Home › Forums › Closed Forums › Buying and Selling RE › REO seller wants pool filled and working before appraisal!
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4plexowner.
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August 18, 2009 at 4:33 PM #16204August 18, 2009 at 5:27 PM #446063
patientrenter
ParticipantOxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.
August 18, 2009 at 5:27 PM #446846ParticipantOxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.
August 18, 2009 at 5:27 PM #446667ParticipantOxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.
August 18, 2009 at 5:27 PM #446594ParticipantOxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.
August 18, 2009 at 5:27 PM #446256ParticipantOxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.
August 19, 2009 at 9:37 AM #446577Oxford
Participant[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]
I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.
ox
…holey moleyAugust 19, 2009 at 9:37 AM #447167Participant[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]
I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.
ox
…holey moleyAugust 19, 2009 at 9:37 AM #446986Participant[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]
I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.
ox
…holey moleyAugust 19, 2009 at 9:37 AM #446383Participant[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]
I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.
ox
…holey moleyAugust 19, 2009 at 9:37 AM #446914Participant[quote=patientrenter]Oxford, the bank is lending you the money to pay for the home, including the pool. Banks are in the process of losing $1-4 trillion dollars for doing this kind of thing badly in the past. I am not surprised to see them getting a little picky. I wish you the best, but I am glad to see this kind of pickiness.
On a practical note, the bank is at risk of losing $13K more if the pool is that much of a liability (and the amount it is lending is higher than it should be by that much), so why not just put down $13K more and reduce your requested loan balance by that much? If you don’t, then they are fully justified in being extra picky because they are at extra risk.
So I’d like to see you personally get a good resolution, but I am very happy to hear that some banks are sometimes getting picky again, as if they were going to lose money if anything went wrong. This is the way it should always have been, and should be in the future.[/quote]
I am putting down 50% so they are covered. Trust me, they are being picky with their investigations of my finances. I have to provide DNA samples later today. But geezz. It’s just a hole in the ground. They could give it a ZERO value for the appraisal and we would be good to go.
ox
…holey moleyAugust 19, 2009 at 9:49 AM #446924HLS
ParticipantOX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.
Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.
Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.
August 19, 2009 at 9:49 AM #447177ParticipantOX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.
Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.
Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.
August 19, 2009 at 9:49 AM #446996ParticipantOX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.
Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.
Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.
August 19, 2009 at 9:49 AM #446393ParticipantOX,,
They dont care if you are putting 90% down, you will jump through the same hoops as a 10% down buyer. They aren’t being picky with just you.
Hopefully you got a 4.875% fixed loan and some decent mortgage advice.A zero value hole in the ground to you is a multi million dollar potential lawsuit to them. It’s a health and safety issue. The usual pool condition is simple. It needs to be filled completely with either water OR dirt, you decide.
Borrowers need to not have the attitude that they are doing a lender a favor by willing to get a loan, and think that they are special because they are putting 50% down. I kiss the ass of underwriters on a regular basis to get conditions signed off that are sometimes stupid. That person has the power to get a loan underwritten/approved in a timely manner OR make my life difficult.
Having borrowers drag their feet over submitting documentation or making decisions doesn’t help the process.
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