Friday, April 23, 2010

We just closed a most interesting $1200 transaction.

That's right, TWELVE HUNDRED DOLLARS.

A month or so ago I received a call from a nice lady who wanted to buy a vacant lot which was being marketed by a bank after foreclosure.  Her intentions were to build on that lot.

The price was low because the property is in a distressed part of town but that's okay we are seeing lots of renewal in our metro areas where potential homebuyers are finding

We just closed a most interesting $1200 transaction.

That's right, TWELVE HUNDRED DOLLARS.

A month or so ago I received a call from a nice lady who wanted to buy a vacant lot which was being marketed by a bank after foreclosure.  Her intentions were to build on that lot.

The price was low because the property is in a distressed part of town but that's okay we are seeing lots of renewal in our metro areas where potential homebuyers are finding

query: what does POC stand for on a HUD-1 form

POC means PAID OUTSIDE OF CLOSING.  In other words, money paid prior to closing or in some odds cases, after closing.  This is money being reported on the HUD-1 form because it is related to the transaction but the figures are not included in the column calculations.

query: what does POC stand for on a HUD-1 form

POC means PAID OUTSIDE OF CLOSING.  In other words, money paid prior to closing or in some odds cases, after closing.  This is money being reported on the HUD-1 form because it is related to the transaction but the figures are not included in the column calculations.

query: will a mortgage underwriter overlook my little lie

What?  Why are you lying to your lender?

If your mortgage underwriter is smart, the underwriter will verify everything and not take your word for anything.  That's how mortgage underwriting SHOULD be done anyway.

Most people tend to estimate their income a bit high and their liabilities a bit low.  That's not unusual, but if you are flat out falsifying data, then I would hope the underwriter

query: will a mortgage underwriter overlook my little lie

What?  Why are you lying to your lender?

If your mortgage underwriter is smart, the underwriter will verify everything and not take your word for anything.  That's how mortgage underwriting SHOULD be done anyway.

Most people tend to estimate their income a bit high and their liabilities a bit low.  That's not unusual, but if you are flat out falsifying data, then I would hope the underwriter