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Ever heard of this before? RE: Conventional Mortgage
I used to be a loan officer, but this is a new one on me.
DH and I are in the conventional mortgage process right now. Last week, the underwriters were having issues with DH switching hubs within his airline...that's a PP, if you're curious. We have that resolved now.
Now, they want us to sign an addendum to our purchase agreement with the sellers that removes any and all listed personal items from the sale of the home. This includes window treatments, the hot tub, and appliances.
We did this and the sellers have agreed to still give us these things although they are not formally listed in our contact any longer. And, we do trust them (so far).
I called our mortgage broker and she explained that it has to do with something about the value of these items and the sale price all related to Freddie Mac and Fannie Mae's regulations. FYI: The home appraised for $5k higher than the sale price. And, we are putting 20% down so our loan amount is significantly less than the sale and appraisal amounts. But, has anyone else had this happen?
Re: Ever heard of this before? RE: Conventional Mortgage
Yes, we are in the process as well, and they asked us to remove the grill that we asked for since it is a "personal item" (note: it is attached to the gas line to the house, that is the only reason why we had asked for it). I don't know what will happen to it since the sellers have been a pain to deal with this entire time.
Our lender was fine with the appliances/window treatments/etc, but then again those are part of the standard contract here and also part of the listing.
The appliances I've never really heard of before as being an issue. The issue is that fannie mae isn't in the business of loaning money on personal property, so they want to make sure that the price/value of the hot tub is not included in the sale price of the house.
I would think however, that if they want to give you those items, an addendum stating that they are being given to you, and are not included in the sale price would suffice. They shouldn't have to remove them from the house.