All Forum Posts by: David Grado

I would like to have professional marketing materials for my first and subsequent house hacks although I wont be incorporated. Is this legal? I would have a "business" name and logo.

Both lenders have access to exactly the same documents as I've literally forwarded every document prior as well as new documents requested. I was told they would be able to transfer the appraisal so as to save on cost. I can ask the sellers if they are willing to extend but from a prior conversation they have arrangements they need to keep. Chase did make me pay a 500$ earnest fee so maybe you are right : (. What truly boggles my mind is how is someone supposed to shop around for lenders if quotes aren't reliable and if "loan estimates" which are can't be started until going under contract add to that each lender requires their OWN appraisal to get that far. Also at what point do you play hard ball knowing the seller has made arrangements and a small extension window would keep them from being in a very bad situation if I where to back out?

I decided to go with my agent's "recommended" lender and didn't think anything of it as the numbers seemed within reason. I get an email about 1 week ago (3 weeks from closing) from a large bank asking if I needed a quote and I said yes the quote from the bank ended up being 5k cheaper in cash to close for nearly identical terms and P&I. I did this without informing my agent as I assumed it was just a quote well long story short he was very surprised and concerned and urged me to decide within 24 of who we will move forward with. He is concerned that they will not be able to close on time and I will lose my earnest money and be out of a great deal and also kicking the lender out of his commission. The large bank assures me they will be able to close on time as they are already very far along and can simply get the documents transferred. I am happy to supply numbers if that will clarify and allow for an easier decision.

The bank is Chase if that makes anything worse/better

I decided to go with my agent's "recommended" lender and didn't think anything of it as the numbers seemed within reason. I get an email about 1 week ago (3 weeks from closing) from a large bank asking if I needed a quote and I said yes the quote from the bank ended up being 5k cheaper in cash to close for nearly identical terms and P&I. I did this without informing my agent as I assumed it was just a quote well long story short he was very surprised and concerned and urged me to decide within 24 of who we will move forward with. He is concerned that they will not be able to close on time and I will lose my earnest money and be out of a great deal and also kicking the lender out of his commission. The large bank assures me they will be able to close on time as they are already very far along and can simply get the documents transferred. I am happy to supply numbers if that will clarify and allow for an easier decision.