Completed Repairs
2014 Dollar Amount Of Repairs Completed: $179,425.10
It seems that now days appraiser required repairs are almost the norm. Looking back at the loans my team closed in 2014 over 33% had one repair or another required by the appraiser that couldn’t be completed prior to closing. There is a misnomer out there that conventional financing is some how shielded from required repairs, that simply is not true. Now these transaction don’t have to fall apart simply because there is a busted window or missing toilet, in fact I don’t think any transaction should fall apart because of appraiser required repairs. We have a number of options when it comes to seeing these transactions through to closing. You can read all those options here. I will say setting up a repair escrow is by far the most popular option. Infact, 93% of the borrowers that ran into repair issues chose to deal with those repairs using a repair escrow.
So we are playing a little game building a log home tracking how many loans my team gets closed that have repairs.
Each block on the house represents $500 worth of repairs we escrowed for and had completed after closing. As you can see its the end of August and the log city is coming along nicely!
The bottom line if you “Got Repairs” you got to give me a call!
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S.O.S. SAVE OUR SALE
S.O.S. SAVE OUR SALE: WHAT TO DO WHEN YOUR LENDER STALLS WEEKS BEFORE CLOSING!
Did your mortgage lender suddenly go radio silent, request the same bank statement for the fourth time, or drop a last-minute loan denial right before your scheduled closing date?
Yesterday, a panicked real estate agent called my office from Portage. Their buyer had been under contract for three weeks on a home near Milwood. The closing date sat just nine days away.
Out of nowhere, the buyer’s out-of-state call-center lender issued a denial letter. The call-center underwriter miscalculated self-employment write-offs, panicked over an unpermitted porch repair on the appraisal, and threw the entire transaction into the trash can.