dvought 0 Report post Posted May 9, 2008 I am in the midst of refinancing a balloon payment that is due very shortly on 3 houses in Kansas City, MO. Bank #1 was processing and going along fine to close until at the last minute the underwriter didn't like the "feel" of the loan - she thought somehow I was related/partners with the person holding the mortgage (who I had just bought the house from), and thought we were trying to cash out the house. Had no bearing in truth, but still killed the refi loans. The agreement I had with the investor selling the house was that my purchase price originally would be 75% of whatever the houses appraised for, so I would have 25% equity. I was going for a 75% LTV refi loan on each. Went to bank #2. Everything going along fine until the appraisals just came back, and they are a lot lower than the first set, so my 75% LTV just went to >85% LTV, which they won't do for investors these days. (They wouldn't accept the appraisals that had just been done for bank #1 between February and March 2008.) The differences in value range from $15K to $24K. Long story short, they have agreed to let me submit comps for the 3 houses to help substantiate a higher Appraised Value. The oldest the comps can be dated is the date of the oldest comp in their appraisals, which is the end of July 2007 for 2 of the houses and Sept. 2007 for the 3rd house. Apparently there are not a lot of houses that change hands (at least at arms length or not involving investors), as the area is pretty stable, so most of the comps in my original appraisals are just a little older than those dates. Can any realtors out there run some comps for me for these houses? Otherwise I have to go to Bank #3, and who knows what way they will find to flake out on me. If there's anyone out there that can help me, please contact me and I will give you the 3 addresses. MO is a non-disclosure state, so the normal websites I would go to get this info on my own don't have any sales prices, so I need someone with MLS access. If anyone has any other ideas to get comps, I'm open to all suggestions! Thanks for any help you can provide! Dawn 631-219-2295 HopefulHomeSolutions@hotmail.com Share this post Link to post Share on other sites
MichaelC 160 Report post Posted May 9, 2008 Dawn, is there a local real estate club you can contact? Maybe someone there has a connection. Share this post Link to post Share on other sites
GetSmart 0 Report post Posted June 16, 2008 have you tried zillow or realestateabc.com ? Share this post Link to post Share on other sites
Babsie 0 Report post Posted June 30, 2008 have you tried zillow or realestateabc.com ? Did you get your comps yet? Share this post Link to post Share on other sites
dvought 0 Report post Posted July 1, 2008 have you tried zillow or realestateabc.com ? Did you get your comps yet? I was able to piece some things together from public County websites, what a realtor gave me, and some investor/home buying websites, thanks to some great suggestions from people on this board and other forums. THANKS to all for the help! It wasn't easy, and some were rejected by WaMu (because it turned out some were banks just taking back the houses at a sheriff's sale for what was owed). What I submitted semi-worked on two of the houses (the banks brought the appraised value up close enough to 80% LTV, even though the houses are really worth a lot more), to at least figure out what to propose to get to the full 80% without coming out of pocket to any extent. The 3rd house was with a different appraiser than the other two, and the head of WaMu's appraisal dept. said that 2 of the comps I provided were >2 miles away (and the 3rd was a bank taking), so they kept the value at the same riduculously low number. I emailed to all of the mortgage folks involved, their supervisors, and the head of the appraisal dept. PDF's of MSN Map directions showing the 2 properties were only 0.4 and 0.5 miles away, respectively, but the head WaMu appraiser is apparently not competent enough to read a map accurately, and basically refused to do the re-evaluation. (I'm now going through my 3rd lender to refi that 3rd house.) BTW, still haven't closed. After 2 weeks of Underwriting reviewing the file (which I was told numerous times by the loan coordinator takes 48 hours), WaMu sent my file for "extended review". I'm figuring they will jerk me around until the regs change on August 1st and then say they can't close. WaMu has been the absolute worst lender I have ever dealt with. Sorry for the digression/venting. Can you tell I'm very frustrated? Share this post Link to post Share on other sites
Babsie 0 Report post Posted July 1, 2008 have you tried zillow or realestateabc.com ? Did you get your comps yet? I was able to piece some things together from public County websites, what a realtor gave me, and some investor/home buying websites, thanks to some great suggestions from people on this board and other forums. THANKS to all for the help! It wasn't easy, and some were rejected by WaMu (because it turned out some were banks just taking back the houses at a sheriff's sale for what was owed). What I submitted semi-worked on two of the houses (the banks brought the appraised value up close enough to 80% LTV, even though the houses are really worth a lot more), to at least figure out what to propose to get to the full 80% without coming out of pocket to any extent. The 3rd house was with a different appraiser than the other two, and the head of WaMu's appraisal dept. said that 2 of the comps I provided were >2 miles away (and the 3rd was a bank taking), so they kept the value at the same riduculously low number. I emailed to all of the mortgage folks involved, their supervisors, and the head of the appraisal dept. PDF's of MSN Map directions showing the 2 properties were only 0.4 and 0.5 miles away, respectively, but the head WaMu appraiser is apparently not competent enough to read a map accurately, and basically refused to do the re-evaluation. (I'm now going through my 3rd lender to refi that 3rd house.) BTW, still haven't closed. After 2 weeks of Underwriting reviewing the file (which I was told numerous times by the loan coordinator takes 48 hours), WaMu sent my file for "extended review". I'm figuring they will jerk me around until the regs change on August 1st and then say they can't close. WaMu has been the absolute worst lender I have ever dealt with. Sorry for the digression/venting. Can you tell I'm very frustrated? Yes, I can definitely tell you're frustrated. Vent away. What regs are you talking about that are going to change on August 1st? Share this post Link to post Share on other sites
dvought 0 Report post Posted July 2, 2008 As of August 1st, Freddie Mac is changing its guidelines so that the maximum number of mortgages (including your primary residence, HELOCs, etc.) any person may have is 4, down from the current 10 mortgage limit. Also, there will be a 6-month seasoning requirement for cash out refinances. Here's the details (see attached file).bll042208.pdf Share this post Link to post Share on other sites
