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Good News update!

Frequent Contributor

Good News update!

Just as I worried, both lenders came back to me today ready to do the loan.  Lender #1 got the updated appraisal and with only 5 acres on the property it apprasied only $700 less. So they are ready to go as planned, make the split of 5 acres and the house, and another 5 acres bare land.  BUT then Lender #2 called them and asked for the appraisal to be transferred.  This made lender #1 very angry as they paid for the appraisal to be updated with the split of property.  Now Lender #2 is only requiring me to put down 3.5% but lender #1 wanted 5% which made the difference at close almost $4000.  I told lender #1 this and they were like oh well we can do just the 3.5% now too. 


I am still waiting on a firm yet from Lender #2 and a closing date and hopefully I will get that today.  But if Lender #2 has issues this late in the game, lender #1 will still do the loan. 


YAY!  Good news Monday!

Message 1 of 2
Regular Contributor

Re: Good News update!

Congrats! You went maybe no loan, to two lenders competing for your file! That is awesome!

BK7 Filed 6/4/18
341 7/13/18
7/19/18 Pre Discharge TU 8 572 EX 8 566
Message 2 of 2
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