Posted by svg01(ny) on December 16, 2002 at 15:14:23:
Whar are the numbers? Is there room to leave a potion in escrow and release as the rehab progresses?
HELP - ASAP!!! - Posted by Tony
Posted by Tony on December 16, 2002 at 13:28:20:
I have not posted for months because I have been busy searching for properties and have been trying to close on one I found not too long ago.
I won a bid on the HUD website, propmtly put in for financing and was supposed to close tomorrow but have come to a roadblock and need help urgently.
According to my "loan originator’ an appraisal was done on the property and the undertaker, sorry underwriter, was not happy with the fact that the property was boarded up. Bear in mind that I mentioned from the onset that this was a rehab property. A second appraisal was done this time to take pictures of the inside of the property and accoring to my loan originator, they do not like the results. Hence, no closing tomorrow.
I have read several times on this website that one should be prepared to walk away from deals at any time but this is not one of those difficult mortgages or loans, just one anal bunch of people.
Can anyone out there give me an idea on how to make this work? This property simply needs a new door and some new windows, no seller issues or anything of that sort.
Please help.