I am buying a condo in San Diego, California. Have about 16 days till close of Escrow. US Bank had no problem with our Financials, but did not

Asked by Sorizon, 92128 Sun Jun 27, 2010

approve the condo project, because of minor clauses not stated in the Condo HOA CC& R's (not beacuse of any HOA financials). Any Bank in San Diego that can approve a loan in 2 weeks (16 days) so we can make the closing date ? Was a short sale and the short sale was approved some 2 weeks ago.

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Cory La Scala, Agent, San Diego, CA
Sun Jun 27, 2010
BEST ANSWER
Hi,

Well. there are lenders who can close a loan in two weeks, but if your current lender couldn't approve the complex, will your new lender be able to? What type of loan are you using? I work with a lender that could close the loan if the condo can be approved. It's a smaller, local direct lender that has in-house underwriting, and sometimes this can make a difference believe it or not, and sometimes there are work-arounds that will help, and still be compliant. At the very least, you can contact me and I'll send you the lender's contact info. Then you can check what types of loans were used in recent sales as Mark suggested (ask your agent to contact the selling agents), and/or try for the CC&R amendment as Bill suggested. If you go that rout, it'll just be a longer short sale.

Good luck!

Cory
0 votes
Mark Rose, Agent, San Diego, CA
Sun Jun 27, 2010
Check the complex for who has made loans there recently.
1 vote
Chad Danneck…, Agent, San Diego, CA
Mon Jun 28, 2010
I'm a downtown San Diego Realtor and we have all sorts of problems like this with high-rise condos downtown including litigation, low owner occupancy rates, delinquent HOA dues, etc. Steve Fagerwold with MetroTrust Mortgage is great at making loans like this go. He is awesome! His phone is 619-490-5001. I'm not sure if he can close your deal in 2 weeks, but he can definitely get it closed. Good luck.

Chad Dannecker
0 votes
Loan Do, Agent, Oceanside, CA
Mon Jun 28, 2010
If it is a minor issue, has your broker have the AE talk to his underwriter to make it an exception? Have your agent call up HOA and get a letter to cover those clauses? While you look for another lender, get a written approval from the seller's bank to extend the escrow without penalty because the fault is not on your part.
0 votes
Gregorio Den…, , San Diego, CA
Sun Jun 27, 2010
If you are more specific, I can tell you if it can be done or not. Closing in 16 days is fine, but would need to see what the issue is exactly.
0 votes
Fred Glick, Agent, Mountain View, CA
Sun Jun 27, 2010
BTW, no matter who they sell to, if it is someone that needs a mortgage, every lender will find this issue.

Your real estate agent needs to get it corrected and explain to the Seller (bank) that they need to extend because they will have issues with everyone.
Web Reference:  http://fglick.com
0 votes
Billy Colest…, Agent, San Diego, CA
Sun Jun 27, 2010
Sorizon,

I had this with one of my deals in the past. We had to contact the HOA and suggest they make an amendment to their CC&R's. The process took about a month/ month in a half, because we had to suggest the new wording, then have the HOA board approve the change at the following HOA meeting.

Your suggestion may help the HOA down the line avoid these issues and make the condos in that complex easier to sell.

Depending on why the condo was not approved, your agent and lender may be able to help.

Hope this helps.
0 votes
Fred Glick, Agent, Mountain View, CA
Sun Jun 27, 2010
There are so many variables, it's hard to tell.

Can you tell me more?


Fred Glick
fred@fredglick.com
USLM, Inc
Web Reference:  http://fglick.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more