Steve Alonso: Another Ten Day Close Success is a post from: Ten Day Close

Directly from the inbox:

—– Forwarded Message —-
From: Irene M.
To: Angela (Realtor)
Cc: Glenn (Realtor); Steve Alonso
Sent: Thu, February 25, 2010 11:08:12 AM
Subject: RE: Loan Update

I wanted to thank everyone involved for their efforts – especially this past week.

Steve * you are a miracle worker and I sincerely appreciate all you and your staff have done to make this happen in such a short time.  You kept us informed at every step of the way and you kept your promise of doing all you could to meet our deadline.  Absolutely Amazing!!

Angela and Jackie ** thank you both for putting all the pieces together to coordinate everyone’s requests, demands, wishes, etc.   I don’t know how you guys do it, but again, a truly wonderful and professional job by both of you.

Ted Canto Has Another 10 Day Close is a post from: Ten Day Close

Jeremy Cobb & Jennifer Doty

“Ted and his team were great to work with! They answered all of our questions quickly and in a way we understood, and got us our loan fast. Ted’s team was incredibly flexible working with us in obtaining our loan. They know what they’re doing and how to work with people to get the job done! Ted’s excellent level of service put us at ease while making the biggest purchase of our lives. We have nothing but good words and thanks for the work he did! They had our docs at title in 9 days (Way too fast)!

Thanks Ted!

Justin McHood and Steve Lines Exceed All Expectations With the Ten Day Close Guarantee is a post from: Ten Day Close

Recently, Dean Ouellette, a local AZ Real Estate Agent, and known vocal skeptic of the 10 Day Close Guarantee gave Justin McHood and Steve Lines a chance to prove him wrong after losing hope in another bank after 45 days.

Two days after the borrower’s application was taken, Steve and Justin delivered loan documents to title for signing.

See what Dean had to say about the experience.

Craig Bohall and His Team Impress With a 10 Day Close is a post from: Ten Day Close

2 Week Close!!!!!! Really!! It’s true!! We had a client that had an offer in for a short sale that went on for almost 4 months. It was awesome to get an approval letter and close this deal IN LESS THAN 2 WEEKS after receiving the approval.

Craig’s team is amazing. Everyone on the team knows their stuff and their communication is impeccable. In this market it is critical to have an awesome team backing you up. That is why Karen and I have named Craig as our preferred lender. AND YES!!!!. It REALLY was LESS than two weeks.

Thanks,

Roger

Steve Lines Has Another 10 Day Close Success Story – Not a Cake Walk is a post from: Ten Day Close

Summary of the Transaction:

• Purchase offer in Maricopa, AZ for $185,000
• First-time homebuyer who wants to ensure they close in time to qualify for the $8000 tax credit.
• REO “Bank-Owned” Property
• Offer accepted by the seller on 10/20/09
• Seller sets close of escrow date of 12/04/09
• Seller requires written approval by 11/13/09

Red-Flag Items on File:

• Total Debt-To-Income is at 52%
• Previous bankruptcy
• Open collections on credit report (subsequent to bankruptcy)
• $17,000 federal tax lien showing open on credit report
• Down payment source is a gift from an out-of-state relative

File Timeline:

• 10/21/09: Application and disclosure sent to buyer
• 10/21/09: Rate locked at 4.875%
• 10/26/09: Final appraisal received with value of $183,000 (2,000 below purchase price)
• 10/27/09 9:25 AM: Addendum to purchase contract obtained ** without sellers signatures **
• 10/27/09 10:17 AM: File submitted to underwriting
• 10/27/09 11:41 AM: File approved with conditions
• Conditions:
• Seller-signed addendum to purchase contract prior to documents sent to the title company
• Open tax lien removed from credit report prior to documents sent to the title company
• 10/27/09: Proof of tax lien release sent to credit reporting agencies to scrub from the credit report.
• 10/28/09: Credit report received with tax lien showing released
• 10/30/09 4:30 PM (Friday) Seller-signed addendum received
• 11/02/09 (Monday) Loan documents sent to the title company

And Then …

• 11/13/09 Date the bank requested a written loan approval by…
• 12/04/09 Close of escrow date per the purchase contract …

Steve Lines
Authorized FHA Loan Consultant and Co-Branch Manager
Academy Mortgage
Serving Arizona
480-344-3662 (direct)
480-329-3346 (mobile)
slines@bestfhalender.com (email)
www.bestFHAlender.com (my blog)
www.twitter.com/stevelines
www.linkedin.com/in/stevenlines

Steve Alonso Has USDA Loan Docs to Title in Ten Business Days is a post from: Ten Day Close

“Steve,

By the way, just wanted to tell you that your the best!!
You have under promised and over delivered! Jason and I are very pleased with the services you have provided thus far.
Keep up the good work!”

Alicia

Steve Alonso Comes Through In A Clutch. is a post from: Ten Day Close

“I just wanted to send a thanks out to all involved who help me acquire my new home.

