Chris Mamone, Senior Loan Officer (Keller Mortgage)

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Rainer
406,430
Sara Wagner
Woodland Management Service - Adams, WI
The Forestland Experts!

I would suggest continuing with the close, then start paying off the mortgage early.

Dec 19, 2018 10:53 PM
Ambassador
4,004,715
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I would have pushed it through and let him pay off part of the loan with this late arriving pile of cash that he is offering

Jun 28, 2018 09:11 PM
Rainmaker
5,219,187
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It is too late to change the original mortgage amount without a delayed settlement. The easy solution is to make additional principal payments when he makes payments and his mortage will be paid off more quickly.

Sep 01, 2015 04:37 AM
Rainmaker
633,704
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

You are the loan officer, right? I'm a real estate agent so if it was my client I'd let him know any change this late will delay closing and under standard terms of our contracts risk losing the deal. 

Sep 01, 2015 03:59 AM
Rainmaker
1,512,008
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Did the buyer not approve the HUD-1? To wait to the last minute like this is a major problem. Good luck!

Sep 01, 2015 02:33 AM
Rainmaker
737,021
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

That should mean he wants to borrow LESS which should be less of a problem than taking the down payment back and having to borrow MORE.

But ten minutes! Add up what the cost TO HIM will be for missing the closing date. After all, the SELLER will want compensation for all of their expenses and if there is a back up, the outcome could be unfortunate for this buyer.

We would hope the buyer stays the course as spelled out in all earlier commitments.

Sep 01, 2015 02:32 AM
Rainmaker
3,048,838
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

tell them to do it after closing!

Sep 18, 2016 07:50 PM
Rainer
61,738
Evelyn M Epperson
Coldwell Banker Residential Brokerage - Johns Creek, GA
A Tradition Of [Excellence, Trust & Service]

I would say it is too late you are closing in 10 minutes.  Take your extra money and pay down your principle every month.

Sep 02, 2015 03:09 AM
Rainmaker
2,853,000
Richard Weeks
Dallas, TX
REALTOR®, Broker

Get with the lender and see what they can do to help.

Sep 01, 2015 10:16 PM
Rainmaker
698,797
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

Are you an agent or a loan officer?  If your an agent turn him over to his loan officer and title company.

Sep 01, 2015 09:59 AM
Rainmaker
29,265
Patricia Baker
Keller Williams Realty - Newton, MA
$125,000,000 + in sales serving Greater Boston.

The train has left the station. And with TRID coming Oct. 3rd  that will not happen.

Sep 01, 2015 07:20 AM
Rainmaker
3,975,208
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

If the loan officer could get it done great...otherwise I would till hime to put it on the first payment

Sep 01, 2015 06:54 AM
Rainmaker
845,955
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

try and talk some sense into him/her and continue the way it was set and agreed upon.

Sep 01, 2015 05:12 AM
Rainmaker
302,329
Cindy Davis
SD Home Source Realty - San Diego, CA

Hit him over the head (!) No really. I would remind the buyer of the contractual obligations, particularly the timelines. I would also remind the buyer that they can pay down the principal on most mortgages. Starting over would delay the process, cost money, and possibly lose the transaction.

Sep 01, 2015 05:10 AM
Rainmaker
4,796,309
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Well he can ask to delay the closing and re-do the loan though he will risk losing his deposit, is my guess for his options.  Though, he can always pay down the loan quicker with his intended extra down payment.

Sep 01, 2015 04:48 AM
Rainmaker
976,487
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Unless he was going to change to 20% down I don't see any reason to do so. A tax advisor would likely advise the same. Where can you go and borrow money at a 4% rate for the long haul?

Sep 01, 2015 04:42 AM