Q? about lenders for my buyer..... - Posted by SherryW(FL)

Posted by SherryW(FL) on August 27, 2001 at 12:25:16:

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Q? about lenders for my buyer… - Posted by SherryW(FL)

Posted by SherryW(FL) on August 27, 2001 at 08:30:00:

I have a buyer for my rehab(finished). The buyer wants me to find him a lender. Who do you suggest to try. He has good credit, self-employed(10 yrs.) with income 5k a month.

House selling for 52,900. He wants 90% or more LTV.
Any help greatly appreciated. I really need a lender that moves quickly, since my interest-only pymts. are high each month on this house.

My recent lender takes 2-4 days just to let me know if he is pre-approved. I do not use them anymore.

Buyer wants house but will not sign contract or give binder deposit until I have him approved. Any suggestions?

Re: Q? about lenders for my buyer… - Posted by Ed Garcia

Posted by Ed Garcia on August 27, 2001 at 09:57:45:

Sherry,

In this market, most mortgage brokers and lender are inundated with business. If you’re not happy with your mortgage broker call my office and talk to Neal Johnson. He can pre-approve your borrower in a day with a complete application. However with the turn around time, he is also victimized by whom we sell or broker the loan to. The number is (909) 944-0199.

Sherry, because the buyer won’t sign the contract until you get him pre-approved, tells me that you don’t have control, and may not even have a deal.

It also is sending up a red flag that he may not qualify or has a credit problem and wants to see if you can get his deal down.

In today’s market, some one with good credit, verifiable income, buying a home “Owner Occupied”, can finance100%.

Ed Garcia