I never understood why lenders ask such wierd questions. I'm in the midst of my refi, and my broker sent me an email saying the lender wanted a letter of explanation for the following ...
1. Date House #1 was listed for sale. Date House #1 was listed for lease. Date when House #1 was leased. Date when House #1 was pulled from the MLS.
2. Copy of the lease agreement. (Okay, this I can understand.)
3. Why I sometimes use my full middle name, why I sometimes use only my middle initial, and why I sometimes don't use either in correspondances. (WTH?!?!?)
4. Who made inquiries on my credit report in the last 90 days. (Hmmmm. Probably people associated with my PREVIOUS loans on the property, you think?)
GEESH!
On a similar note ... I went by my broker's office yesterday after work to drop off a check for the appraisal done earlier this month. When my wife and I met my broker back on July 7th, he said he would try to get the appraisar to lower the price, since it was just appraised a few months ago by them for the first loans. Well, between then and a few days ago, my broker said the guy wouldn't budge on his fee. Reluctantly, my broker agreed to pitch in $100 of his own money to pay for the appraisal, which was a nice geture. (Of course, for all I know, he did got it reduced by $100, and is making himself look like a Saint.)
I was going to call the tenants yesterday to touch base with how the utility situation went (or is going). My wife suggested that it would probably be best if I didn't call. She said if they had any problems, they have our number (which is true). It's now noon on Wednesday, and I haven't heard anymore from them, so I'm assuming the gas was turned on without any problems.
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2 comments:
Some of those questions are wacko. I can understand why they want to know when it was pulled from the MLS - they are making a long term loan and want to be sure the property is not going to be sold right away. They'd lose a bunch of money on adminstative costs without getting much interest payment. When I refinanced my property, I was told this.
I agree with your wife. Why go looking for trouble. Utilities are the tenant's problem. Bother your tenants as little as possible.
I agree with Shaun and your wife, Steve. The tenants will probably resent any intrusion on your part (that's how it will be seen, even though you're just a nice guy wanting to see how they're doing). At this point, you can relax about the property. Someone is there looking after it for you. They'll let you know if they need help with anything. It's time to focus on your next property!
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