OK Underwriters - Wake Up and Smell the Coffee

By
Real Estate Broker/Owner with Empire Realty

I purchased an invetment property on April 11th and I still can't get the loan out of underwriting. I have had to jump through so many hoops, full corp credit credit reports K-1's 2 times, direct calls to credit reporters to get a account initiation date and now the appraiser stated there were no utilities, in checking with the broker I found that they were on, I put them in my name just in case. 

What is going on, it is amazing the level of detail being required to get a simple 20% down $94k investment property loan out the door.

I really worry about our industry when the lenders can't get their S*&^ together.

Take care!

RJH

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Ambassador
1,615,674
Harry F. D'Elia III
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Thanks for sharing your post with us today. We are ready for another weekend. Please do enjoy.

Jun 05, 2009 01:18 AM #1
Rainmaker
1,058,947
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Robert, I just posted on a similar subject...OK. I ranted about it, I have a simple condo-second home under contract since March 11th and each week more questions even though the appraisal and project review have been completed for 6-7 weeks. Can we recover without..banks getting their head out of an odorous dark place.

Jun 05, 2009 01:21 AM #2
Ambassador
2,080,917
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Now you know why we are still not there. . .lenders have over compensated for their past mistakes

Jun 05, 2009 01:22 AM #3
Rainer
188,778
Eric Villaverde
DoubleTree Home Inspection Services L.L.C. - Phoenix, AZ

I found your post very interesting. Thanks for sharing it with us this morning. Have a great weekend.

Jun 05, 2009 01:25 AM #4
Rainer
102,889
Robert Huntsinger
Empire Realty - Upland, CA
Empire Realty Upland, CA - Full Service at a Discount

Steve, I am with you! They are getting caught up on the smallest of items on their check list and not looking at the whole loan. I think they are all running scared trying to make sure nothing can come back to them should the loan fail. I am off to the hard money follies where the refi can take forever.

Fernando, You are 100% right! I hope they get their heads straight before they help dive prices down further.

Take care!

RJH

Jun 05, 2009 01:28 AM #5
Rainer
170,343
Katiejo Franks
Real Estate and Beyond, LLC - Scottsdale, AZ

I really enjoyed your posting this morning. I wish you the best at everything. Please do enjoy the weekend.

Jun 05, 2009 01:34 AM #6
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Rainer
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Robert Huntsinger

Empire Realty Upland, CA - Full Service at a Discount
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