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Why Do Lenders Require a Real Estate Contract?

Why Do Lenders Require  a Real EstateContract?

     One of the Loan Officers in my office had a Seller's Attorney recently ask him ... 

"Why does a Lender need a copy of the Real Estate Contract?"

     Admittedly, I was somewhat taken-aback by this basic question, but I believe my LO handled it pretty well.  He responded to the attorney with 2 questions of his own:  

How else would a Lender be able to confirm the actual terms of a real estate sale?What Appraiser would accept an Appraisal Order without receiving a copy of the Contract in a Purchase Transaction?
     Below is what Fannie Mae has to say regarding this issue:

Fannie Mae's policy is intended to help ensure that the appraiser is aware of all relevant aspects of the transaction.  The sales contract provides important sales and financing data, including whether there are any concessions as part of the transaction.  

     If the contract is amended, the Lender must provide the updated contract to the appraiser to en…

Gene Mundt's Holiday News and Cheer - December 22, 2014

First, I want to thank you again for your business and support offered during this past year and beyond.  I, my team, and my family all appreciate it greatly.
I hope this message finds you and yours enjoying all the fun and joy the Holiday Season brings.  Below, you'll find some timely tips, info, recipes, and more to help you amp-up your Holiday celebrations. 
Enjoy ... stay safe ... and spread the love and cheer this Season holds ...
Gene 32 Easy And Inexpensive Ways To Keep Kids Entertained This Holiday Season ...
Otherwise they’ll never stop asking, “Can we open presents yet?”   (MORE ...)

Taking Better Party Photos with Your Smartphone ...
Enjoying a night out or party with friends presents the perfect photo opportunity. Unfortunately, all of those places have tricky lighting conditions and, chances are, you're not hauling a camera with you, so those shots need to be made with your smartphone.
But using a smartphone doesn't mean you can't get great photos. Fol…

Fannie Mae's Recent Appraisal Guideline Updates

Fannie Mae's Recent Appraisal Guideline Updates
      Fannie Mae recently updated some of their Appraisal and property-related guidelines ... 

     It's important to note that these updated Fannie Mae guidelines/points are NOT necessarily the policies of Lenders, Banks, and other entities ... and can NOT be applied universally for every scenario or every transaction.

For instance:  It's been common practice for Appraisers to use Comparable Sales within 6 months of the appraisal date.  

     Fannie Mae states that it is acceptable to consider and include a sale from OVER 12 months ago, as it MAY be more appropriate than other more recent sales, which are actually less similar to the Subject Property.  The Appraiser must provide an adequate explanation and support for using such a sale ... and of course, reflect any increases or decreases in value (if any) from that time period to the present.  

Please keep this in mind when transacting in smaller communities or rural locations …

Recycle Old Non-Working Holiday Lights at the Plainfield Public Libary in Plainfield, IL

Recycle Old Non-Working Holiday Lights at the  Plainfield Public Libary in Plainfield, IL

     It seems, that no matter how carefully I wrap our holiday lights the previous season , there's always a strand or two that doesn't survive ...  

     It's why I was so happy to find out that the Plainfield (IL) Public Library is again offering a holiday light recycling service now through February 22, 2015.  It's so much better to recycle the old lights than add them to a landfill.

    The following lights (all lengths and colors) can be dropped of at the Plainfield Library (whether open or closed) to be recycled: Mini-holiday lights (or Italian Lights) C7 lights C9 lights Rope lights LED lights Old extensions cords       The Library will see that they are re-purposed or recycled by Elgin Recycling.      The Library receives (15 cents/per lb.) for every pound of lights collected.  The proceeds will be used to fund "Go Green" events for the Plainfield area ... and activ…