I assume it didn't hit me at first the other day, I was discussing with a fellow friend, another Phoenix Loan Officer like myself and she was indicating that she was doing work in her words a "contingency chain". I told her to shed some light on this and she said this briefly. Consumer "A" is investing in Client "B's" home but must market his home first, customer "B" is paying for buyer "C's" house but must close on the sale of his home to Consumer "A", buyer "C" is paying for buyer "D's" house but should close on the sale of his house to Customer "B."
So if you're like me you should return and re read this sentence a couple times to completely understand it. In this situation my fellow loan officer friend is doing the loans for all of these transactions, and she explained that this was the most effective strategy of doing the contingent on sale kind transactions. She can ensure that she could dig in and be sure there wasn't gonna be any snags on the financing for ANY of the debtors, because if someone was to drop the ball on one of the loans the entire thing may possibly fall apart.
I am not completely too sure, but something should be going on in our marketplace as I walked back to my workplace to confirm our present dealings and we have 2 of the same kind of transactions, not really that a lot of contingent on sale transactions together but we've 2 separate consumers who've decided "hey, we can make some cash on our house that we obtained a couple years ago, why not roll that into a new purchase". What an outstanding principle correct?
Here is where the transaction can get a little bit tricky.... It's perfect that you make sure WELL ahead of time which your phoenix loan officer can perform with all of the potential concerns you could have. By having this dialogue far ahead of time, you could ensure that you won't end up homeless for a few days. When the cash to close or the funds which it takes to close the brand new purchase come from the sale of your current house you may come across a snag with your recent lender. I say you MAY because all lenders are slightly different... Because that cash to close is not yet in your account you would be wise to have your Phoenix Loan Officer check with their underwriter on whether or not they will accept an estimated HUD with a sales contract of the property you are offering and enable you to have documents to the title business on your new purchase.
At this point, it's perfect that you work with the same title enterprise on the sale of your home and also the acquisition of the brand new property that way you do not have to worry about the wire from the sale taking a too much time to get to another title business for your purchase, that could make a serious mess. This is something your broker must help you synchronize, if you don't have the best real estate agent to coordinate a negotiate contact me now and I could get you introduced to a couple top rated agents who have a success rate with these types of financial transactions, your real estate group MATTERS.
Once again, contingent on sale deals require a bit more finesse, in the event that you think your loan officer is having difficulties with yours I am here to assist you understand and coach them through it.
So if you're like me you should return and re read this sentence a couple times to completely understand it. In this situation my fellow loan officer friend is doing the loans for all of these transactions, and she explained that this was the most effective strategy of doing the contingent on sale kind transactions. She can ensure that she could dig in and be sure there wasn't gonna be any snags on the financing for ANY of the debtors, because if someone was to drop the ball on one of the loans the entire thing may possibly fall apart.
I am not completely too sure, but something should be going on in our marketplace as I walked back to my workplace to confirm our present dealings and we have 2 of the same kind of transactions, not really that a lot of contingent on sale transactions together but we've 2 separate consumers who've decided "hey, we can make some cash on our house that we obtained a couple years ago, why not roll that into a new purchase". What an outstanding principle correct?
Here is where the transaction can get a little bit tricky.... It's perfect that you make sure WELL ahead of time which your phoenix loan officer can perform with all of the potential concerns you could have. By having this dialogue far ahead of time, you could ensure that you won't end up homeless for a few days. When the cash to close or the funds which it takes to close the brand new purchase come from the sale of your current house you may come across a snag with your recent lender. I say you MAY because all lenders are slightly different... Because that cash to close is not yet in your account you would be wise to have your Phoenix Loan Officer check with their underwriter on whether or not they will accept an estimated HUD with a sales contract of the property you are offering and enable you to have documents to the title business on your new purchase.
At this point, it's perfect that you work with the same title enterprise on the sale of your home and also the acquisition of the brand new property that way you do not have to worry about the wire from the sale taking a too much time to get to another title business for your purchase, that could make a serious mess. This is something your broker must help you synchronize, if you don't have the best real estate agent to coordinate a negotiate contact me now and I could get you introduced to a couple top rated agents who have a success rate with these types of financial transactions, your real estate group MATTERS.
Once again, contingent on sale deals require a bit more finesse, in the event that you think your loan officer is having difficulties with yours I am here to assist you understand and coach them through it.
About the Author:
Be sure to check out this site www.electricloanofficer.com or speak to Justin Haines if you want more details about contingent on sale.
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