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Sunday, September 30, 2012

Working HUD 203K

Oh my goodness this 203K is kicking my butt. It’s good when you have patient buyer that are willing to wait, which wasn’t always the case. Initially we thought we were going to be able to close a month ago and now we are going into our third month and our second extension. To top it off the title company is out of town and don’t want to answer a lot of questions.  Don’t leave me in the dark I had to demand some answers from them. The husband is leaving and the lender and the title company had to approve the POA. Military, you can’t hold them down and make them stay in place for very long.

Friday, September 21, 2012

We Have to Have Better Communication Between Agents and Lenders

We Have to Have Better Communication Between Agents and Lenders

I’m working with an out of town lender and I’m getting frustrated. Why, because I asked the lender if we could do the FHA with $100 down program. He said, “YES”. I asked this question in the beginning, so why now that we are about to close does he ask me where is some type of form. I told him I don’t have the form, so he sends me an example. When I read his paperwork, it said in bold ink, “$100 down only for full offers”. I called the Asset Manager because it was a HUD home and he verified the same information. So, I told the lender to call the clients and tell them. Instead he sends an email to them and it said something to the effect, “Call J’Neka she needs to explain the $100 down program. You and J’Neka told me that you were doing the $100 down program at the beginning of the loan process”.  EXACTLY, it was at the beginning of the loan process. So what if I says they can do VA but they don’t have any VA entitlements then what would he have said, “You and J’Neka told me you were doing a VA loan”.

I just felt like I was thrown under the bus with a drunk bus driver.  So I guess if we told the lender that we weren’t putting any money down on FHA, and then we could do that too huh.  We just need better communication that’s all.  And this should have been corrected at the beginning of the loan too with the lender (last time I check that was the lenders lane).

This will be one of my memorable moments.  Mark this down as a learning curve.