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Financing in 85283 : Real Estate Advice

  • All28
  • Local Info0
  • Home Buying17
  • Home Selling3
  • Market Conditions1

Activity 4
Thu Jul 9, 2015
Jeffrey Masich answered:
Hi Jon:


1. Apply with lenders and review your situation
2. Hard money (you mentioned)
3. Seller May Carry Terms (usually at least a 15% down payment required)...3-5 year interim loan for you to find permanent financing.
4. Friend or family member to co-sign for you.

Let me know if you need referrals or would like to see seller may carry homes.

Jeffrey Masich, Realtor, GRI, MBA
HomeSmart Realty
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Mon Oct 1, 2012
Brad Bergamini answered:
I don't think there is anything wrong with getting info from 2 lenders.. in fact you are just shopping.,
You should look at both GFE (good faith estimates) and make sure that you are comparing apples to apples.
I am not sure how any lender can tell what was left out of another's GFE.
Typicality a lender will go ahead and order appraisals and move forward with a loan if you have verbally expressed your interest in moving forward.
Since you gave them credit card info.. you might check with state banking regulations but you may have indicated you wanted them to move forward, just buy giving them a method of payment.
You aren't obligated to either but you may have to eat the charges..
Best of luck, I hope someone gives a better answer than mine.
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Wed Feb 13, 2013
Doug McVinua answered:
Sorry to hear that someone failed to complete the Pre-Qualification process at a level that would/should of discovered this issue. It's frustrating and I see it so often when buyers use some mortgage company that offers a low rate or promises the world to them. Mortgages today are available in many flavors, so long as you enjoy vanilla.

We have a couple of options that I could look into for you and or provide you with contact information if you prefer that.

I'm not aware of anything in statutes that would require the refund of the appraisal.

How are your rentals doing?
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Fri Dec 14, 2012
Douglas Ferguson, answered:
Regulation Z deals with required disclosures of a lender to a borrower, fees and so forth. Appraisals are performed by third parties for a fee. This third party (appraiser) is not a party to the agreement and therefore not subject to the terms of either the purchase and sale agreement or the loan application.
A question need to be directed to the loan officer: Why would an appraisal be ordered before the file was completely underwritten and approved by the investor? Virtually any first year loan officer would know not to incurr a charge against the borrower until all the other underwriting issues had been cleared. It is time to have a heart to heart talk with your loan officer and seek repayment for the charge. Simply because they had your credit card number did not relieve them from defending you against unnecessary charges and fees. Regulation Z may not be the defense, common sense may be your argument.
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