Had a Realtor call me...Got a deal, its a RUSH.. Shocker there. I had it somewhere else, but they closed. I have a DU approval. It's a previous short sale...can we close in three weeks.
So the first thing that pops up is no one is really closing right now. And it's a short sale, right? So when was the previous short sale completed? "Over two years" Ok that is an exception right there for conforming and not all lender investors or brokers are even considering these. So I ask further..."When was title transferred from your clients on the old house?" I don't know..So I call the title plant and pull the old deed and sure enough they have three more weeks until it is even two years. In addition the DU approval even tells the client it needs to be two years.
So I say send me the deal and let me do the research, which fewer and fewer LO's are doing. Of course, the Realtor doesn't like that I've just basically said no to his new buyer. Even though I've really only said you need to wait three weeks and THEN we need to re-run credit and submit to an underwriter for a TBD decision.
But that isn't good enough, so he calls someone else who has been in the business 30 years as opposed to my 25 years, and he said no problem, send it over I can do it now.
Call two days later and sure as you know what, he can't do it now AND can't do it later because he has an overlay that requires four years after a short sale.
The moral of this story is, you can find anyone to tell you what you want to hear, but a true professional will tell you what you NEED to hear.
Side note, the Realtor is STILL showing the buyer homes knowing full well he had no approval and doesn't even know if the buyer can find financing. Oh yeah the buyer wants the best rate too... And people in hell want ice water.
Oh Relitters!
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