Listed Properties
I've hit a brick wall, please help..... I have 5 properties under contract that are listed. They are high end homes. The first deal that was supposed to close, the lender saw the original listing price for the house. There were 5 bids submitted for house, ours was highest bid. The agent changed the listing price to our contrct amount. Now the bank is hesitant about funding the loan.
I have the same scenario for the rest of my deals. Never wanted to deal with listed properties for this reason.... Please somebody help!!! :-? :-?
I am confused by what you are saying... I have never heard lender refusing to fund the loan because original listing price was lower then purchase price...
Lenders look at appraisals, to understand the value of a particular property, not listing price.
hlprops
When I deal with properties I always check to see if the subject property has been listed, for how much and how long. As an investor this detail will tell me what I can buy it for and market it for.
I have dealt with lenders who will verify this as well. Lenders are just concerned about protecting their investment, just like you.
I would suggest getting a listing history of the subject property based upon the address and not the MLS number so that you will have a heads up on your next deal.
[addsig]
I've never heard of a lender being concerned with the listing price versus your purchase price either, do you mean you are paying more than the market value? That would be a concern
Hi Props:
I suggest you submit your deals to another lender! Remember 20% of the lenders do 80% of the work! This is the basic 20-80 rule. Tweny percent of all the lenders out there are doing all of the loans. The other 80% have no clue!
Best Regards,
Jeff Adam
_________________
"The only place success comes before work
is in the dictionary."
[ Edited by JeffreyAdam on Date 09/25/2004 ][ Edited by JeffreyAdam on Date 09/26/2004 ]