It is true that some lenders will tell you just what you want to hear, but that doesn't mean you should tell them what you think they want to hear. Undisclosed issues and inflated numbers will come back to haunt you. Tell the truth aand for the most part that is what you will get back. That said what kills a loan at the last minute are Zoning issues, insurance issues, title issues, litigation, and precipitous changes in the subject income or in the borrower's net worth. There are plenty of reasons why loans don't close, but if you have a lender who knows what he is doing they usually can underwite to cover a lot of the last minute occurences. Remember to have your lawyer look all docs over and codecile the hard money deposits for unforeseen circumstances. --- "Blanchard, Jim" <[EMAIL PROTECTED]> wrote:
> Sabrina, Few things are certain in real estate. It > would not be wise to go > into any real estate transaction without a financing > contingency unless you > have a solid back-up plan, i.e. cash or investor $ > to close the sale. > Depending on your lender, the pre approval may not > be worth the paper it is > written on. What you stand to lose, depending on > the wording of your > contract, would usually be your initial earnest > money deposit which could be > a substantial amount. With this in mind, if a > financing contingency is > unacceptable, minimize your risk by minimizing your > initial earnest money > deposit. What to look out for: Lenders that will > tell you what you want to > hear just to get your business. > > Jim Blanchard > INLAND REAL ESTATE > > > -----Original Message----- > From: sabrinaji2002 [mailto:[EMAIL PROTECTED] > Sent: Sunday, September 19, 2004 8:47 PM > To: [EMAIL PROTECTED] > Subject: [RealEstate] Re: Commercial Real Estate > Loan Question > > > > I had a question for someone familiar with > commercial real estate > loans. Is it wise to go into a real estate > transaction without a > financing contingency? Once a pre approval is on > the table, what > are the risks that I face? Is it possible that the > loan could fall > through? Any insights and possible things to watch > out for would be > greatly appreciated. > > Thank You, > sabrina > > > > > > Apply for Commercial Real Estate loans online and > submit your deal to dozens > of hungry lenders in just minutes. Loan programs for > all types of business > and commercial real estate. Apply anytime at > http://realestatezoo.com > > RealEstate > Part of RealEstateZoo.Com > ------------------------------------- > Post message: [EMAIL PROTECTED] > Subscribe: [EMAIL PROTECTED] > Unsubscribe: [EMAIL PROTECTED] > > List owner: [EMAIL PROTECTED] > Web Site: http://groups.yahoo.com/group/RealEstate > > > > > Yahoo! Groups Links > > > > > > > _______________________________ Do you Yahoo!? Declare Yourself - Register online to vote today! http://vote.yahoo.com ------------------------ Yahoo! Groups Sponsor --------------------~--> Make a clean sweep of pop-up ads. Yahoo! Companion Toolbar. Now with Pop-Up Blocker. Get it for free! http://us.click.yahoo.com/L5YrjA/eSIIAA/yQLSAA/iiEolB/TM --------------------------------------------------------------------~-> Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: [EMAIL PROTECTED] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] List owner: [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/RealEstate/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
