All Forum Posts by: Angelo Behar

@Greg H. I think if we had more time to arrange the price and things of that nature it would've worked out better. But again, why should we have assumed that the underwriter would change her mind and would not allow us to be reimbursed the day after the closing should have been done. And we already extended a few times because of the underwriter.

@Wayne Brooks Underwriter literally told me she will not sign off on this loan if we put the seller contribution in the HUD.

@Chris Bounds I appreciate the insight. Trying to get the price reduce after the final HUD got submitted when the closing date was yesterday probably won't fly. Its a great deal so we're just moving forward, we're already in our third extension because of the hoops the underwriter made us go through. My agent has 12 years of experience and has never met an underwriter as difficult as the one we had to deal with.

@Curt Davis I'm going to call the title company and see what they say.

@Jesse T. It's a conventional loan with 20% down. And those expenses were the only thing I was being reimbursed for. The seller was not contributing anything else to me.

@Chris Bounds My agent tried that and she won't allow it. This is only one of many things this underwriter threw at us. I had to dig up statements from over a year ago, resubmit the same exact paperwork multiple times, wait for a survey to be conducted before the property was purchased. The list goes on and on, and I know underwriters get to ask for what they want, but its beyond frustrating when they decide without justification that I cannot be reimbursed after the seller already agreed to reimburse me.

@Marian Smith That was what we had the addendum for. The thing that is bizarre is why did she wait until the last minute to decide we weren't allowed to be reimbursed? 

@Curt Davis Would the closing attorney repaying me show up on the HUD? If so, she won't allow it.

House has termites and electrical problems. Seller doesn't have money to rectify both problems. Seller agrees to repay me. An addendum is signed by both parties. Underwriter has this addendum which states, at closing, the seller will reimburse me for the items I paid for. Everyone is happy.

Day of closing, final HUD sent to underwriter and she decides I am not allowed to be reimbursed for the expenses I came out of pocket for, and had a signed addendum stating I would be reimbursed. I asked her why, and I quote, "because I said its not allowed"....why, oh, why underwriter? $2,000 lost because she said so?

Is she allowed to do this? If not, what course of action can I take after the closing? The house should close later today.

@Hassan Mahmood Check out the resources tab here on BiggerPockets

https://biggerpockets.mysmartmove.com/

Hi Peter! Welcome, I'm from just down the street! My brother lives in Royal Palm Beach. My brother flipped quite a few properties but is mostly just buy and hold now. 

A lot of the awesome foreclosure opportunities are being gobbled by big time investors that are over bidding on the properties. There's still deals to be had for sure though.

Having personally surfed the beaches all over Ecuador, I would recommend you take a look down there. Property is very cheap and they cater to investors. Salinas, Montañita, Olon, Canoa, Esmeraldes, Playas all awesome surf spots with real estate opportunities.