I certainly think this is great information for all real estate sales professionals. Thanks Melissa.
Via Melissa Breeland (Residential Mortgage of SC):
- Write your contracts clearly so they can be read by the Originator, Processor, Appraiser, Underwriter and Attorneys. Please provide all addendums and amendments to lender prior to ordering the appraisal
- Be aware that all health and safety related items will need to be repaired by a licensed contractor PRIOR to closing. Some exceptions may apply.
- Looking at condos? Make sure they are on the FHA Approved Condo List BEFORE writing up a contract. https://entp.hud.gov/idapp/html/condlook.cfm (Spot Loans are being done by some lenders.)
- Some basics:
- 3.5% down payment required (must be buyers own money, a gift from a relative or SC State Housing Down Payment Assistance or Family Services Grant)
- Seller can contribute up to 6% towards pre-paids, closing costs and reserves...none of which can go towards the buyers down payment
- This is a "full doc" loan (W2's, Pay Stubs, Bank Statements and verifications required)
- Home must be owner occupied
- Schedule closings for the end of the month to save on interest for your buyer
- If the contract or addendums mentions a CL-100 or Home Inspection lenders are required to review it and provide to the appraiser.
Liz: I got a home inspection addendum I could not read yesterday. Thank God the buyer's agent sent the home inspection report with the addendum. I had to read his typed report to interpret her cursive handwritten addendum. Not so professional. If you have to go with pen and paper, at least PRINT.
Liz - Thank goodness we get our faxes by email now. The old fax machine copies plus the illegible handwritings made for some interesting contracts and addendums. All those points are good - glad you reblogged!
Mary
Chris Ann -- I don't know why some agents will use handwriting instead of typing --- and it's always the agents with terrible handwriting. Thanks for your comments.
Mary --- glad you liked it.