Another Reason to Use a Local (to the Subject Property) Lender

By
Real Estate Agent with High Country Realty - Prescott - AZ DRE #SA554748000
http://actvra.in/sbQ

I am in a transaction now wherein the subject property is in an incorporated area, but is rural by every other standard. The home is on over 6 acres, is on a well and a septic system.

The buyer, whom I represent went to a lender in California for a loan on the subject property which is in Dewey-Humboldt, Arizona.  The subject property is a short sale and has been challenging.

It took around four months to get our offer accepted by the lenders holding the first and second mortgages. Negotiating with them has been time-consuming and tedious.

We have asked for around three extensions to the close of escrow. Of course, each time there is an addendum to extend we need to gather around six or seven signatures while many of the parties are out of town and travelling.

The Buyer's lender WF in California is now asking for a "Condition of Property - Transfer Disclosure Statement" which we do not use in Arizona.

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John Mosier

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