-
Quick Tour
Connect. Share. Learn.Welcome to ActiveRain, the #1 social community for real estate professionals.- Explore the world's largest storehouse of real estate knowledge
- Access free training on ActiveRain University
- Share the experience of life in the real estate industry
- Grow your business through real estate blogging
- Blogs
-
Resources
Product Reviews Curious as to what others in your profession think about a certain product or tool? AR's community takes the time to leave honest and transparent reviews of their experiences so you can be a bit wiser about your purchase.
- Broken down by categories and subcategories for easy finds
- Get an unfiltered look at what real users are saying
- Leave a review yourself for others to benefit from
- Add new products as you use them and gain points for doing so
|
;)
;)
;)
Find PA real estate agents and Wayne real estate on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2013 ActiveRain Corp. All Rights Reserved
5 Comments on It's Halloween time and Lenders are SCARY!
We feel for you Linda! Was this one of the "big banks"? We have run into these problems with some of those types of banks. We are recommending most of our buyers go to our hometown banks where they are actually a person and not a number. Best of luck! Have a great weekend!
How frustrating! These are certainly interesting times...
I had this same problem not to long ago. The lender emailed the county health department about the septic and was told septic's in this area are failing. This was working fine. I got the issue taken care of without anyone spending money on a repair that was not needed.
Linda: Everything is crazy righ now. The banks are being very difficult and totally "over correcting" the problem. I feel your pain...Getting my loans to fund have been like pulling teeth. This will get better.
Linda, If you stop and look at the billions of dollars that lenders have lost in foreclosures, short sales, loan modifications, etc over the last 3 years, you will answer you own question very quickly. In just 3 short years, the Secondary Mortgage Market has suffered unprecidented financial losses. More banks have failed than since the Great Depression.
Unless someoneis paying cash for a property, then yes, the property does need to meet minimum property standards. That rule is Mortgage Lending 101. That is a given irregardless of the loan amount, loan to value, color of house, day of the week you close, etc.
I am not sure what you mean by "private money" since you indicated that a lender is involved. I also don't understand why there would be a need to fix a working septic system. If its working properly, then there is nothing to fix. A non-functioning septic system is a huge issue. You have an uninhabitable house without it.
I think that if real estate brokers and individual agents had to share in the losses of a foreclosure, attitudes toward "lender being too strict" would rapidly go away. Its very easy to say someone is being too strict when they are not the one financiallyresponsible when something goes wrong. Those of us in the business who actually understand the business know exactly why these minimum standards exit today.