- This topic has 45 replies, 7 voices, and was last updated 16 years, 4 months ago by
SD Realtor.
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December 19, 2007 at 9:05 AM #120699December 19, 2007 at 9:25 AM #120469
(former)FormerSanDiegan
ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
December 19, 2007 at 9:25 AM #120601ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
December 19, 2007 at 9:25 AM #120635ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
December 19, 2007 at 9:25 AM #120681ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
December 19, 2007 at 9:25 AM #120704ParticipantCan you blame them for making sure the buyers credit and assets have been checked out by someone they trust?
Oh, NOW they start to worry about that. They should have done that 2 years ago 🙂
I see nothing unusual in this. They may be able to make a few more bucks on a particular house by being more accommodating. But, consider the whole picture. They are trying to minimize their losses by getting the properties off their books as quickly as possible. Eliminating one of the primary causes of having buyers fall out of escrow (the loan) is a smart business decision.
Also, look on the bright side. These extra hoops may act to further reduce the buyer pool. This allows those buying foreclosures to negotiate slightly better deals.
December 19, 2007 at 10:06 AM #120504HLS
ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
December 19, 2007 at 10:06 AM #120636ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
December 19, 2007 at 10:06 AM #120672ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
December 19, 2007 at 10:06 AM #120716ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
December 19, 2007 at 10:06 AM #120739ParticipantNotwithstanding any Seller required pre-approval, Buyer is not required to obtain financing from CHL or Seller- Buyer may obtain financing from any source..
RUST, For a loan below $417K, it's possible to get a FNMA approval within 2 minutes of submission of an application, with all conditions showing.
Weight is given to credit score, assets, income and LTV, etc.
The actual cost for this is a max of $40, including credit report and FNMA submission fee.
The "findings" will list what needs to be verified. It's basically an underwritten loan, just needs to be verified by an underwriter.
If you list assets or income that cannot be verified, the approved findings become meaningless.
May need to be able to prove what is listed.
A strong borrower may not need to verify income, just verify their job and assets.
December 19, 2007 at 10:27 AM #120528cr
ParticipantI read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.
If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.
“…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”
It’s about time, although this will only decrease the # of potential buyers.
December 19, 2007 at 10:27 AM #120660ParticipantI read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.
If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.
“…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”
It’s about time, although this will only decrease the # of potential buyers.
December 19, 2007 at 10:27 AM #120695ParticipantI read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.
If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.
“…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”
It’s about time, although this will only decrease the # of potential buyers.
December 19, 2007 at 10:27 AM #120740ParticipantI read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.
If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.
“…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”
It’s about time, although this will only decrease the # of potential buyers.
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