Property specific Letter

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  • #58832
    Tara585
    Member

    Im in the house seaech phase. I have emailed my MC a number of homes which is so depressing since 9 out of 10everything ends up out of my price range even after I check the mortgage val ulator and it says it may work but the tax rate doesnt show up on the estimate since the taxes are always over the 30.5% rate. So surprisingly I found one that actually worked that I would actually live in. So I sent the information to the MC and all I got in reply was that it would work. Went to see the house, loved it. So my realtor asked about the properr specific letter that he needs to submit with rhe offer and I had no letter. All my MC emailed me was a few words… “That will work.” What should I have gotten from my MC?

    #58833
    Nelsont
    Member

    You or your realtor need to email your MC and copy your nacalynx email address with the intent of making an offer, the address,the offer specifics (offer price, buy down amount if any, requested seller help if any), the listing page pulled directly from MLS (your realtor will be able to get this) the taxes and the property tax sheet from the county (your realtor will be able to get this as well – these are all available for instant download), HOA if any and estimated insurance (no document needed just a rough guess). Ask your MC to use this information to send you the property specific letter. Your MC will have 24 hours to send you the letter.

    I do not see that you sent this info to your MC which, in the case you did not, is why they are not giving you the letter – they think you are just asking advice. Now if you did send the property documents and they still are not providing the letter then you need to call your local office and see what you need to do to get the letter.

    #58845
    Tara585
    Member

    @Nelsont, thanks for your answer. I received an email from my MC and he explained exactly what you just said. Thanks for your help!

    #71909
    MalYoung1
    Participant

    Thanks guys for the answers! And thanks for help!

    #71911
    Damien Smith
    Participant

    Greetings @Tara585,

    I hope this message finds you well! Typically the property specific letter can take up to 24hrs for the MC to provide. You are allowed to do you own property specific letter is it is within your budgeted amount however it is over the amount. Also confer with your real estate agent to make sure you are covered. Lastly, always call the local office when you cannot reach your MC. I wish you success on your home purchase! I hope this helps!

    Damien Smith
    Online Communications, NACA

    #71986
    kraimer98
    Participant

    I have the same situation and your advice is very important to me

    #72014
    brybass
    Participant

    You guys do realize you can print your own PSL on your webfile, right?

    #72015
    Nelsont
    Member

    @brybass This post was originally from 2019. The online psl generator is only 6 months old. And it doesn’t work if there’s buy down it’s specifically designed to block buy down requests to force your MC to review the buy down funds prior to generating a psl.

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