Monday, July 27, 2009

Not such a great week after all...

Well, the HML decided against lending to us b/c the property is outside of his area. He is very willing to lend to us w/in a certain area. I've now had contact with 2 HML's and they both are hesitant to lend at all b/c they both had to take back 2 properties each. Urgh.

I still have not heard from the local banks. One is just not calling me back at all which is totally unprofessional in my eyes. She can't even tell me I was declined? The other said he would call me this week. This one is to re-fi' my condos to pay off my unsecured LOC downpayment. I'm hoping to also build a relationship re: investment properties.

The REO we got under contract is not going to happen. My husband went there today and there is a lot more water damage/mildew and we found out the driveway does not belong to the house, it belongs to the neighbor (who is tearing it out - nice!). Sucks. I was hoping for 2 closings in August...

I'll keep plugging away... I need to find out how I can show these HUD properties w/o some pissed off realtor turning me into the HUD police.

2 comments:

Shae said...

Sorry it didn't work out with the HML. The HML I did my rehab deal with was telling me how they are being ultraconservative now because a HUGE percentage of their loans from the past 3 years were defaulted on. They said they have turned into a property management company rather than a lender at this point. They are lending but want 15 to 20% down if they've never worked with you before(wow).

How strange is it that the driveway in front of the house belongs to the neighbor?!?

Eileen-WI said...

I'm kind of striking out where ever I go these days, or so it seems. Very frustrating.

The driveway was on the side of house, not in front.