Mitch for helping me find the right place, Steve for coming through in a clutch situation (bottom of the 9th with two outs) and Renae who kept me apprised and from blowing up Mitch’s phone.

Your team work made it all happen and I am benefiting from it.

Thanks again so much, it’s nice to have a place I can call home.”

Dave

In September, Dave found Steve Alonso through bestFHAlender after working with another lender for over a month trying to get his loan approved.  When he first contacted Steve, he was worried that he because of the other lender’s delay, he would not be able to close his loan in time and would lose his purchase contract.

Steve had Dave’s loan docs to title in 10 days.

Ted Canto Went Above and Beyond With Docs to Title in 8 Days is a post from: Ten Day Close

Ted Canto Makes Good On His Reputation For Closing Loans Fast

“My utmost gratitude goes out to Ted and Alejandra. My Buyer chose to use a lender he had always used for his home purchases, GMAC. After 26 days of waiting for the approval and time being up for getting docs to title, GMAC went from you are approved to, well because of the declining market in Phoenix we need 20% down instead of 10%. They then said to switch from a conventional loan to FHA was going to take another 30 days. I suggested my Buyer give Ted and his team a try, because they were closing loans in 2 weeks, this was calendar days not business days as most others will say. Ted and his team went above and beyond with docs ready for title in 8 days and that is with 2 of those 8 being a weekend. He did all this to make sure docs were ready to go to title for signing before a 3 day holiday weekend which gave us plenty of time to get the HUD approval from those oh so difficult Short Sale Creditor’s. Thank you so Ted and Alejandra for your extraordinary performance! I haven’t found anyone else that can get them done like you.”

Erin DeLung
RE/MAX Achievers

Time is of the Essence is a post from: Ten Day Close

In Arizona, the majority of the purchase contracts related to residential property are executed using The Residential Resale Real Estate Purchase Contract, a boilerplate contract approved by the Arizona Association of REALTORS®.

Lines 13 through 16 state the following:

“Close of Escrow: Close of Escrow (”COE”) shall occur when the deed is recorded at the appropriate county recorder’s office  Buyer and Seller shall comply with all terms and conditions of the Contract, execute and deliver to Escrow Company all closing documents, and perform all other acts necessary in sufficient time to allow COE to occur on [MONTH] [DAY], [YEAR] (”COE Date”).

In addition, it states on lines 322 and 323:

“Time of the Essence: The parties acknowledge that time is of the essence in the performance of the obligations described herein.”

So, what does this mean?  One may infer that it is simply implying that everybody needs to hurry up and make sure that the transaction closes by the close of escrow date.  However, there is a little more to it.

Time is of the essence is a legal term used in contract law which indicates that the parties to an agreement must perform by the time to which the parties have agreed if a delay will cause material harm.  see Foundation Development Corp. v. Loehmann’s Inc. 788 P.2d 1189 (Ariz. 1990)

Based on this, a delay in the closing of the real estate transaction causes a breach of contract.  Assuming that the breach was caused by the buyer, this could lead to as little as a cancellation of the contract and as much as a lawsuit to recover losses incurred offended party.  As such, if a party to a real estate purchase contract believe that there is a potential for exposure due to a breach, they should seek the advice of his or her attorney.  Even if the offended party must prove that the delay caused material harm, the defense process alone results in stress and frustration and the loss of time and money.

One way to mitigate this risk is by using the services of a team of high-qualified mortgage professionals.  We, the team at Academy Mortgage in the Mesa office, are confident that we have the experience, knowledge, logistics and track record to help you close your transaction on time.  We invite you to review our Ten Day Close Guarantee.   Please feel free to contact us today so that we can be of service to you.

480-892-0000

About the Author:

Steve Lines is a seasoned, bilingual mortgage professional who has been a top-producing loan officer since he began his mortgage career in 1996.  He is an Arizona native, an accounting graduate from Arizona State University and a former “Big 4″ auditor.  In addition to helping manage Arizona’s best mortgage office and personally originating, he also is a licensed instructor through the Arizona Department of Real Estate (Instructor No. I09-0090) and enjoys teaching at the Arizona School of Real Estate and Business, the premier Real Estate School in Arizona.

Courses that he is currently teaching include:

Real Estate Professionals:

• Contract Writing for Today’s Financing
• Latest Marketing and Selling Techniques (Marketing through Social Media for Real Estate Agents)
• Agency and the Use of Electronic Media
• Accounting for Start-Up Real Estate Brokers

Mortgage Professionals:

• Loan Originator Sales and Marketing
• Compliance with Federal Law (CE for AZ Mortgage Brokers and Mortgage Bankers – AZDFI)
• Compliance with Arizona Statutory Law and Regulations (CE for AZ Mortgage Brokers and Mortgage Bankers – AZDFI)

Scott Smith Has Complete Loan Documents to Title in Five Business Days is a post from: Ten Day Close