or go get their own then they can have the appraisal. Chances are though that if they go out and get their own, it will have a different value.... more
Are you trying to make the offer or purchase of one property "SUBJECT TO" the successful offer or purchase of the other property and vice versa? Consult an attorney to see what language will work for your deal.
good morning......there are no such loans available...why not lease your current home until the market comes back?.....it may not be what you want to do, but it is an option...some lenders now are scrutinizing files with leases....if you have a strong file....they are not critiqued as much....i hope that helps..... bob mcclure- mortgage now- farmington, michigan........ more
Hi Rob - Welcome to the community! Because I am an agent with Coldwell Banker, my listings are automatically uploaded thru an agreement with Trulia so I haven't had to do it myself. At the bottom of the page is an area called "Partners". Under that heading, click on "Submit your listing". I am guessing it is pretty straight forward from there. Good luck!
I know a lot of agents I work with like to stress the price of the home being of good value by looking at the price per square foot but you obviously need to look at more than just that. Some might not agree with me but if I am looking for a house in a neighborhood that is pretty similar overall a good way to quickly sort for value is to look at the lowest price per square foot but that only works well in new subdivisions that are filled with similar homes. Of course there is a lot more to look at to determine why it is lower than average for the neighborhood.
No Down Payment, No Qualifying, No Credit Check - Real Estate Blog