Lenders draging out the process, Need help

[Brennan Crick]

I’m need need of assistance! I have a deal that supposed to close a month ago. Down payment and closing cost already wired to escrow. The Current lenders are dragging out the process asking for last minute documents when they should’ve ask for them on first initial review. They are taking to long to review a simple request. I’m trying to hold out and leap through the hoops to get this deal closed but it seams it’s a never ending process. Every couple of days they ask for a new document. This company are not organized at all! Please help.

Purchase price: $87,500

Current appraised value: $202,000

20% + fees are in escrow

2 story (3 bed , 1.5 bath) adding a bath in Reno. 1500 sq ft. Double lot.

[Steve Vaughan]

Originally posted by @Brennan Crick:

I’m need need of assistance! I have a deal that supposed to close a month ago. Down payment and closing cost already wired to escrow. The Current lenders are dragging out the process asking for last minute documents when they should’ve ask for them on first initial review. They are taking to long to review a simple request. I’m trying to hold out and leap through the hoops to get this deal closed but it seams it’s a never ending process. Every couple of days they ask for a new document. This company are not organized at all! Please help.

Purchase price: $87,500

Current appraised value: $202,000

20% + fees are in escrow

2 story (3 bed , 1.5 bath) adding a bath in Reno. 1500 sq ft. Double lot.

Pain, time, effort and indigestion of obtaining loans isn't discussed enough on here.   Not to mention costs.  Outside of pre-paids, this is probably costing $3k. For the privilege LOL.

I'm on the sell side of this and have been before.  Just authorized extension #1 for the buyer.  They wanted until March 30, but I made them modify to on or before March 25.  We've been under contract since Jan 28th. 

Now when you hear how easy that BRRR was (doing this twice???) or a cash vs loan return comparison that doesn't factor in time, pain or costs, you'll know the 'analysis' is bs.

$100k will not buy you 5 houses with 20% down each.  Loans are not free. You will be lucky to get 4 if you only have to put 20% down.

And don't get me started about the seasoning requirements on BRRRs that arent mentioned either.  Sorry you are facing this but thank you for highlighting it.