Ron I have deals pending with UMTH as we speak. They talk a good game game but I have no results yet. Depending on the loan amount (purchase/rehab$$) they will require two appraisals to be done @ $ 400 a pop= $ 800.00. :-o
I am out of over 1.6k now and still no final approval yet! Hopefully we can close these by the end of the month.
Thanks for the reply. I just sent my info over this afternoon to them. My deal is only around $60K so my upfront fee for appraisal is $400. I had a hard time getting ahold of someone there this morning. I feel a little more confident sending money after i have at least spoke to someone. They tell me i should have no trouble closing by the end of the month.
The other part that makes me a bit nervous is not knowing who will be doing the appraisal. This house is gutted on the inside and has no bedrooms or kitchens to take pictures of.
I hate to have a $275 appraisal done for $400 just to have it kill the deal. Then again i guess i am not the only investor that has had to finance a gutted property.
Ron, have you pulled comps already as to what the home will be worth ARV? It might be a good ideal to send UMTH the comparables along with 400.00 appraisal fee. This puts them on notice that you have done your due dilligence and know @ what the home is worth. Also you should be the only contact for their appraiser and make sure you are there when he does the report! Face to face contact goes along way when dealing with these guys.
I have done the comps on the area but had not thought about sending them with the money, Great idea. When i submitted the application i did put myself down as the contact in hopes they would call me before going out to the property.
Hello,
How is your deal working with UMTH? I have a loan with this company currently and they are great to deal with. It is sometimes difficult getting through to them, but they always return my call and/or email. I used my own appraiser, which you can do if the appraiser signs some forms and meets their qualifications.
Your right they are pretty easy to deal with, and do return all calls very promptly. Still waiting on title work on this end and they said they had to send the appraisal back for adjustments. Not sure what that meens exactly. When you use your own appraiser do you then pay him directly or do you still pay them the $400?
I paid him directly. I actually had the appraisal before I contacted UMTH, but the appraiser had to change it to reflect the market value after repairs. I had to pay additional for him to come back out and make the adjustments, but it was still less than the $400.
Ron I have deals pending with UMTH as we speak. They talk a good game game but I have no results yet. Depending on the loan amount (purchase/rehab$$) they will require two appraisals to be done @ $ 400 a pop= $ 800.00. :-o
I am out of over 1.6k now and still no final approval yet! Hopefully we can close these by the end of the month.
Good luck, due your homework and shop around.
Thanks for the reply. I just sent my info over this afternoon to them. My deal is only around $60K so my upfront fee for appraisal is $400. I had a hard time getting ahold of someone there this morning. I feel a little more confident sending money after i have at least spoke to someone. They tell me i should have no trouble closing by the end of the month.
The other part that makes me a bit nervous is not knowing who will be doing the appraisal. This house is gutted on the inside and has no bedrooms or kitchens to take pictures of.
I hate to have a $275 appraisal done for $400 just to have it kill the deal. Then again i guess i am not the only investor that has had to finance a gutted property.
Ron, have you pulled comps already as to what the home will be worth ARV? It might be a good ideal to send UMTH the comparables along with 400.00 appraisal fee. This puts them on notice that you have done your due dilligence and know @ what the home is worth. Also you should be the only contact for their appraiser and make sure you are there when he does the report! Face to face contact goes along way when dealing with these guys.
Best wishes, good luck.
I have done the comps on the area but had not thought about sending them with the money, Great idea. When i submitted the application i did put myself down as the contact in hopes they would call me before going out to the property.
Thank you, Your input has been a big help.
Hello,
How is your deal working with UMTH? I have a loan with this company currently and they are great to deal with. It is sometimes difficult getting through to them, but they always return my call and/or email. I used my own appraiser, which you can do if the appraiser signs some forms and meets their qualifications.
I am working with them now too on a couple items. Trying to get my appraiser in the loop is the first thing I am doing though.
Your right they are pretty easy to deal with, and do return all calls very promptly. Still waiting on title work on this end and they said they had to send the appraisal back for adjustments. Not sure what that meens exactly. When you use your own appraiser do you then pay him directly or do you still pay them the $400?
I paid him directly. I actually had the appraisal before I contacted UMTH, but the appraiser had to change it to reflect the market value after repairs. I had to pay additional for him to come back out and make the adjustments, but it was still less than the $400.