Underwriters are a natural portion of the loan process. However, there should be a series on TV for "Underwriters gone Mad".
I have a client selling a home in a rural area. The owner has lived in the home for the past 20 years. Inside the home is neat and clean, and outside it is obvious that the home has been cared for. The home was built in 1942, and the buyer for the property said that they would take the property "as is". The home appraised for the agreed-on price, the inspection turned up a couple of items that did not cause the buyer any heartburn.
Enter the Underwriter. From his lofty perch, the underwriter has decreed that despite the fact that the buyer has decided to take the property as-is, and has the ability to make any necessary repairs, there must be a roof certification done saying that the roof will last another two years, and some random holes in the ceiling of a basement room repaired.
The roof has been maintained by the owner for the past 20 years, and has never had a leak. The holes in the basement ceiling have no structural nature to them. To another underwriter these items would never come up.
However, we must dance to the tune that this underwriter plays, just days before we are to close.
What an abuse of power!
#Avondale , #Goodyear , #Buckeye , #Glendale, #Phoenix, #Surprise, #Peoria, #Tolleson, #Laveen, #Waddell , #Wittman
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