26 Feb 2018

Can You Close a Home With No A/C Unit?

Can You Close a Home With No A/C Unit?

 

The answer is … no,  and this can be a major problem for you and your business. House has had the A/C unit/ pool pump/ water heater stolen or broken and the lender will not close the loan until the equipment is fixed.

Seller or buyer agrees to pay for the repair but will not do so until closing.

This is understandable because the seller does not want to waste money and the buyer does not want to improve a property that he doesn’t own yet.

We have a solution that will allow the property to close, loan to fund, and the repairs to be done within 10 days of funding. We require that you get 2 estimates from licensed contractors. We will stipulate that 1.5 times the amount of the highest bid be put into escrow at closing. Example: highest bid is a $1,000. We will require 1.5 times ($1,500) held in escrow.

Schedule the work to be done shortly after closing. Once work is completed we send out an appraiser for final inspection and then release the funds to the contractor. This program is for minor repairs like the A/C unit, water heater, pool pump etc. It is not to be used on a new roof, kitchen/bath remodel etc. It is not a renovation loan.

Hopefully this information helps you in with you’re A/C Closing questions.

28 Nov 2017

Confirming Loan Limits Have Been Raised for 2017!

Confirming Loan Limits Have Been Raised for 2017!

Good morning!

Hopefully you had a great Thanksgiving!

On 11/23/16, the Federal Housing Finance Agency increased the conforming loan limits for 2017.

The loan limit was increased from $417,000 to $424,100 for Lee and Charlotte County.

Collier County increased to $450,800 from $448,500.

Hopefully this information helps you and your clients

Have a great day!