Good morning all,
Hoping that someone in the community can assist me with this question. I am in Palm Beach County which is in south Florida. I have a portfolio loan (first one, hence the question). The question is:
How do you submit an offer when using a pre-approved portfolio loan?
I am trying to purchase a property in my portfolio loan and the title company says that I have to pay cash first and then have another closing to put a mortgage on it via the portfolio loan. I do not have the cash to do this, only the 30% for the portfolio loan. My understanding from the below is that we can close and the money comes from the bank. I simply cannot get OUT of the contract due to lack of financing, which isn't a problem since I have it!
The FARBAR states:
FINANCING:84 (a) Buyer will pay cash or may obtain a loan for the purchase of the Property. There is no financing contingency to Buyer’s obligation to close .
The other option which is not checked for my contract is:
(b) This Contract is contingent upon Buyer obtaining a written loan commitment for a conventional FHA VA or other ______________ (describe) loan on the following terms within _______ (if left blank, then 30) days after Effective Date ("Loan Commitment Date") for (CHECK ONE): fixed, adjustable, fixed or adjustable rate loan in the Loan Amount (See Paragraph 2(c)), at an initial interest rate not to exceed _______ % (if left blank, then prevailing rate based upon Buyer's creditworthiness), and for a term of _______(if left blank, then 30) years ("Financing").
My wife says to just walk away as it has become too complicated and I somewhat agree. I do not want to lose the property though! What do you guys think?
Tags to get people :-)
Boynton Beach, West Palm Beach, Broward County, Miami-Dade County
@Justin Jocewicz Call me. I don't understand what the problem is. A "portfolio" loan is the same as any other loan as far as funding at the closing. There is either something else going on (my guess) or you have found the most incompetent closer in the state. Also, if you elected the above financing contingency (8b) your contingency(get out of jail free card) is good up until 7 days prior to closing.
Wayne and I spoke. Title, realtor and some of me issue. Loans are interesting! Thanks @Wayne Brooks !
So @Justin Jocewicz let us Know how the process evolve, congrats in your first portfolio loan! Take Care.