dealcatcher
New member
Anyone use Amerisave for a new purchase? How long did it take to close?
Anyone use Amerisave for a new purchase?
- Thread starter dealcatcher
- Start date
NEW -> Contingent Buyer Assistance Program
I've not had good experiences with Amerisave, through several transactions.
1. Although the "guarantee" is for a 30-day close, they've often run over without any compensation to buyer or seller for the delays.
2. When the details are not sorted out early and the underwriting takes too long to issue an approval, you as the buyer may be forced to make a decision on whether or not to lift contingencies at the typical 17th day. If they haven't issued a final approval or given you the tools to decide, you might be stuck making a costly decision.
3. Some of the wiser listing agents will provide insight into their histories with lenders and their difficulties/strengths when reviewing multiple offers. Your "equal-terms" offer may be passed over for another one with a preapproval from a more reputable lender. When I see an approval from some individuals, I know that they've done their homework with the buyer up front. With others, I know that they've done little more than a cut-and-paste of a name and a date in hopes of getting the business, without really checking on their creditworthiness...
Your moves may vary, but I'd suggest contacting John Wheaton (SGIP) who is a lending professional on these boards.
-IrvineRealtor
irvinerealtor
Well-known member
dealcatcher said:
I've not had good experiences with Amerisave, through several transactions.
1. Although the "guarantee" is for a 30-day close, they've often run over without any compensation to buyer or seller for the delays.
2. When the details are not sorted out early and the underwriting takes too long to issue an approval, you as the buyer may be forced to make a decision on whether or not to lift contingencies at the typical 17th day. If they haven't issued a final approval or given you the tools to decide, you might be stuck making a costly decision.
3. Some of the wiser listing agents will provide insight into their histories with lenders and their difficulties/strengths when reviewing multiple offers. Your "equal-terms" offer may be passed over for another one with a preapproval from a more reputable lender. When I see an approval from some individuals, I know that they've done their homework with the buyer up front. With others, I know that they've done little more than a cut-and-paste of a name and a date in hopes of getting the business, without really checking on their creditworthiness...
Your moves may vary, but I'd suggest contacting John Wheaton (SGIP) who is a lending professional on these boards.
-IrvineRealtor
We used Amerisave on a shortsale and everything was great. I worked in the industry for a number of years and was very familiar with the whole mortgage/home buying process so I didn't need much hand holding. They do require a lot of documentation, letters, statements, etc...
If you aren't that familiar with how everything works or on top of it, you may run a little behind and push pass the 30 day window you may have.
If you aren't that familiar with how everything works or on top of it, you may run a little behind and push pass the 30 day window you may have.
momopi
Well-known member
I just closed on a house and it was the MOST difficult experience I've ever had with getting a loan. The under-writer was super nit-picky and the whole process was a complete pain in the butt. I asked my wife to resolve some issues with escrow for 1 day and she wanted to strangle them to death afterwards. We're not virgins to the process either, this is the 6th house that we've purchased in 4 years, and I've been buying/selling investment properties for ~14 years. But this was the most painful experience, from visiting open house to getting the loan closed.