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Old 05-17-2011, 10:54 AM
bpt bpt started this thread
 
11 posts, read 24,486 times
Reputation: 10

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HI-
We are currently under contract with a home in a rural area in Virginia and are using Suntrust as our lender. Our closing date is in about 2 weeks. The appraisal came in low last week but we agreed to split the difference with the sellers. However, Suntrust underwriting had concerns about the appraisal (specifically the comps he used) and needed to ask him some questions.

Per our contact at Suntrust (who has been very responsive to us since we started this process about 3 weeks ago), underwriting received the additional info they needed from the appraiser today. We are supposed to be finding out within the next 24hrs whether our file is a "go and we are clear" OR if it needs to go to "exception Underwriting" due to the comps (house is in a rural area with not much nearby as far as comps so appraiser had to go more than 10 miles away and into different county). IF it goes to "exception underwriting", we will then find wait a bit longer to find out if we are a "go" or not.

And as an aside, we have excellent credit (scores above 800) and are financially sound buyers. We are told the problem is strictly the house being in an area without any comparable sales in the past year and thus the appraiser had to go outside limits to find comps and there was a greater gross adjustment on those comps (anywhere form 20-30%).

Bec we have been looking for years and believe this is the right house for us, we do not want to lose the house. We just went to our local bank yesterday and they said they can easily get this done for us after looking thru our credit, W2s, etc.. and in fact they know the house we are under contract with and hold the mortgage on the house currently. They plan to send an appraiser out asap and say they should have an answer back and it should all be thru underwriting by this friday or at the latest MOnday(!) which would be exactly a week from when we made initial contact with them.

We did tell Suntrust that we went ahead and contacted the other bank bec we still have no word from underwriting at Suntrust. He said he understood and is working diligently and doing all that he can. The local bank knows we are working with Suntrust currently. Is it ok for us to have both banks working on this at once? WE are just worried that Suntrust wont come thru in the end (and the seller is also under contract for their next home so there is some pressure to close on time here). And so want to have a backup plan. We just have no idea whether Suntrust underwriting will ok this or not and we are closing in about 2 weeks.

Any advice/insight would be appreciated.
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Old 05-17-2011, 11:19 AM
 
Location: The Triad (NC)
31,399 posts, read 69,973,718 times
Reputation: 37504
Quote:
Originally Posted by bpt View Post
Bec we have been looking for years and believe this is the right house for us, we do not want to lose the house. We just went to our local bank yesterday and they said they can easily get this done for us after looking thru our credit, W2s, etc.. and in fact they know the house we are under contract with and hold the mortgage on the house currently.
Plan globally. Bank locally.

Quote:
We did tell Suntrust that we went ahead and contacted the other bank bec we still have no word from underwriting at Suntrust. He said he understood and is working diligently and doing all that he can. The local bank knows we are working with Suntrust currently.
business is business.

Quote:
Is it ok for us to have both banks working on this at once? WE are just worried that Suntrust wont come thru in the end (and the seller is also under contract for their next home so there is some pressure to close on time here). And so want to have a backup plan.
CYA.

qualified buyers with cash and good credit are in the drivers seat today.
they (both banks) need you more than you need them.
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Old 05-17-2011, 11:37 AM
 
Location: Clayton, NC
502 posts, read 1,523,432 times
Reputation: 407
I applaud you for being proactive instead of reactive and see nothing wrong with what you've done. Totally agree with Mr R above.

Good luck to you!
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Old 05-17-2011, 11:42 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,141,306 times
Reputation: 456
I think you are handling this perfectly fine.
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Old 05-17-2011, 11:55 AM
 
28,461 posts, read 76,351,694 times
Reputation: 18541
Hope this works out OK -- I suspect it will because a) your credit is AWESOME b) you have been honest with BOTH lenders. When folks get yanked around, especially by the bigger lenders, they have a tendency to "sneakily" pull in additional lender(s) and that is when things go off the rails -- ESPECIALLY if your credit is borderline to begin with: the additional credit inquiries can push scores lower and create more trouble / kill deals...

I used to have good luck with locally owned lenders, but with so many getting WIPED OUT the remaining guys tend to be ultra cautious. Glad you are in locality where they seem to understand that sometimes locals know best...
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