Cash purchase & appraisal

[J Grant]

Conspiracy Theory: an explanation for an event or situation that invokes a conspiracy by sinister and sometimes powerful groups, when other explanations are more probable. Doesn't have to be political in nature. It's looking for a boogeyman behind every door - specifically the AMC/Lender door in your case.

A hinky order is not the same as a conspiracy theory.
Or, have you ever heard of what the OP called a "late purchase appraisal?"
Then again the OP's post seemed a bit - "off"...

 

[alebrewer]

A hinky order is not the same as a conspiracy theory.

Potato / Potato (inflection can't be delivered via the written words)...

 

[glenn walker]

A hinky order is not the same as a conspiracy theory.
Or, have you ever heard of what the OP called a "late purchase appraisal?"
Then again the OP's post seemed a bit - "off"...

A hinky order is not the same as a conspiracy theory.
Or, have you ever heard of what the OP called a "late purchase appraisal?"
Then again the OP's post seemed a bit - "off"...

J.G. Grant I will PM you on what a "Late Purchase Appraisal Is as I do not want to post it on a open forum.

 

[gorillakimchi]

sounds like a refinance but stop askng the borrower, ask your AMC client - tell them if it is a purchase loan, then you need to get the sales contract. Who is the buyer and seller ? How can a buyer purchase a house from themselves ? ( unless they are buying from their own LLC - Which is hinky but I suppose possible )

Noted Mr. Grant. Thank you

 

[gorillakimchi]

When you say the transaction was completed, on Nov 2021, do you mean the house closed and transferred title to this borrower ?

The fact he paid cash does not matter ( and a buyer can still get an appraisal /use financing even with a "cash" offer - which really means no finance contingency )
Does this borrower own the house now?-

Oh, I see Cash doesn't matter. Previous owner is currently occupying the property, but the title transferred to a buyer (LLC)

 

[gorillakimchi]

Sounds like they are pulling cash out, maybe for repairs. Makes sense to borrow at 3 something and the LLC likely means it's going to be a rental.

Ah ha, Thanks for your comment Mr. West

 

[gorillakimchi]

A house that is owned free and clear can still be refinanced. Doing so is called a cash-out refinance. In a traditional cash-out refinance, an existing mortgage is paid off with a larger mortgage, resulting in a lump sum of cash to the owner.

Found this online - lenders still call it a refinance, but no matter what they call it, it is not a purchase loan , wrt the OP said the AMC was calling it a late purchase loan which far as I can tell is bogus - have the OP ask client for a sale contract - I'd love to see the sales contract where an owner purchases his own house from himself!

haha " I'd love to see the sales contract where an owner purchases his own house from himself!"

 

[Tru Red]

Sounds like a refinance on the property. Somebody suggested it can't be a refinace but.........they are technically wrong. It's probably a cash-out refi so they can get some of their cash back.

I AVOID these like the plague in the current economic enviroment. It's too litigious.

My comments should upset a few known SNARKS on this forum.

 

[Fernando]

Sounds like a refinance on the property. Somebody suggested it can't be a refinace but.........they are technically wrong. It's probably a cash-out refi so they can get some of their cash back.

I AVOID these like the plague in the current economic enviroment. It's too litigious.

My comments should upset a few known SNARKS on this forum.

Yes it's a cash out refinance.

Don't worry about upsetting some on the forum.
When they ignore me, I know they can't handle the truth from me.

 

[residentialguy]

Not an issue move on you are not appraising the cash or financing

No, but the terms of sale in a purchase is considered. You also need to be on the same page with the lender. OP should contact the lender. This needs to be cleared up.