Detroit Real Estate

Here are some Milford foreclosure tips - so don't dilly dally - delaying could cost you money.  What I mean by this is that went you put in an offer you need to be accessible by phone or by email.  From the moment you put the offer in until the day you close you the buyer need to be accessible.  Questions come up or problems come up that need answers.

My clients were buying a Milford foreclosure.  When we looked at the home I called their loan officer and asked the question if they could buy a two family home with a FHA loan.  The loan officer said yes.  So we put the offer in and it was accepted.  We had 45 days to close the FHA loan.

Well it was a surprise to me when I got a call from the loan officer telling me they couldn't do the loan unless the home was changed back to a single family home.  The loan officer from Quicken loans told me that the kitchen had to taken out to be approved by the appraiser as a single family loan.  Being the type of person I am I wanted to make sure if I asked the bank to make the repair that we would not have to go back to them and have them do more repairs.  

So I got on the phone and found out who the appraiser was.  I found out that I really needed three things to be repaired.  So I quickly got an addendum written up and signed by my client.  I sent it over to the bank to get the repairs done.  The bank wanted written proof that the bank was requiring those items to be repaired.  So over the course of a few days the loan officer tried to get something in writing the way the selling bank required it.

Everything Quicken's loan officer sent, the bank said it wasn't good enough.  Finally the loan officer basically said if want he sent wasn't good enough we were done.  Unfortunately it wasn't good enough for the selling bank.  They wanted something directly from underwriting stating the repairs, but Quicken Loans didn't do that.

So being the bulldog that I was, I googled Quicken Loans management and sent out an email to 15 higher ups in Quicken Loans asking for help.  They were great and got me the letter I needed.  Quicken Loans doesn't normally put the repairs in writing but Quicken Loans management came through.

So finally after about 14 days we got approval from the selling bank and they are doing the required repairs.  So here we are about 30 days into loan and the purchase agreement and the loan hasn't even really started.  The appraisal has not been done.  So now we are going to have to scramble once the repairs have been done.

So my advice to my clients is don't dilly dally because delaying could cost you money.  The bank addendums that we signed as part of the purchase agreement says that if we don't close on time you the buyer have to pay a per diem.  Right now it isn't your fault that the closing is going to be delayed but the bank isn't going to give you an extra extension.  They will want to close this up as soon as possible.

So whether you are buying a Milford foreclosure or Canton foreclosure here is my Milford foreclosure tips.

1. Get your documents to your lender as quick as possible
2. Stay available - keep your cell phone on, answer your phone and emails
3. don't dilly dally - don't delay on anything your lender or your real estate agent requires.

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My quote of the day is:

Life is like a taxi. The meter just keeps a-ticking whether you are getting somewhere or just standing still. --Lou Erickso