Mortgage Loans

[203bravo]

Excellent news ----

my deal on the other hand seems to be falling apart.

[Booner72]

Why?  What is going on?

[203bravo]

well --- there is a building on the back of the property that is 2 one bedroom apts and an office space... it can't be appraised with the house so I made a cash offer on it.. and disclosed all this to the lender ahead of time.. now the UWs are having issues with it either thinking that I will be getting an undisclosed loan or that it will deplete my reserves under UW guiedlines.. neither of which are true..

They have the information that they need now all I want is a Yes we'll do it or No we will not.. is that really too much to ask?  I don't have a good feeling about it.. and to boot the biggest reason that I'm moving is to be closer to my mom who has cancer and is already in week 2 of her treatment.. so i've made it clear to them that I don't have 30-45days to start the process over..

At this point.. I'm thinking of buying a used motorhome for cash... then I don't have to worry about them...

[Booner72]

How much was the outbuilding?  That's weird they are just bring it up now.  They didn't bring this up as a condition to close?  What were the other conditions you mentioned (other than the appraisal comment....what was the appraisal comment?)?

Also, sorry to hear about your mom's cancer. 

[203bravo]

Booner -

Thanks for your concern:  I found out a little more information yesterday afternoon -- it was UW that is having concerns but PMI company.  They finally came back and said they need 4 more comps on the apprasial to consider insuring it.   Really?  they want a total of 9 comps?  Really?

Mortgage said they are going to shop it to 2 more PMI companies with a request to rush the decision.  We'll see how it goes.

The conditions that UW came back with were simple: explain 1 inq on credit report, needed a statement from appraiser that septic tanks were common for the area, and final verification of employment. 

I did get some agression out last night by taking a sledge hammer to a duck pen that I'm tearning down 

How's your process going??? any news lately?

[Booner72]

Those conditions sound pretty do-able.  Let them order comps - as you mentioned, it's their dollar, their dime.

No news.  Waiting for appraisal.  Pretty exciting.  Why the appraisal is going to come back at the exact dollar of our offer makes me furious.  I think appraisers should appraise WITHOUT knowing the selling price.  Why do they do it that way?

[203bravo]

yeah mine came back the exact offer price as well.

[Mekitcat]

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Booner72 wrote:

Those conditions sound pretty do-able.  Let them order comps - as you mentioned, it's their dollar, their dime.

No news.  Waiting for appraisal.  Pretty exciting.  Why the appraisal is going to come back at the exact dollar of our offer makes me furious.  I think appraisers should appraise WITHOUT knowing the selling price.  Why do they do it that way?

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Probably so you don't have equity right of the bat.

[Booner72]

Yes, but why would an appraiser care?  If they are truly "independent" from the banks then that makes no sense.  The appraised value should be based on the home itself and comparable homes in the area - not based on the selling price or the purchase price.  I know that's not how it works, but it seems that is the way it SHOULD work.  My real estate agent even agrees that it is b.s. that she has to give them the purchase agreement before they do the appraisal.

[Mekitcat]

Is it some unwritten rule?