Having Jobs is OK
September 12, 2019Scott owned a successful business and a million-plus dollar home with a few hundred thousand dollars in equity. He had excellent credit, showed plenty of money on his tax returns, but he couldn’t get approved for a mortgage. You heard me right. Scott was not able to get approved for a mortgage until he found me.
As I mentioned, Scott had been running a successful business for over 20 years, kept his credit excellent, and had equity in his home. He wanted to combine a first mortgage and an equity line he had used for his business the past ten years. So what was the problem? The lenders he spoke to under-valued his home. Let me clarify. They never even got an actual appraisal.
They would log on to Zillow and get a Zestimate, that was the extent of their research. I see this often with these types of homes. There aren’t many communities that have hundreds of million-dollar homes that sell often; outside of maybe California. So finding comparable sales can be difficult if you don’t know how to deal with the process.
I brought in a local realtor that sold in that particular market. I had him provide active and sold comparable sales from the previous twelve months
I had him go out as far as two miles if necessary to provide an adequate amount of comparable sales. The agent and I assessed the information and came up with what we thought the value range might have been, we were within $35,000 of each other.
At that point, I ordered Scott’s appraisal and provided him with the information to share with the appraiser. The appraisal came in right between the agent’s projection and mine, and Scott was able to close on the new mortgage that had saved him $3,200 per month.
In Scott’s case, he just needed someone that was going to work for him. If you need someone who isn’t afraid to do the work, let’s talk.