Realtor · Tampa, FL · Member since 2015 · 78 posts · 32 votes
Hello all,
I am working with a buyer that recently sold an investment property that had 90 days late on it last month. The sale of the property was a regular sale not foreclosure or short sale and from what the buyer knows these processes were never started. So the buyer mentions they may have a hard time getting a loan and that three different lenders told him three different things. 1st lender said wouldn't be able to get loan would have to wait year from last missed payment, 2nd lender said should be able to get loan since was a investment property and buyer is getting a primary property, and 3rd lender said buyer would only get sub prime loan. Any thoughts on this as I am only a realtor and not a lender I wasn't sure what to tell the buyer on what route to go. Any help would be greatly appreciated.
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
9y
Hi @Nicole H.,
Alas, none of us here will be able to answer that question without a full credit package in front of us. Any sort of wonky/funky/bruised/etc credit scenario, we need the whole shebang, and everything before that is just talk. Those three conflicting answers do not offer any obvious "oh obviously #3 overlooked blabla, #2 overlooked blabla, and #1 is right" - I really have no idea.
What does your #1 GO TO lender that never fails you, and has done hard deals for folks that had been told "no" by multiple other lenders, have to say?
I'm sure you are aware that part of your value add as a buyer's agent is knowing the right people and having the right connections. This is your opportunity to add value in exactly that way: "John, I have no idea if you can get a mortgage or not. But Sally over at XYZ Lending does. She is the final word. If she says it can't be done with a traditional mortgage, then I'm sorry but it can't be done and it's time to explore hard money. If she says there is a solution, there is a solution. Set up a time to meet with Sally with all your paperwork in-hand. I'll come with you to be a familiar face in your corner, if you like."