Submitted a deal, lender ordered appraisal, it came in 12% below what we expected. The deal was structured at 70% LTV based on our estimated value. Now we're at 79% LTV which is over the lender's limit. Borrower doesn't want to put more money in. Options?
I've had 3 deals in the past year die at closing because of title issues that weren't caught early. Mechanic's liens, old judgments, easement disputes. These are things that could have been found weeks earlier. What's your process for catching title issues before they become closing emergencies?
I have my first deal closing next week! It's a $350k bridge loan. I'm excited but also nervous. What should I be doing in the days leading up to closing to make sure it goes smoothly? Any checklist or things to watch out for?
ugh. had a deal that was sailing along and the appraisal just came back $80k below the purchase price. borrower is at 72% LTV based on the purchase price but now it's 81% based on appraised value. lender says they can't go above 75% LTV based on appraised. options??
Lost a deal last month because of a mechanic's lien that didn't show up until the title commitment came back 2 weeks into the process. Borrower had no idea it existed. By then the seller had moved on. How do you screen for title issues early in the process, before everyone has invested time and money?