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How to Help Your Buyers and Sellers Find Short-Term Financing to Close More Escrows. Courtesy of http://privatemoneyblog.com This slide provides quick and easy answers to five common questions we get from real estate agents who are looking for quick funding for their clients. We thank you in advance for watching this short slideshow and hope you'll share with a fellow Realtor if you find the information valuable. - Chris Chris Sanchez Associate Broker at ARC Capital Author at PrivateMoneyBlog.com CA BRE #01361564 | NMLS ID #278113
Citation preview
5 Common QuestionsReal Estate Agents
Ask About
Private Money LoansHow to Help Your Buyers and Sellers Find Short-Term Financing to Close More Escrows
Courtesy of PrivateMoneyBlog.com
Question #1
What’s the minimum down payment?
PrivateMoneyBlog.com
Answer:For most purchase transactions, your buyer will need a 35% down payment or more.
PrivateMoneyBlog.com
Answer:For most purchase transactions, your buyer will need a 35% down payment or more.
However…
PrivateMoneyBlog.com
Answer:For most purchase transactions, your buyer will need a 35% down payment or more.
However…
In some cases, the loan amount and loan-to-value (LTV) might be based on the actual appraisal value if it is actually higher than the contract price.
PrivateMoneyBlog.com
Answer:For most purchase transactions, your buyer will need a 35% down payment or more.
However…
In some cases, the loan amount and loan-to-value (LTV) might be based on the actual appraisal value if it is actually higher than the contract price.
(This might help make your deal possible.)
PrivateMoneyBlog.com
Question #2
How fast can you close?
PrivateMoneyBlog.com
Answer:For most purchase transactions, the closing time-frame can take from 1-3 weeks.
PrivateMoneyBlog.com
Answer:For most purchase transactions, the closing time-frame can take from 1-3 weeks.
Of course, you understand the nature of real estate deals.
So the actual timing depends on how quickly you and your clients can provide all the necessary items.
PrivateMoneyBlog.com
Answer:For most purchase transactions, the closing time-frame can take from 1-3 weeks.
Of course, you understand the nature of real estate deals.
So the actual timing depends on how quickly you and your clients can provide all the necessary items.
Such As…
PrivateMoneyBlog.com
Answer:• Loan Application (The buyer can apply online.)
PrivateMoneyBlog.com
Answer:• Loan Application (The buyer can apply online.)• Fully-executed purchase contract
PrivateMoneyBlog.com
Answer:• Loan Application (The buyer can apply online.)• Fully-executed purchase contract• Preliminary Title Report
PrivateMoneyBlog.com
Answer:• Loan Application (The buyer can apply online.)• Fully-executed purchase contract• Preliminary Title Report• Appraisal
PrivateMoneyBlog.com
Answer:• Loan Application (The buyer can apply online.)• Fully-executed purchase contract• Preliminary Title Report• Appraisal• Other transaction-specific items as may be
needed by title & escrow, etc.
PrivateMoneyBlog.com
Question #3
Do you need inspection reports?
PrivateMoneyBlog.com
Answer:You will not need to provide home inspections for most purchase transactions.
PrivateMoneyBlog.com
Answer:You will not need to provide home inspections for most purchase transactions.
However…
PrivateMoneyBlog.com
Answer:You will not need to provide home inspections for most purchase transactions.
However…
If inspections and reports are part of the purchase agreement, the lender may request a copy of those reports in underwriting the loan.
PrivateMoneyBlog.com
Answer:You will not need to provide home inspections for most purchase transactions.
However…
If inspections and reports are part of the purchase agreement, the lender may request a copy of those reports in underwriting the loan.
Tip: The buyer should do their due-diligence
on all real estate transactions.
PrivateMoneyBlog.com
Question #4
Do you need an appraisal?
PrivateMoneyBlog.com
Answer:Yes.
Your client will need to have an appraisal done for most purchase transactions.
About 80% of the purchase loans will need a recent appraisal to support the market value and show the general condition of the property.
PrivateMoneyBlog.com
Answer:Yes.
Your client will need to have an appraisal done for most purchase transactions.
About 80% of the purchase loans will need a recent appraisal to support the market value and show the general condition of the property.
(The collateral property is very important
for a private money loan approval.)
PrivateMoneyBlog.com
Question #5
What do you need from my client to get a
pre-approval?
PrivateMoneyBlog.com
Answer:Your Buyer will only need to provide some basic items to get the process started.
PrivateMoneyBlog.com
Answer:Your Buyer will only need to provide some basic items to get the process started.
Here’s a quick list…
PrivateMoneyBlog.com
Answer:• Standard mortgage loan application (The
borrower can apply online 24/7.)
PrivateMoneyBlog.com
Answer:• Standard mortgage loan application (The
borrower can apply online 24/7.)• Paycheck stubs or other form of documentation to
support the income listed on the application.
PrivateMoneyBlog.com
Answer:• Standard mortgage loan application (The
borrower can apply online 24/7.)• Paycheck stubs or other form of documentation to
support the income listed on the application.• A current bank statement or online printout
showing the buyer’s available down payment.
PrivateMoneyBlog.com
Answer:• Standard mortgage loan application (The
borrower can apply online 24/7.)• Paycheck stubs or other form of documentation to
support the income listed on the application.• A current bank statement or online printout
showing the buyer’s available down payment.• A brief summary letter explaining how long they
plan to keep this loan and how they intend to pay the loan in full. (Exit strategy)
PrivateMoneyBlog.com
Answer:• Standard mortgage loan application (The
borrower can apply online 24/7.)• Paycheck stubs or other form of documentation to
support the income listed on the application.• A current bank statement or online printout
showing the buyer’s available down payment.• A brief summary letter explaining how long they
plan to keep this loan and how they intend to pay the loan in full. (Exit strategy)
And that’s it to get started. We’ll review
the info and get to work for you!
PrivateMoneyBlog.com
If you found this information helpful,
please share it with a fellow Realtor.
(We would really appreciate it. )
If you found this information helpful,
please share it with a fellow Realtor.
(We would really appreciate it. )
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Thank you for taking your time to watch this slide!
Here’s a free resource so you can become even smarter about using private financing to grow your real estate business.
(And provide a good resource for your clients, too.)
Content Courtesy of ARC Capital
www.arcequity.com
Licensing and legal stuff:
This slideshow presentation is only for informational purposes as it relates to California real estate.
We do not render any legal or tax advice; therefore, consumers are encouraged to seek a qualified professional for such legal or tax matters.
This presentation does not constitute a commitment to make or arrange a loan at any given interest rate.
All loan requests are subject to underwriting and final investor approval.
Presentation created by Christopher Sanchez, Associate Broker
Licensed by the California Bureau of Real Estate #01361564 | NMLS ID #278113
ARC Capital | 100 Stony Point Road, Suite #260 | Santa Rosa, CA 95401
Copyright © 2014. All rights reserved. (707) 523-2900 | www.arcequity.com
Equal Housing Opportunity.
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