JP Morgan Chase Mortgage – Delayed Delayed Delayed APPROVED then Declined just 24 hours prior to closing and Buyers lost their EMD. EMD JP Morgan Chase said was safe because as soon as the additional funds were in the account they would be “Clear to Close” and in fact this week the buyers received a congratulatory letter from JP Morgan Chase on their mortgage approval only to Decline their approval 2 days later, 24 hours prior to closing. JP Morgan Chase just screwed my customer after extending the closing date twice because of their failure to communicate between underwriting and the loan originator and my customer. This was a simple transaction, second home, 20% down with their customer who has an existing commercial lending relationship with them. This was supposed to be easy and it wasn’t. Even after my repeated attempts to contact the loan originator Angela Rogers and her manager Jennifer Lombardi to get to the bottom of this ordeal I only 2 returned calls from the loan originator not one from her manager. I’ve sold real estate along the Destin 30A Florida Gulf Coast since 1995 and have closed over 400 transactions and never have I experienced a more irresponsible group of lenders. The most recent call I received from Angela Rogers, I was told that once the buyers transferred additional funds from the wife’s retirement account into the husband’s account, as required by underwriting reserves requirement for this “Investment” transaction, which really should have been a second home transaction, they would be clear to close, the buyers received the letter of approval from JP Morgan Chase and two days later received a phone call from Angela Rogers that they were now DECLINED. My opinion is that if you are considering any kind of financing through JP Morgan Chase that you reconsider your options.
| Jun 8, 2017
If your home is struggling to catch the eye of a buyer, it could be for an entirely valid reason. Maybe you’re stuck in a sluggish market or have the poshest place on the block (always a tough sell). But there’s another possibility, too—your home could be sitting on the market because of a rookie selling mistake. All of us can make ’em, even those of us who actually have a few home sales under our belts.
The good news? These basic slip-ups can be easily corrected or avoided. To help you out, we spoke to real estate agents to identify some of the most common mistakes people make in trying to sell their home. Sidestep these flubs to avoid sabotaging your own sale.
Rookie mistake No. 1: Overpricing your home
All sellers want to get top dollar for their house. Unfortunately, says Julie McDonough, a real estate agent in Southern California, “many people overestimate the value of their home.” For example, she says, “if a neighbor sells their house for $400,000, you might automatically assume that your house is worth at least that much money, but that’s not necessarily the case.”
You know the saying – Location, Location, Location – much sought after Diamond Lakes Townhomes are centrally located in Destin just off Commons Drive close to restaurants, golf courses, shopping and entertainment and just one mile away from beautiful Henderson Beach State Park. 228 Diamond Cove is an upscale brick 3-bedroom, 2-bath townhome with a private 2-car garage and screened-in porch. The interior offers a contemporary look with an open floor plan, 10 ft. ceilings in the living area, gas fireplace in the great room with built-in book shelves, a spacious kitchen with breakfast bar. Large master has en suite with double vanities, separate large shower, jetted tub and walk-in closet. Enjoy evenings on your large screened porch or swimming in the community pool. Large 2 car garage. HOA maintains exterior landscaping.
For more information call Richard Eimers at 850.259.1798 or fill out the contact info below.
If you are debating listing your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes for Sale
The National Association of REALTORS’ (NAR) Chief Economist Lawrence Yun recently commented on the inventory:
“Last month’s dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2 percent, and new and existing inventory is not keeping up with the fast pace homes are coming off the market.
Demand is easily outstripping supply in most of the country and it’s stymieing many prospective buyers from finding a home to purchase”.
The latest Existing Home Sales Report shows that there is currently a 4.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and 4.6% lower than a year ago.
The chart below details the year-over-year inventory shortages experienced over the last 12 months:
Anything less than a six-month supply is considered a “seller’s market.”
Meet with a local real estate professional who can show you the supply conditions in your neighborhood and assist you in gaining access to the buyers who are ready, willing and able to buy now!
As we head into summer, it is a great time to review how the 2017 real estate market is doing so far. Here is what the experts are saying:
“Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.”
“Even as more homes come on the market for this traditionally popular sales season, they’re flying off fast, with bidding wars par for the course. Home prices have now surpassed their last peak, and at the entry level, where demand is highest, sellers are firmly in the driver’s seat.”
“I am guessing we will see it get even better… If you are considering moving, it could be a really good time to sell.”
“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month. Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings…for sales to muster a strong gain. Sales will go up as long as inventory does.”
“Despite higher mortgage rates, the potential for home sales increased on an annual basis driven by steady income and job growth, along with a surge in building permits. While it may be a little late for this spring, the increase in building permits is a welcome sign that some relief may be in sight for the inventory shortages that are holding back many markets from realizing their full potential this spring.”