We're back on THAT again - same deal, another ridiculous REALLY??!?!? moment...
Yesterday as I was running from listing to listing, removing signs and lockboxes and checking occupancy statuses at new REO listings, I got an email on my Blackberry. It was from the lender for the bank-owned home in Reno where I am representing the buyers.
The long and short of it is that unless there is a microwave placed in the hole in the cabinets where the microwave belongs, the bank won't approve the loan. REALLY??!?!? I asked the loan officer "Did you tell underwriting that the microwave is just a countertop PORTABLE model that sits inside a prefabricated cabinet opening? The screw holes around the edges were just for the trim kit which makes it LOOK built-in? He says 'Yes but the bank isn't budging."
REALLY??!?!? So let me get this straight...The bank won't lend on a home without a (PORTABLE) microwave in place. So the buyer is supposed to go out and buy a microwave FOR A HOME HE DOESN'T OWN YET and PUT IT IN THE HOUSE HE DOESN'T OWN, so the appraiser can come BACK OUT (for another fee, might I add) and VERIFY that the PORTABLE microwave is in place? REALLY??!?!
Well, not only do I think that's ridiculous, I wonder how the bank would feel considering the fact that THEY OWN THE HOUSE??? How about the fact that the buyers might loathe microwaves and never plan to use it and would put something else there in that opening? Since when can the lender dictate WHAT appliances the buyer has to have in order to fund a loan? Just for the record, there are two ovens, a gas cooktop, a dishwasher, a double basin sink, and a disposal. If this was 1975 we wouldn't be having this discussion.
By the way, I am grateful that the lender didn't require the buyers to replace the wine chiller either. That was missing but apparently appraisers don't look down.
So tomorrow morning, first thing, I am writing a brief discertation for the loan officer to forward to the underwriter explaining that the microwave IS NOT BUILT IN, but rather a PORTABLE countertop unit set inside a cabinet. It's not vented, it's not even mounted!
I can't believe that THIS is what I will be spending my Sunday morning doing. REALLY???!!?!
Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate .
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Christianne Gordon, REALTOR®, CDPE, SFR, , PSC, e-PRO
Certified Distressed Property Expert - Short Sales & Foreclosure Resource - Pre-Foreclosure Certified
RE/MAX Realty Affiliates - Great Nevada Homes, Inc.
Direct: (775) 881-8223
Visit us online at GreatNevadaHomes.com or CarsonValleyShortsales.com
The information in Christianne Gordon's blog is deemed accurate but not guaranteed. Any individual considering a short sale should also seek independent tax and legal advice to get specific information as it relates to their personal situation. Christianne Gordon is a licensed real estate agent with RE/MAX Realty Affiliates serving the entire Northern Nevada region including Reno, Sparks, Carson City, Washoe Valley, North Valleys, Fernley, Dayton, Stagecoach, Minden, Genoa, Gardnerville, Smith Valley and Yerington.
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