Loans

[Jack Presen]

I have a client that I'm working made very clear to me. He wants to purchase a house, commercial property on the same day, and wants the closing on the same day, and want his credit pull only one times to accomplish his goal. I don't know how to go about this to accomplish my client goals.

[Chris Mason]

@Jack Presen, the odds of everything coming together that would need to come together to accomplish that goal are about 0.002%. Either the residential property's sellers parents are going to die delaying closing, or the commercial lender is going to take issue with the concurrent closing, or the residential underwriter is going to condition for the commercial property to close first delaying closing long enough for the credit report to expire, or something else will come up throwing the plan in the garbage. 

Tell her or him to stop trying to be a unique flower & manage that individual's expectations. Get over the credit pull phobia; the notion that credit pulls destroy your credit was made up so dumb baby boomers would stop getting a new Macy's card (and $3,000 more in debt!) every time they walked into Macy's. So it was a lie, but for a noble cause. A credit inquiry for a legitimate purpose, such as buying cash flow positive real estate and building wealth or buying a home to live in, is always ok in 100% of cases. Getting $3,000 more in debt for a fancy BBQ is a dumb idea, but not because of the credit inquiry (though, again, that's what the boomers were told & they passed that 'wisdom' onto their children).

The closest to this that I've successfully executed: Cash out refinance for $600k on the primary residence with the proceeds to be used to purchase commercial real estate that she was already in escrow for prior to applying for the cash out refinance. They closed 5 days apart.