Re: still stuck…with 9 days to go! - Posted by JohnBoy
Posted by JohnBoy on May 22, 1999 at 17:47:49:
I take it you didn’t try for the SBA yet? Call the appraisor that did the original appraisal and find out what local banks he has done appraisals for. Then call those banks and see if they do SBA loans. Go to one of those banks and apply for the SBA LowDoc Loan. They can have that approved by tuesday afternoon, weds. morning the lastest, IF you get in their first thing monday morning. The bank should allow the appraisal you already have since they have used that appraisor in the past.
If all goes through ok you can close in time if the bank can get the title work back fast enough. Even if this delayed things for a few more days the seller should be willing to extend for that unless this pizza place is offering more money and can close fast without waiting for financing.
Ask the realtor if the pizza place has the cash to close fast or will they need 30 days or longer to close if they buy it. You already have approvals but you need another appraisal because the lender your using won’t accept the one you already have. Isn’t the pizza place going to need one also?
Tell the agent your approved and your ready to close but the bank has to wait for another appraisal to come in. What if you can give them a loan commitment subject to the appraisal and title work? You will be able to close faster than the pizza place at this point unless they’re paying cash. If they don’t extend you a little more time and if the pizza place runs into a problem then they end up with no sale at all. Tell them your not going to play around with this. You need an a little more time to close and they need to agree to extend this time now or your not doing the deal.
Will the lender that approved this deal give you a date by when they will fund? Get a commitment in writing from them so you can take it to the seller to show your approved and plan on closing. Talk is cheap. They were already held up once before. Give them something in writing to show your serious and just waiting on the bank to get another appraisal.