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The "gift of equity" and the "loose fly"!!
Earlier today, I received a call from the Realtor/Mortgage Broker(RMB) on one of my pending deals. I was kind of expecting it but was hoping it would happen sooner rather than later. You see when this guy called me about a month ago, to let me know he was sending over an offer for one of my listing, the caller ID on my cell phone read FRAUD!
When I was speaking with him I couldn't for the life of me remember why I had his number programmed in as FRAUD! Anyway, since it was an office number, I decided to give this guy the benefit of a doubt and we negotiated an acceptable deal with my Seller. I did all of my homework and actually had one of my trusted mortgage brokers review the Buyer's situation. All looked good to go.
The Buyer was getting a loan of 100% through Country Wide with the Seller paying 3% towards closing costs. Anyway, to make a long story short, CW denied the loan yesterday. Today, the Realtor/Mortgage Broker (RMB) called to let me know we could still get this closed if the Seller was willing to do a "gift of equity". It seems the ... more
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