Buyer rushes to close on fore­clo­sure pur­chase in three weeks

Connecticut Post (Sunday) - - Real Estate - James Forte James Forte, Fi­nance of Amer­ica, Dan­bury, James. Forte@ fi­nance­o­famer­

Mort­gage lender: James Forte

Prop­erty type: Sin­gle- fam­ily in New Fair­field

Pur­chase price: $ 125,000 Bor­row­ing amount: $ 100,000

Loan type: 30- year fixed con­form­ing, 5.125 per­cent

Back­ground: The bor­rower was a con­struc­tion fore­man. The bor­rower was a very strong bor­rower on paper with good credit, job his­tory, as­sets and debt ra­tio.

But sometimes, no mat­ter how good you are, it is sim­ply not enough. In this par­tic­u­lar case, the buyer found a steal of a deal on a fore­clo­sure rental and his of­fer was ac­cepted. How­ever, the bank, be­ing the seller, re­quired the bor­rower to close in three weeks.

The bor­rower, be­ing an ex­ist­ing client of Forte, didn’t hes­i­tate on who he should call. Forte im­me­di­ately took the up­dated ap­pli­ca­tion, had dis­clo­sures sent for e- sig­na­ture to the bor­rower and or­dered an ap­praisal as a rush all in the first day.

Forte ad­vised the client on ex­actly what pa­per­work he needed for un­der­writ­ing. The bor­rower co­op­er­ated, got the pa­per­work over within 24 hours along with all the loan dis­clo­sures, and the file went to un­der­writ­ing the next day. Within 24 hours from there, Forte was able to is­sue a loan com­mit­ment sub­ject to only ti­tle, contract, ap­praisal and home­owner’s in­sur- ance, in less than three days from first con­ver­sa­tion with client.

Forte set all ex­pec­ta­tions and re­quire­ments with all par­ties in­clud­ing the buyer’s at­tor­ney who or­dered ti­tle as a rush im­me­di­ately to avoid a de­lay. Forte was able to get the loan clear to close well in ad­vance and clos­ing took place on time. A very happy end­ing as buyer was able to take ad­van­tage of this di­a­mond in the rough!

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