Underwriting and Common Sense....Hmmmm....Not Always the Case

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

upside down house   We are soooo happy when our short sale sellers now become buyers...and the world that was once upside down through their own hard work is once again right side up !

   right side up house   It is happpening more and more frequently and we are happy to help them find the house that means so much more than the brick and mortar....it is place they start over and worked harder than they ever imagined to be able to own.

   Underwriters have not quite gotten into the swing of financing this new buyer group.   Several times recently....we have gotten a call from loan officers....who have asked for "proof that the home that was sold as a short sale has closed."

                                                  'Really ?

    Hcredit reportow about the credit report that may say..."debt settled for less than owed"  OR check the tax record of the house that was sold....betting it has the name of the buyer as the new owner...hmmmm ?

   Short sale sellers have been through enough hassle having to produce every piece in their financial lives to do a short sale...they don't need to start another needless paper trail for the purchase of the  next one.

  house key   If you sold your home as a short sale and want to become a homeowner again ...OR are in need of selling your home due to financial hardship...Call the Hansons. We will not only help you if you are   uʍop ǝpısdn ...we'll help you get right side up !  For all things real estate in southeastern Wisconsin.

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


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Rainmaker
5,180,091
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Sally and David....those who have been through the battle would be wise to call the Hansons for guidance with their next purchase.... they'll be taken care of...

Oct 02, 2013 08:12 PM #1
Rainmaker
1,965,767
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Barbara is rock solid wise and grasshopper right on this one. Bet on the S and D space in the real estate roulette wheel. Don't take a chance, bet on anyone else in their market place. Plain and simple.

Oct 02, 2013 08:19 PM #2
Rainmaker
3,318,475
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Good morning Barb and Andy...what a great way to wake up with greetings and compliments from the east coast...thank you !

Oct 02, 2013 08:35 PM #3
Rainmaker
3,037,815
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

It's always refreshing to see people getting their financial life back on track.  Good job Sally & David

Oct 02, 2013 08:46 PM #4
Rainmaker
790,947
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
If only we could all get on the same page at the same time - the amount of lousy oversight in the short sale arena is just ridiculous.
Oct 02, 2013 08:57 PM #5
Rainmaker
3,318,475
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Agreed Carol....and the underwriters who are not using common sense or the resources already available is scary.

Oct 02, 2013 09:05 PM #6
Rainmaker
3,873,172
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Sally and David,

It is a shame there is not more common sense coming from the underwriter!!It isn't rocket science but some think it is!! Simple looking at the available resources can usually get you the answer needed without creating more paper work.

Oct 02, 2013 09:18 PM #7
Rainmaker
3,252,962
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

It's so good to hear the market is turning around. We are going through a deal right now with underwriters that should look for another profession...it's mind-boggling what they are asking for!!

 

Oct 02, 2013 09:35 PM #8
Rainmaker
246,889
Brien Berard
Remax Professionals Laurel MD - Laurel, MD
Maryland Real Estate Agents - Laurel Real Estate

Hey, this is a great idea for a blog for my own buyers.  Thanks for the post and inspiration.

Oct 02, 2013 10:47 PM #9
Ambassador
1,770,095
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Sally and David what an inspirational post. It is great you can take the time and energy needed to deal with a lot of short sales. I have done a few but only when they came my way. Thanks so much for sharing your great ideas and experiences.

Oct 02, 2013 11:48 PM #10
Rainmaker
3,240,724
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

You guys ROCK!  Congrats!   I wish AR would fix the issue I am having...when I post drafts, from say a day or so ago, to today or whenever, they don't show up on the live following list/blog roll/etc that day, rather the draft/old day!! Sooo frustrating, since I have been dealing with this for a week!

Oct 02, 2013 11:57 PM #11
Rainmaker
2,099,597
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Sally,

In the last short sale I completed and closed 4 months after the closing someone contacted me from the bank and wanted to know if this property was ready to close. I checked the Tax Records and the Title Company - everything was completed, filed and recorded. I was just as suprised as you. Once again, I produced good records and the matter was closed.

Isn't it amazing???

Oct 03, 2013 12:25 AM #12
Rainmaker
416,251
Graziella Bruner
NCS Premier Real Estate - Detroit, MI
Associate Broker - Serving Wayne & Oakland County

It always amazes me who these underwriters are and what are they're real classifications.  You would think that is the first place they would look is the credit report and if that doesn't help, what's wrong with public records. But again, that's why we do what we do, we're suppose to help those who are in need, no matter who they are!  :) Great post!  Thanks for sharing.

Oct 03, 2013 12:58 AM #13
Rainer
354,196
Raymond Denton
Homesmart / Evergreen Realty - Dana Point, CA
Capo Beach Realtor® - www.CapistranoBeachHomes.com

For those saying it's on their Credit Report ... an Underwriter, or Loan Officer, doesn't pull Credit Reports after a loan closes, so they won't be able to see "debt settled for less then owed" there.

An Underwriter can access the tax records, but many times those records aren't current.

I've learned Underwriting doesn't always make sense, and don't question it anymore.  Underwrites hold the key and I do what they ask of me, so we can conclude the file and get on with life.

Oct 03, 2013 02:05 AM #14
Rainmaker
2,294,572
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

I work with clients all the time that have had short sales, foreclosures and bankruptcies in their history. Many have had a pretty tough time and it's our jobs to help them out. Most will become wonderful homeowners again.

Oct 03, 2013 07:55 PM #15
Rainmaker
5,577,106
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Many families have faced financial difficulties. It does take time to reestablish credit but it is well worth the effort.

Oct 04, 2013 04:13 AM #16
Rainmaker
698,977
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

lucky you.  You help out on the hard stuff and the gravy pours in the 2nd time around.  Good job!!!

Oct 04, 2013 05:19 AM #17
Rainmaker
3,318,475
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Gotta love our loyal sphere !

Oct 04, 2013 05:29 AM #18
Ambassador
2,133,779
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

How wonderrful you are getting to participate in the miracle!

Oct 05, 2013 04:52 AM #19
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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