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Flipped, Stripped or Information Skipped: Properties Need to Be PreApproved Just Like Buyers
Excellent post...
Actually, I find it ironic.
All those rants from real estate agents about preapproval letters. You told me you thought they were about as worthless as a wet cocktail napkin. That caused me to upgrade my own preapprovals to be AIRTIGHT.
But now the tables have turned. Now I feel your pain. Why? Because the PROPERTIES are being so heavily scrutinized by the lenders that we need preapprovals on properties just like we need preapprovals on people.
And sometimes the information that comes through on the property is about as worthless as (you guessed it) a wet cocktail napkin.
I am going to be honest: lack of information and lack of correct information about properties is slowing down the loan approval process.
No mortgage person wants an e-mail like this one I received yesterday:
Delivery of report will be delayed due to difficulty getting HOA information. Listing and selling agents both provided incorrect HOA numbers-I was directed to a third one this morning and have emailed them my request for information.
Here are some items that have reared their ugly heads as surprises this week:
Property had been flipped. Property had been lived in 2 years by builder but did not pass the final inspection. Property had ... more

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