All Forum Posts by: Ray O'Brien

Well, the long story and roller coaster ride ended Monday.  After 2 1/2 months and 2 postponements by the Credit Union and multiple requests for 'more documents' (that they already had) they denied the loan  after doing an audit of the appraisal.  I feel like our loan officer was 'learning' at our expense. First it was postponed because the appraiser was so busy it could not be done in time (understandable, I heard they'd been really busy and backed up).  Then the day before we were supposed to close they said or realized I had filed a schedule C last year and they needed to get transcripts from the IRS which could take up to 10 days  They'd had my tax returns for at least 2 more like 3 weeks, then asked me to send them again,  made me wonder if or when they actually looked at the return.

  A week before the latest closing date they came up with two items that needed correcting before they would give us the loan, put a railing in a spot on the deck that was missing, about 6 - 8 feet or railing and some electrical wires that were exposed when the previous owner took light fixtures.  Easy fixes right?  Well the lender wouldn't allow us to close and the seller 'prohibited' me from dong the repairs and they wouldn't, remember it was a bank and sold it 'as is'.  We finally talked the lender into escrowing some money for those repairs, that's when the underwriter did the audit of the appraisal. 

 They would have to have a mold test done  because the basement was damp and also a structural engineer to certify the foundation was ok, so they turned the loan down because of 'not enough collateral'.  It was tight money wise so I didn't have much room in reserves.  Then we had to fight to get our earnest money back but the bank(seller) finally signed off.   That wasn't a given because they were selling it 'as is' and the only financing contingency was if the lender turned us down.   Our Realtor did a spectacular job even though her commission due to it being an auction property would have been small.  As it turned out, she will get nothing and even after the lender turned the loan down she went to bat for us with the seller writing a great email that I am sure got us the earnest money back.  

With that I'd still like to give her something, even though I will be using her in the future, there's no guarantee.  Any thoughts on that?  are they prohibited from accepting gifts like over $25?

After a short break on to looking for another property!  THIS WILL HAPPEN!

HI everyone, I know its been awhile but been jumping through hoops for my credit union.  it still looks like it will happen but of course I don't know for sure yet.  long story.

Good Luck @Mo Olatoks   I'm learning a lot.  nothing like the real thing

well, its actually looking more like this could happen, still way out from closing on 9/29, changed from 9/15. I've been ok'd for a HELOC, and the original bank for the mortgage is going forward with the Appraisal which should be nice. i'll have to do more myself on the property but I am ok with that. fairly handy but will need some professionals. mostly paint and floors so far for myself. Prof's will be some plumbing, some electrical, and I'm not going to be up doing soffit and acia, whether i decide on paint or aluminum/vinyl. I could (or have done)rehab a kitchen completely but I plan on making this a brrrr so I don't necessarily have to. I re-analyze almost every day have used the calculators here, very helpful

but@Josiah Berryman am no expert, anyone else have some ideas?

I didn't, I think I would next time, because you could lose the fee you pay but that should be less than losing earnest money if you find its a bad deal/too much rehab.

@Charles I. thanks again 

Yeah, i saw that.  Thank you!  I appreciate your taking the time to respond. I'll review them again.   Is it maybe because the calculator isn't fully ready? (Still in beta testing, though I'm not sure what that means). Regardless I will be reviewing constantly.   

went to look at a duplex, foreclosed to lender July 2015 for 58k, listed for 121900 on 2/16, pulled on 2/18, relisted for 90100 in May, dropped to 80100

My wife is from the Atlanta area. Dallas.