Posted by Ed Garcia on April 09, 2001 at 09:29:49:
Nathan,
Congratulations on doing your deal. Sometimes when we have nothing else going we must use tenacity and forge forward. We can’t give up. Objections, and Obstacles are going to play its part in deal making. You’ve got to be prepared and willing to deal with them.
I know on your next deal, you’ll be looking for this kind of problem ahead of time.
Once again, Congratulations,
Ed Garcia
I HATE LENDING INSTITUTIONS!! - Posted by nathan
Posted by nathan on April 05, 2001 at 06:42:48:
I will never understand why a bank will go to great lengths to finance a deal, have the appraisal done, title work complete, closing time set, and 24 hours before closing deny the loan! Why is so much time wasted? Why invest 6 weeks of valuable time and then get turned down at the last minute!!!
It was a simple second mortgage and they said the appraisal was overvalued because one of the comps was 9 miles away! I live in the country the only things within 1 mile radius that have been sold in the past 6 months are a bunch of milk cows! They have had the appraisal back for 3 weeks… they couldnt have noticed that then?
Sorry, but as you can tell, I am not realy happy this morning. Thanks for listening.
Re: I HATE LENDING INSTITUTIONS!! - Posted by Ed Garcia
Posted by Ed Garcia on April 05, 2001 at 09:44:22:
Nathan,
I’m not going to justify the banks actions. But it’s not uncommon for them to review their information as they have done in your case. If you think the banks appraiser is wrong in his/her evaluation, then ask the bank if you can get another appraisers opinion and submit it to the bank. Before you do that, you’d better make sure that the bank is not correct when questioning the value of the property.
What I have done in such incidences is get some additional comps and provide them to the appraiser or bank. Another thing you might consider is to request the bank to cut your loan back to accommodate the appraisal rather then disapprove the loan completely. Before I change lenders and start all over again, I would go to the top and get an appointment with the President, Manager, what have you of the institution, and fight for my loan for the sake of saving time.
Mean while if you do go to another bank, I would tell them that I have already paid for an appraisal, and immediately ask them to review it.
To Hate Lending Institutions is an emotion and solves nothing. I’d rather teach you or have you learn, to conquer any objections that a lending institution can give you, by being prepared and knowledgeable on how to sell your deal.
Some things to think about?.
Ed Garcia
Re: I HATE LENDING INSTITUTIONS!! - Posted by nathan
Posted by nathan on April 05, 2001 at 10:13:45:
thanks Ed for the advice…it is appreciated.
Its just an aggravation, if you know what I mean. The mortgage company I am working with is trying to run it through another company quickly… hopefully we can get it done soon!
Thanks again
Nathan
Re: I LOVE LENDING INSTITUTIONS!! - Posted by nathan
Posted by nathan on April 09, 2001 at 06:43:16:
Thanks to a very hard working broker we closed the loan friday night as promised!
Very excited, thanks for the help!