Why? More money comes to mind. By bumping the numbers and increasing the sales price you increase your commission i.e points you charge.
Think about , if you increase the sales price, and im only getting what i originally was supposed from a regular deal ( 82k sale price that they bump to 92k, ) where does all the extra money that the loan amount (92k) go??? well it certainly wasnt coming to me.So , i guess it must go to someone , the buyer is paying for it , but wont see it, i wont see it and the lender paid it out. Guess that leaves only one person left , the mortgage broker.
Hope this helps clear things up for you ben .
Scott
OK, I have a weird situation I guess.
Last year I acquired a property, is 4 acres with a 1995 MH. Land is basically paid for, I took pmts over on the MH , with hopes to sell soon.
I placed a L/O T/B in last August, they wanted to see if they could get financed this Feb.
Apparently we are running into a problem with the Lenders/Investors that their Mortgage Broker is trying to use .
They want a Certificate of Attachment before they will do a package deal.
My understanding is that the State of Texas wont issue a Certificate of Attachment until the 1st lien holder surrenders Title ( 35k) owed. so I cant get a certificate yet. I have been told by numerous Title Companies and others taht the paperwork is sent in at time of closing and that their is no way for the investor/lender to get a certificate before that.
So now, after a month and a half of hoops , they seem to be in a rut about something that cannot be obtained before closing.
I spoke with the Oakwood acceptance corp who has the first lien and they seaid, " this is how its always done, the lender they are using doesnt know what they are doing.
So, that leaves me with 40k in equity on a property that no one wants to lend on .
can someone please direct me to a lender who does loan on this type deal, and who understands about the certificate.I would be elated and overjoyed as we really need this cash soon.
Scott
P.S its a 1600 sf double, 4 acres. buyers are approved for a 90k loan, property is appraised at 96k
Bassman,
Go to www.mobilehome.net then click thru to the
Lenders list.
Also go to www.mfghome.org that’s the Manufactured
Home Institute. They have a list of MH Financing companies by state.
You should be able to find a help fairly quickly.
Hope this Helps
Thanks for the response Bobby, I appreciate it.
After I had done this post I went searching the web and found a couple.
Turns out , I didnt need to search too far. The borrower already had another Broker lined up. They are requesting their information from the bozo broker to give to the new broker, who said we should have this closed by next friday .
After reviewing some things the 1st broker was doing , we may be sending a letter to the Lender , about possible lender fraud by that broker.
It appears he tried to move numbers around , I.E higher sales price than was told to them , them saying that we recieved money that we hadnt, etc.
After we found this out , we can understand why their lender wanted to use the Certificate of attatchment ( unattainable before closing)to back out.
Amazing what can go wrong when the Mortgage Broker tries to fraud the Lender.
Im glad we found out now instead of getting mixed up in something bad.
Again, thanks for the response.
Scott