Getting a Little Nervous...
Hello! My fiance' and I are investing in our very first rental property. Just last week we got our preapproval letter from The One Brokerage. We picked this bank because it was on Bigger Pockets. We made our offer on a small home that needs to be rehabbed in a small rural community south of Rochester and it was accepted ($55,000). It's only 930 sq. feet. It's on a nice big lot and includes a large metal garage/shed. The house is rough, but we have experience remodeling and have a GC and an Amish crew ready to go. We have $60,000 budgeted for the remodel. This money will also come from The One Brokerage. We uploaded ALL of our financials to the bank and are now waiting. Communication with the loan officer is not the greatest. I have searched for him on all the social media platforms and there just really isn't much. I'm kind of freaking out because I expected a strong social media presence with this guy. Like I said, communication now is less than I would like. Yesterday morning he said we should have the final terms by end of day. Did not hear anything. I texted him twice with no answer. This morning I texted again, emailed him and his assistant with no answer. I called the brokerage and left a message. They texted back and I left another message. I then called the loan officer and left a voicemail with no return call. Called the assistant and she answered. She was very kind and apologetic and said she would message him through their portal. She is in Texas, he is in Florida, brokerage is in California! (YIKES!) Within 5 minutes I got a message from him stating that underwriting has concerns about the location of the property being rural and not having enough sales comps. He said he was working with them to get that cleared up and that he would keep us posted on the file status. O.k. so is there a chance this won't go through?? I'm really feeling dumb and naive, thinking I didn't investigate the lender more thoroughly. They have ALL of our information! Am I being paranoid?
Most Popular Reply
I mean... It's fourth of july in the middle of the week. Everyone I know that still has a job has taken at least part of the week off. I wouldn't panic yet.