[lookingtobuy]

Banks typically use cash flow as a primary repayment source, in contrast to a pawn broker. As described prior, you may be able to use your rental income from you 1040 schedule e or your employment offer letter to satisfy your D/I requirements.

[lookingtobuy]

Banks typically use cash flow as a primary repayment source, in contrast to a pawn broker. As described prior, you may be able to use your rental income from you 1040 schedule e or your employement lender to satisfy your D/I requirements.

[lookingtobuy]

You can also get the name of the owner on record by using the county’s tax assessor database

https://www.sdctreastax.com/ebpp3/(nebesr45424viueo2ulcphjo)/start.aspx

This coupled with the county recorder’s website will get you what you need.

[lookingtobuy]

Thanks for the feedback. Based on your points, I don’t feel it is necessary to double-app. If for some reason the appraisal does take longer than expected and the seller does not want to extend the contingency period what happens? Do I have the ability to get out on the finance contingency, or do I forfeit my deposit? This is my first home purchase so want to make sure I have all my bases covered.

Also, regarding the purchase the seller was insistent on removing the appraisal contingency. Since we do want the house, we agreed even though it was not a multiple offer situation – especially since my main concern was negotiating the price and since my agent informed me there are other ways to get out if necessary under the inspection clause. Obviously I did my own due diligence and looked at market comps prior to agreeing-don’t want to waste time or money for the appraisal if not necessary.

BTW, didn’t mean to upset you with my earlier comments, just wanted some feedback regarding the idea.

[lookingtobuy]

To your point I understand where you are coming from. The idea was posed to me from a mortgage broker, so I was posting it online to see if it was normal practice. From what I heard, this was pretty common in the industry so my assumption was that I would be an idiot not to do it. Now that I hear your side it makes me think otherwise. Obviously if it affects others then I will think about it. Thanks for your insight, it is well appreciated. On another note, what options do I have if the appraisal takes longer than the contingency period? That is actually a bigger concern for me at the moment.

[lookingtobuy]

HLS,

I understand where you are coming from, but I’m not sure that they match the loan funding prior to closing escrow. Also, my assumption is that unless you deal with a direct lender they probably just take a commission after they sell the note (thereby reducing any default or rate risk). The large banks have a lot of money earning greater than cost of funds elsewhere, hedging their Allowance for Loan Losses, Capital Reserves and deposit interest liabilities.

[lookingtobuy]

Thanks SD Realtor with your info. It seems in-line with what my realtor was saying. All the remaining contingencies (financing, and inspection) are at 17 days, which my realtor said was more than enough time for appraisal. Regardless, I asked my agent to call the seller agent today to negotiate on the appraisal contingency. If he is smart, he will understand that I can get out, also it benefits us both that this closes sooner than later (considering what’s going on in the interest rate market).

Kinda off topic, I was thinking about using two different lenders to lock the rate on one and not on the other, in case of the rate decreasing by close. I guess this would also serve it’s purpose on the appraisal. Any thoughts on doing this? Is it worth the extra $400 or so for an additional appraisal.

[lookingtobuy]

I enjoyed how the second article used May’s pending figures to explain everyone’s rush to buy homes on July’s interest rate increase.

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