Loan is pre-approved & with appraiser but not in closing dept. yet. All docs etc. What or whom should I talk to at a lending company to expedite the closing?

The seller is willing to pay 2K+ as a rush order to close faster than the 2 weeks they say it should from now.

He who has the money sets the rules.

As the buyer's agent, your contact with the lending co. is the loan officer. Contact him/her and politely let him/her know the closing date has been moved up. They may ask for an addendum.

If all conditions are cleared and the appraisal is complete, there shouldn't really be a reason why they cannot accomodate. Keep in mind, if you say it needs to close in 24 hours, they may have an issue with that.

Damon Di Placido
Wachovia Mortgage

The company has had this loan for a month. It's a re-hab but all plans submitted, strong builder buyer etc. Just would like to know why they couldn't expedite if they would be reimbursed. Would it help if I spoke with the president of the company - Brookview Financial?
Our situation - I'm the seller's agent for the asset manager of a Very large mortgage company. Most of my business is in REOs. Of course, it wouldn't hurt the lender to have a good reputation as a quick closer which they advertise as being plus receiving a financial benefit.

If the loan is not in the closing department then it is not a fully approved loan. Communication is the key here. Contact the loan officer or manager of the institution where the file is. Ask them where the approval stands. Rehab loans are a different animal as with construction a simple review of the appraisal is just the tip of the iceberg. I disagree with Placido in contacting the institution and telling them the closing has been moved up. That will just create stress to all parties if it doesn't close when you tell them it is. Remember the closing won't happen if the bank doesn't deliver the docs and the money. Ask for some hard times regarding clearing any coditions and while you are at it ask what conditions need to be cleared yet.

Without much details to go on, I assumed this was a regular purchase, but now knowing this is a hard money rehab loan, like Greg said this is a different animal. Trying to move the closing up will not only affect the lender, but also the gen. contractor, and of course the buyer. I'm not an expert in hard money rehab loans, but definitely speak with the loan officer and find out what can be done to get the ball moving.

Damon Di Placido
Wachovia Mortgage

Will 2K help anywhere along the line?

Eeelriver- Re-hab is the key word here. On a standard cookie cutter deal 2 weeks is reasonable if all parties are involved and providing information to the Broker in a timely manner for underwritting. However since this is a re-hab loan 2 weeks will probably be a miracle, and you should be patting the Loan officer on the back at the closing.

I am actually feeling bad for your loan officer as I can tell he/she will be putting up with all kinds of hell from you until the deal closes. One thing that most peole forget is that your loan officer is motivated to close as fast as possible. They want to earn your future business, and most loan oficers dont get paid unless the deal closes.

Best move is to call the loan officer and work with them, and not try to force them to close a difficult deal that ultimatley is not the LO's decision to make based on approval.

$2,000 will do nothing to make it close any faster. If it is not a good risk for the bank they wont care how much cash you offer.

I do not want to sound mean, but if a realtor brought me a re-hab loan, and asked me to meet this deadline. I would rather turn it down than do the loan. One bad experience with a realtor hurts my reputation, but telling all parties what is realistic goes much farther. In my own past I have tried to make things happen so everyone is happy, and when it's done all I end up with is all parties pissed off and a tough loan still closes, but no future biz from anyone.

AMEN!!

I don't want to step on anyones toes, just trying to close a deal nicely. Doesn't matter now - extension from seller for 2 weeks granted. The lender does feature themself as a 2 week re-hab closer.

eeelriver, I didn't want to come like I was trying to give you a hard time, and please dont take it that way. You are correct about Brookview and they do boast a 2 week closing. I would call the loan officer and ask if you are on pace, but I would still be prepared for it to take longer. Good news is you got the extension, and I would make sure to let my buyer know that it's possible for this to take longer. Good Luck!

I second the AMEN!!!

I recently did a Subprime loan in which it closed in 15 days which is quick-style considering it belongs in the Subprime world. The borrower was not happy at closing because he thought it took so long but the realtor knew that I had bent over backwards and followed-up diligently to make all parties happy.

Anyway, rehab loans are a different animal and I would contact the LO and have that person reach the AE or UW and see if there is anything that outside parties can prep up to make things quicker. Monetary contributions does not necessarily mean that the loan will close faster but communication and proper preparation will. Somehow conditions always finds its way as a hurdle but an early heads-up will result in overcoming it quickly and a faster close.

Good Luck,