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559 S. Washington Ave., Kankakee,IL 60901

P.815.929.9258 P.815.929.9200

walter@waltersanford.com

The gifts of giving with love to others with return to you a hundred fold. Thank you for a new level of life. Terry Murphy, Real Estate Speaker

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Loan Questionnaire for Your “Insider” Negotiation July 28th, 2016 | Posted in General Real Estate, Other Interests, Real Estate

Yesterday, we left you with a cliffhanger in the “insider” negotiation process.  This is the loan questionnaire that I would send to directly to the lender.  It would allow me to make a better determination regarding the financing.

Date

Name

Company

Address

City, ST  ZIP

Name:

The property at (property address) is now on the market for sale.  To clear up any confusion regarding the existing loan on (property address), the loan number is (insert loan number).  I would appreciate your assurances on the following loan terms.  Please be advised that I will keep you informed every step of the way should a buyer wish to assume this loan.

PAYMENT AMOUNT

What is it?__________________________________________________________

How often can it change?_______________________________________________

Is there a limit on how much it can change (over a one year period and/or over total life of loan)?______________________________________________________________

Are there exceptions to that limit?_________________________________________

NOTE RATE

What is it?__________________________________________________________

How often can it change?______________________________________________

What index is the change based on?______________________________________

What is the spread (also called margin) between the note rate and the index? ____________________________________________________________

Is there a limit to how high and low the note rate can go?______________________

Are there exceptions to that limit?________________________________________

NEGATIVE AMORTIZATION

Is negative amortization possible under the terms of this loan?___________________

If so, how often added to the principle balance? ______________________________

What is done if negative amortization grows too large? ________________________

ASSUMABILITY

Is this an assumable loan?_______________________________________________

Is there a “due-on-sale” clause in the note?__________________________________

Current owner of the loan______________________________________________

Contact Name from the Bank __________________________________________

Telephone number___________________ Email___________________________

Number of years left on the loan_________________________________________

Points to assume_____________________________________________________

All fees to assume

1.____________________  2.____________________  3.____________________

4.____________________  5.____________________  6.____________________

Estimated approval time_______________________________________________

Approximate principal balance of loan $__________________________________

Thank you so much for your help.

Sincerely,

Seller/Listing Agent

Company

Borrowers/Owners consent to release information to (insert your name):

__________________________________________________________________

__________________________________________________________________

Borrower/Buyer:_____________________________________ Date:___________

Borrower/Buyer:_____________________________________ Date:___________

 

During a negotiation, it will be more important what the research says than what the seller says.  Tomorrow, we’ll share the “insider” financing checklist that I have developed over my many years of negotiating loans for my clients.  If I have to go for a new loan, I want to understand it for myself; remember it is more important to achieve the right terms than the right price.

 

Invest in your business, invest in your future, invest in real estate!  Insider Trading for Real Estate Agents is a thick manual full of Walter’s personal investing strategies, forms, checklists, and letters with the data CD (digital copy for easier implementation.  It also includes audio CDs for you as a real estate investor and audio CDs for your investor clients.   

Check out the details: http://www.waltersanford.com/shop/insider-trading-for-real-estate/.  Call 800.792.5837 and ask for the $50 blog special on this system!

 

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