More Clarity On The Appraisal
I found out why they’ve charged us $850 for the appraisal. Apparently since Jan 1st they’re requiring all loans to have 2 appraisals. That sounds like a bunch of crap but atleast we know why its so high. Anyway, the builder wasn’t willing to extend the close of escrow so its a take it or leave it situation. We took it.
However, on another interesting note, they wanted us to pay more interest because we took 2 days extra to close. This is what the loan processor told us.
We had wired out already on the file yesterday and then the Etrade wire would have originally been today, so once this is all set, I need to send a few more days interst on that wire to match the day we record.
Since we’re closing the loan 2 days late, I would’ve guessed we’d pay less interest. [Since you pre-pay the interest for the remainder of the month, that way you have a nice round mortgage payment the next time its due]. So this what she said.
It is less interest you got a day back for each the first and second
mortgage So yes, you paid less interest to close today then yesterday.
We didn’t understand that so we asked if we had to pay more interest.
I have to send the title co. more interest because we withhold our fee’s and just send them the remaining balance… (loan amount and their fee’s etc.) So since the charge was less to you, I needed to forward more interst to them.Does that make sense?
No.
Ok, It’s just technical stuff. I don’t know how to explain this further,
but it makes your bottem line less.
So you pay less interest….
Did anyone else follow this?
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March 24th, 2006 at 6:55 am
That is such B.S. It sounds to me that since they are selling you this loan at PAR they are going to hammer you on the other side. I would even be curious to know what their yield spread on the back side is? hmmmmm…..I would bet your getting hammered there too.
It’s time to find a new broker and fire this one….well at least on the next deal.
March 24th, 2006 at 9:56 pm
actually we’re going to flip the house and the broker knows it. He claims if we sell within 6 months he has to give back any money he recieves on the other end. but know who
March 24th, 2006 at 11:42 pm
Empty,
This broker is a creep.
They seem very inexperienced.
All the expenses and transactional issues should have been absolutely forthright and clear from the beginning.
Also, I wonder if this broker has much personal independence and is being managed like a puppet by someone else.
Good luck!
PS I have a question for you…if you purchase rental properties out of town, how do you manage and cash flow a third party obtaining tenents for you (or general management)?
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