Question: We have identified a home we would like to buy but we were told underwriting may require two appraisals. Why?
Answer: The home is probably a “flip” or in layman terms: a property that has changed ownership within 90 days. An investor bought the home at auction or as a short sale, and has placed it back on the market, for a profit.
Question: Why are some lenders pulling another credit report before funding a loan? Could that prevent a loan from closing?
Answer: Undisclosed Liabilities – Fannie Loan Quality Initiative FAQ (5/28/10 & 6/7/10) the boring title for another exciting change in our industry. (Think positive thoughts)
Before you pound your head on your desk