Buyers Lender Wants All Rehab Documentation
We flip a fair amount of properties every year and from time to time we complete the buy-rehab-sell transaction within 90 days. When that occurs, the lenders appraiser will usually ask for a list of repairs to justify the price increase. We have even had to get a second appraisal when the buyer was doing FHA financing. In our latest deal, we have run into a lender asking for the following documents:
- List of all contractors and licenses
- Copies of all permits for work
- Every receipt of items purchased for the home (about 35)
- Make and model number of new appliances, hvacs, garage doors
Needless to say I think this deal is going to die unless the buyer finds another lender to work with. Does anyone else get this kind of request??