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Updated over 15 years ago on . Most recent reply

User Stats

14
Posts
1
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Dean D
  • Michigan
1
Votes |
14
Posts

Lender wants sworn statement from me?

Dean D
  • Michigan
Posted

Just before closing. The buyers lender has asked for a Sworn Statment with a detailed list of all contractors and vendors including contract prices with balances and or paid in full amounts.
They state their intentions are to make sure that no contractor can put a lein on the house after the sale.
Couldn't I just sign a Sworn Statement at closing stating that?
Instead of listing all my contractors and $ into project.
This is my concern.. Its happened on my last 3 flips.
1st appraisal comes in fine. Goes to underwriting(BAD)
2nd appraisal is ordered.. 10k or more lower. I have very little choices here.Mostly FHA loans people with no money down.
Take it or sit on it. I usually have room to close and move on to another. But now this comes along. I feel violated and they are asking for to much information that they can and will use against me.
What are everyones thoughts....

Thanks.

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