921,504
Hmm, sounds like the banks may be setting themselves up for a 'HIT.'
Highly unlikely.
So, where's the money coming from? We know the banks are NOT benevolent and kind. They are getting 'backdoor' money.
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Kathleen Daniels, Prob...
San Jose, CA
-
Doug Dawes
Topsfield, MA
-
Lyn Sims
Schaumburg, IL
-
Ray Henson
Elk Grove, CA
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
6,393,179
Could be dangerous, I am seeing a few investors putting their portfolios up for sale right now, now sure as to how close to value these are though.
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Kathleen Daniels, Prob...
San Jose, CA
-
Doug Dawes
Topsfield, MA
-
Ray Henson
Elk Grove, CA
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Bob Crane
Stevens Point, WI
613,494
Crazy...then what?
Sounds like a perfect storm.
Eve
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Kathleen Daniels, Prob...
San Jose, CA
-
Doug Dawes
Topsfield, MA
-
Ray Henson
Elk Grove, CA
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
7,836,134
We will have to go with the flow. Times have changed.
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Bob Crane
Stevens Point, WI
-
Ray Henson
Elk Grove, CA
1,311,397
Lenders, like so many of us and some many people in general, are being forced to be creative. Yet, I fear that loans that are purchased or guaranteed by government entities may have restrictions and requirements that may stifle such out-of-the-box creativity.
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Kathleen Daniels, Prob...
San Jose, CA
-
Doug Dawes
Topsfield, MA
-
Ray Henson
Elk Grove, CA
-
Bob "RealMan" Timm
Minot, ND
1,196,798
And I wonder what they would do if they issued a loan then the appraisal comes in low (of course they were approving most sales prior to Covid)
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Kathleen Daniels, Prob...
San Jose, CA
-
Ray Henson
Elk Grove, CA
-
Doug Dawes
Topsfield, MA
135,724
values can change a lot in 120 days as we all remember so I think it's a huge risk.
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Doug Dawes
Topsfield, MA
-
Ray Henson
Elk Grove, CA
-
Lyn Sims
Schaumburg, IL
2,390,620
Why bother with the appraisal then? Will title be held until the appraisal takes place. It doesn't make sense to me Raymond Henson, SRES, GRI
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Kathleen Daniels, Prob...
San Jose, CA
-
Doug Dawes
Topsfield, MA
-
Ray Henson
Elk Grove, CA
1,502,998
What happens if it closes escrow, the loan funds and 100 days later the market dips down and the home doesn't appraise? Will they magically use the comps from when it would have normally been appraised? Will the buyer be hit with an additional fee? Will the banks take one for the team? LOL!
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Kathleen Daniels, Prob...
San Jose, CA
-
Ray Henson
Elk Grove, CA
2,182,502
Seems odd to do it after a property closes
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Doug Dawes
Topsfield, MA
-
Ray Henson
Elk Grove, CA
4,936,605
Boy I be worry if this will be a problem down the road again.
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Doug Dawes
Topsfield, MA
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Ray Henson
Elk Grove, CA
1,844,291
I am thinking the banks don't know what they are doing. They are not even doing FHA loans I understand or loans over 1M. No investors to get rid of them too.
Good luck finding a portfolio lender.
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Doug Dawes
Topsfield, MA
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Ray Henson
Elk Grove, CA
3,345,091
5,216,398
Some banks understand portfolio lending! Some do not! Wisdom to know the difference is essential.
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Ray Henson
Elk Grove, CA
1,543,662
Any help in closing deals works for me. New Normal.
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Ray Henson
Elk Grove, CA
763,883
Are they nut? This is ridiculous. What good is an appraisal after escrow closes? This just leads to lawsuits and incarcerations.
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Ray Henson
Elk Grove, CA
693,775
I think the devil will be in the details and if the banks decide to utilize the the 120 day period. I just saw a note from a real estate friend that Wells has stopped all interior inspections for the time being. I have purchased exterior only appraisals. They have issues that could be just about as bad as no appraisal at all. New age, new procedures. I am trying to be optimistic that this is more a bump in the road rather than a long term roadblock.