writing sales contracts: What an Underwriter does NOT want to see when viewing Chicagoland Real Estate Contracts - 06/26/13 08:24 AM
 
What an Underwriter does NOT want to see when viewing
Chicagoland Real Estate Contracts
 
      Recently, I've seen some repetitive scenarios popping-up on my mortgage clients' Sales Contracts, as they pertain to "concessions" and property repairs.  Several of the transactions I've seen have had Home Inspection issues arise.  Each time this has set-off the back-and-forth of timely negotiations.        I think it's important for clients to understand that ... from an Underwriter's viewpoint ... the ONLY allowable Seller-paid concession on a Sales Contract is for Closing Costs and certain pre-paids, such as Interest, Homeowners Insurance, and Escrow … (31 comments)

 
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience

New Lenox, IL

More about me…

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656

Address: Gene Mundt, Mortgage Originator c/o American Portfolio Mortgage Corp., 318 Alana Drive, New Lenox, IL, 60451

Mobile: (708) 921-6331

Office: (815) 524-2280



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