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Ruby2sdae2
293 Posts |
 Posted - 06/10/2008 : 3:42:37 PM
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I have a deal that needs a HOME asap
Purchase price $571,873
Loan amount $412,000
SISA
him 702 MID
her 682 MID
Indiana property
Appraisal $555,000
They already paid for all the upgrades so the LTV is still less then 75% LTV |
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EquitySmart
1240 Posts |
Posted - 06/10/2008 : 4:29:28 PM
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| With current market conditions, why are they paying more than appraised value? They should use that appraisal to try negotiating down the purchase price with the seller, to avoid bringing most (or hopefully all) of that extra $17,000 cash to closing... |
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Axis Mortgage
42 Posts |
Posted - 06/10/2008 : 4:47:41 PM
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This looks like a loan we can do.
Please call or email me the credit report, 1003, and 1008.
We should be able to close the loan in less than 10 business days.
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Ruby2sdae2
293 Posts |
Posted - 06/10/2008 : 5:51:15 PM
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quote:
Originally posted by EquitySmart
With current market conditions, why are they paying more than appraised value? They should use that appraisal to try negotiating down the purchase price with the seller, to avoid bringing most (or hopefully all) of that extra $17,000 cash to closing...
If you notice the loan amount, and the fact I said they paid for all of the upgrades out of pocket it doesn't matter that it appraised for less, they won't be bringing money out of pocket to the table. |
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Ruby2sdae2
293 Posts |
Posted - 06/10/2008 : 5:57:22 PM
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quote:
Originally posted by Axis Mortgage
This looks like a loan we can do.
Please call or email me the credit report, 1003, and 1008.
We should be able to close the loan in less than 10 business days.
Please send me your details on how to get signed up to my email on here please. Thanks for responding. |
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EquitySmart
1240 Posts |
Posted - 06/10/2008 : 6:00:39 PM
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quote:
Originally posted by Ruby2sdae2
If you notice the loan amount, and the fact I said they paid for all of the upgrades out of pocket it doesn't matter that it appraised for less, they won't be bringing money out of pocket to the table.
... but they would still be bringing $17,000 less to closing with lower purchase price.
X (earnest money) + Y (cash at closing) = Z (total costs) ... whether X is $0 or not ... |
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Ruby2sdae2
293 Posts |
Posted - 06/10/2008 : 6:04:58 PM
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quote:
Originally posted by EquitySmart
quote:
Originally posted by Ruby2sdae2
If you notice the loan amount, and the fact I said they paid for all of the upgrades out of pocket it doesn't matter that it appraised for less, they won't be bringing money out of pocket to the table.
... but they would still be bringing $17,000 less to closing with lower purchase price.
X (earnest money) + Y (cash at closing) = Z (total costs) ... whether X is $0 or not ...
The build price was $450,000 they chose to do a lot of upgrades more then the market supports, which was their choice and also why they chose to pay for all of the upgrades out of pocket which are all verifiable. $45,000 earnest money deposit, and $121,000 in upgrades and they knew they wouldn't get dollar for dollar value for the upgrades but it was what they wanted. |
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EquitySmart
1240 Posts |
Posted - 06/10/2008 : 6:09:05 PM
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| If the earnest money and current assets can be verified, why do you want a SISA loan? The borrower will get better rates (and a better chance of getting approved by underwriting) if the assets are verified... Something still doesn't smell right about this scenario... |
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Ruby2sdae2
293 Posts |
Posted - 06/10/2008 : 6:11:14 PM
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quote:
Originally posted by EquitySmart
If the earnest money and current assets can be verified, why do you want a SISA loan? The borrower will get better rates (and a better chance of getting approved by underwriting) if the assets are verified... Something still doesn't smell right about this scenario...
Oh relax Equitysmart, I meant to put SIVA |
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EquitySmart
1240 Posts |
Posted - 06/10/2008 : 6:13:51 PM
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quote:
Originally posted by Ruby2sdae2
Oh relax Equitysmart, I meant to put SIVA
That is a HUGE difference when making a post about looking for a lender ... SIVA can still be done these days through many lenders, but SISA is extremely hard to find. You should pay more attention to possibly small but important details when posting a scenario
I am a broker (not a lender) so I have no more useful advice, so I give it a rest ... |
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KHufford
6002 Posts |
Posted - 06/10/2008 : 7:10:37 PM
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quote:
Originally posted by Ruby2sdae2
quote:
Originally posted by EquitySmart
If the earnest money and current assets can be verified, why do you want a SISA loan? The borrower will get better rates (and a better chance of getting approved by underwriting) if the assets are verified... Something still doesn't smell right about this scenario...
Oh relax Equitysmart, I meant to put SIVA
He is trying to help you, maybe you need to relax.
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