Hi Florida Folks SOS !...Can You Please Help Us Help A friend ?

By
Real Estate Agent with Keller Williams 414-525-0563 57026-90 Broker

   We got a distress call last night from a friend concerning real estate in Florida.   We know many people who live there...are snowFloridabirds...and know that there are many "active"AR members in Florida and thought this may be a good forum to get an answer. 

    Our friend has a relative who was/is buyinga condo to spend some time closer to her son who will be going to school in the Florida sunshine. This would be a second hme...the relative also travels a great deal for her job (Over 50$ of the time) and is not really at her prmary address regularly during the work week. 

   Sunshine State  The offer was accepted and financing steps taking place...and now seemingly from nowhere...the lender has made it a requirement that the borrower become a Florida resident within 60 days of closing the transaction.  Given the dirth of people who have "snowbird nests" there and the competitive nature of lending this was a surprise "Demandment" to everyone. 

       If there is anyone n this forum who can offer a suggestion of a Florida licensed lender who can run faster, jump higher, is interested in pursuing this transaction with the greatest of speed and does not likely have a residency requirement...Please send that information to: Sally@HansonRealEstate.Net. Thank you for your as always, helpful and prompt assistance.

     This has been an "appeal post" to the generous Active Rain community by Sally K. & David L. Hanson who are honored to be serving southeastern Wisconsin for all things real estate.

          

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Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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mortgage lending in florida

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Rainmaker
4,147,942
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Sally and David.  If this buyer is not making a down payment of at least 25% of the condo's value, this may very well be the standard requirement for most lenders.  Though, you can give Claudine Porikos (with Group One Mortgage) a call at 561-339-3480.

Apr 14, 2018 05:58 AM #1
Rainmaker
2,587,967
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I can think of no better place to get some answers Sally K. & David L. Hanson 

Apr 14, 2018 06:06 AM #2
Rainmaker
2,304,926
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Gabe Sanders has given a good explanation of why lender might be requiring residency. Typically second home loans require 20-25% down. You might also contact Josh Velazquez with Fairway Independent Mortgage.

12301 Lake Underhill Road, Suite 258
Orlando, FL 32828
Cell 407-310-9844
Office 407-627-1007
joshvteam@fairwaymc.com
www.JoshVelazquez.com

Apr 14, 2018 06:14 AM #3
Rainmaker
4,167,168
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning Sally K. & David L. Hanson (Sally).... reading and learning here...

Apr 14, 2018 06:22 AM #4
Rainmaker
1,289,623
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Good morning Sally, hope that your friend is able to get some answers. So nice to see Rainers already jumping in to help. 

Apr 14, 2018 06:29 AM #5
Rainmaker
2,827,931
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Good morning,  Sally and David - I think it's smart to reach out to the savvy ARe mmembership. 

Apr 14, 2018 07:46 AM #6
Rainmaker
2,780,733
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

What a great idea to get the answer here in the Rain. I am interested in the information you are receiving...

Apr 14, 2018 08:09 AM #7
Ambassador
3,231,544
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Sally and David- Richard Zaretsky may have an answer for you. He's a Real Estate attorney in Florida!  Or maybe Donald Urschalitz or Fred Griffin 

Apr 14, 2018 10:48 AM #8
Rainmaker
257,554
Richard Zaretsky
THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY - West Palm Beach, FL
Florida Real Estate Attorney

In What town is the purchase?

Apr 14, 2018 11:00 AM #9
Rainmaker
1,881,263
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

We can always count on the family in the Rain for good advice, making this post was a great idea and I have a feeling all will end well for your friends!

Apr 14, 2018 11:15 AM #10
Ambassador
1,988,624
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

       Talk to  MSC Mortgage (Michael Saunders) , explain the situation to them.  Michael's real estate office dominates the Sarasota luxury market - this is her affiliated mortgage brokerage.  If they cannot help you, they should know a lender in Sarasota who will.

Apr 14, 2018 12:55 PM #11
Rainmaker
1,450,194
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

The lender likely got a better rate for the buyers because of it being a primary residence.  There may be no way around this.  I have a great friend who is a lender.  She could probably help you.  Her name is Janice O'Connell. Her email is Joconnell@cbcnationalbank.com

Apr 14, 2018 03:58 PM #12
Ambassador
3,586,359
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I hope your friends get their lending problems worked out. I have not heard of this hiccup.

Apr 14, 2018 06:01 PM #13
Rainmaker
2,635,104
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Well, it is always frustrating when stuff like this jumps out in the last minute, what I am surprised is that their agent does not have other lenders who could step up... just thinking out loud, Endre

Apr 14, 2018 06:18 PM #14
Ambassador
3,428,695
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David even if they did tell the lender they have another property, the lender should have seen it on the credit report if there is still a mortgage on it.  Once the lender knew they already owned a property then the lender should have asked what they would be doing with it.  Given that they are still going to be living where they are now, and maintain the existing property as their primary residence it should of been obvious the Florida property needed to be classified as a second home. 

There is no guideline I am aware of that requires the homeowner to relocate into the state the second home is in.  So if they knew from the beginning that this was a second home, the requirement they are trying to impose would be an overlay of the lender.

Apr 14, 2018 06:59 PM #16
Rainmaker
2,377,348
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.

I had no idea however, I am learning something new with the comments 

Apr 15, 2018 01:34 AM #17
Rainmaker
4,501,125
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Gabe Sanders has provided the information you need.

Apr 15, 2018 08:58 AM #18
Rainmaker
812,861
Elyse Berman, PA
Best Connections Realty, Inc. - Boca Raton, FL
Boca Raton FL - (561) 716-7824 - CRS, ABR, GRI

So nice to speak to you just nice Sally K. & David L. Hanson !

Apr 15, 2018 12:07 PM #19
Rainmaker
1,473,924
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Sally and David - I certainly took notice of this although it did not affect me.  There are many of us with second homes in Florida.

Apr 16, 2018 04:13 AM #20
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce - Short Sale
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