While agree with you that it is intrusive and a little ridiculous, it falls under the "Golden Rule" which is he who has the gold makes the rules.
The concern here (from the lender's perspective) is that your donor may be trying to engage in a straw buyer mortgage fraud based strategic default where the donor buys a new property under someone else's name (straw buyer) and then allows their current home to go into foreclosure because they are upside down.
I am not advocating or agreeing with what your lender is requiring but I'm hoping it will help you by knowing what the lender's motivation is.
Are you using a large retail lender? You may want to consider a change.... more
The lenders do not have any control over the credit score requirement, however, they should be willing to talk with you and help you get on a path to improve the score. It may take some time, but if you know exactly what to do, it should help focus your efforts.
In the meantime, you might be able to find a home that's available as a lease, and then when your credit score improves, you'll be in a great position to purchase the home.
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Hello, you are welcome to Google Crime Statistics Knoxville TN it will give you the crime rates of Knoxville and compare it too the national crime rate and percentage. I hope this is helpful to you, and that you will enjoy Knoxville, TN. I love it here and I hope you will also.... more
Dona, It seems from what your saying it sounds as if the home was already in short sale status, behind in payments or the value of the home is simply less than what the seller owes. Without more detailed information it's hard to say.
The contract is binding however may be uninforceable because the bank will not release their lien to the property unless they are willing to accept the lower amount , unless the seller has the difference owed the sale will not be completed. If this is the case you can sue for breach of contract but will likely ever collect.
Sorry to say but from the information you provided this is our probable outcome for you.
All the best
Dave & Lisa... more
I may have one for you, but I need to be sure the property is not about to be foreclosed on, these days, you can only suggest after you check it out. but you can contact me here in a week and I should know. I have my staff checking the area for apartments... more
Code of Ethics states an agent must present all offers in a timely manner. If the contract had already been signed by the seller then another contract would be considered backup. Since this is a bank owned property, most banks want to see all contracts that come in and they will chose the one they want.
If this agent did not submit your contract, you can speak to her broker. If you do not get anywhere there, you may also file a formal complaint with the real estate board.
Good Luck!... more
Depending on the value of your home, Sotheby's has a marketing program like no other. I'd be happy to share the marketing plan with you. I would be more than happy to give you references of very happy clients. I know they would tell you that I do some out of the box marketing, hold regular open houses, and am in constant contact with my clients. I have an extremely strong internet presence. 86% of all buyers search the internet before they ever think to call an agent. Again, depending on the value of your home, I have the unique ability to market your home in some of the most sought after real estate publications in the world.
I would be happy to come by, meet you, and offer you a pricing structure.
Visit my website www.knoxvillehomes4you.com... more
Many of those rentals are independently owned. I suggest you take a drive around and look for "for rent" signs. You can also place an ad on craigslist under housing wanted.
This will also be prime time for occupancy by students as the fall semester begins.... more
I keep watching this post hoping someone posts an answer. Maybe no one knows. I heard that there are about 25% less agents today then 5 years ago. I would need to double check that info. I will see what I can find out this week.... more
Hi Karen send me your email address and what type of property you are interested in and i will send you some suitable listings. Happy Easter.
Southland GMAC Real Estate
Email: email@example.com... more
I know you said you are aware of the SunTrust physician loan, but I just wanted to tell you from experience, that it was the best one we found when my hubby was starting his residency at UT 4 years ago. The process was really easy, and the rates were lower than any of the other conventional loan numbers given to us by other banks, mortgage brokers, etc. We've had great service from them, and I would highly, highly recommend giving them a serious look. It's been so long ago, that I can't remember specifics about other Dr. home loan products, but I do know that we researched the HECK out of it before we ultimately went with Suntrust. Our contact with the local branch was Kimberly Lawson--if she's still around, I would recommend her--super nice, and just made everything so easy! Hope this helps...I know it's not really an answer to your question, but just wanted to let you know of our great experience with Suntrust's mortgage process.
That is a new thing the banks are offering. They will lease the home back to the original owner, ask my why, I don't know. Why do the banks do the things they do. The waste more money dealing with these Foreclosures than its worth in my opinion. Hope that helps.... more