We have not talked about the lenders yet, but I think now that the engagement letters are going out that it is appropriate to start doing so. My understanding, and if I am wrong please correct me, is that the lenders receive a set of documents from the Developer, and these docs then kick off the processing of loan apps and the gathering of appraisals. To my knowledge the Preferred Lenders have not received these recorded docs, so that right now only cash transactions are being processed between buyers and the VUE.
As you might expect, when readers passed on to me that these docs hadn’t been received and loan apps were on hold, I went into my usual panic mode. I was assured by reliable sources this was a non-issue and not to worry about it. I can honestly say I am not worried about it, but do want to know when the loan processing begins if it hasn’t begun already. Please update in a comment or send your feedback to Vuebuyer10@yahoo.com.
In terms of appraisals, the cash buyers will certainly need to be soliciting their own (the Preferred Lenders will take care of appraisals for those that are financing). I have received several requests for appraiser referrals. If you have a recommended appraiser, please again, provide the info in a comment or send by mail or post it in the Facebook forum. Thank you!