New Introduction - Wells Fargo Issue

[Christopher Gingras]

Greetings

BP has been an amazing resource and motivated me to begin my real estate journey two months ago.  Not one to take baby steps I am under contract to purchase three quad plexes from two different owners in Gainesville, FL using conventional mortgage financing.

Everything was going perfectly until I ran into one small issue that I am not sure how to overcome except for postponing the closing.  The owner thought he would be helpful and started to remodel one of the older units but he did it prior to the appraisal.  Now Wells Fargo refuses to close as one of the units is under "construction".  The lesson learned is that its better to have a unit that is in need of repair rather than trying to repair it so it can be rented immediately upon close.

I am trying for an escrow hold until the repairs are completed and also argued these are not structural repairs but I am doubtful these proposals will be acceptable.  Arghhh...

Any other thoughts?

I imagine all banks are difficult but Wells Fargo has been driving me up the wall.

All appraised for $20,000 more than the sale price, I am putting 25 % down and the loan is based entirely on my W2 income.  This adds weeks to the close because the construction needs to be finished, then we need to wait for the appraiser to come out and report back to Wells Fargo and then Wells Fargo will need two weeks to close for whatever reason.

This is the beginning of a long journey but this was quite a lesson that hopefully does not derail the deal.  

Thanks for any guidance.  Again, BP has become an addiction