Posted by JustANotary on 8/24/13 12:02pm
Msg #481733

Explanation Letters

Here is an explanation letter in a package of docs I am having borrowers sign today:

To whom it may concern, The reason we have two ovens is so we can cook two things at different temperatures at the same time.

Reply by Yoli/CA on 8/24/13 12:12pm
Msg #481735

TC/lender inquired why someone has 2 ovens???? What's that got to do with credit-worthiness?? Next they'll be asking why someone has more than 1 bathroom in their home .....

Reply by Luckydog on 8/24/13 1:08pm
Msg #481742

Almost every single home that has a professional or gourmet kitchen has double ovens. I have been in homes with 4 ovens. That is the norm for an expensive house in south FL

Reply by Linda_H/FL on 8/24/13 12:19pm
Msg #481736

I'd say the 2 ovens showing up in the appraisal report

raised the question that this could be a multi-family dwelling, or one that had two separate living quarters, which if not done properly may be zoning violation.

Just a thought.

Reply by Yoli/CA on 8/24/13 12:26pm
Msg #481738

Re: I'd say the 2 ovens showing up in the appraisal report

Okay, Linda. I can get with you on that -- 2 separate living quarters or even if there were 2 stoves w/ovens. However, the LOE simply said 2 ovens.

To the OP: if you get a chance when you're at the signing to discern this ... just curious now
My inquisitive mind wants to know!

Reply by JustANotary on 8/24/13 12:30pm
Msg #481739

Re: I'd say the 2 ovens showing up in the appraisal report

Yes, when I am at the signing I will see if I can figure out what they are up to, what they are trying to pull over on the lender Ha Ha. I wonder if they have two cars also?? That would really raise suspicion.

Reply by Linda_H/FL on 8/24/13 12:52pm
Msg #481740

Please understand..I'm not saying they're trying to put

anything over on the lender - I'm saying the one that reviewed the appraisal report picked up on it and raised the issue - legitimate or not.

Reply by Gregory/CA on 8/24/13 1:00pm
Msg #481741

Re: I'd say the 2 ovens showing up in the appraisal report

If we are guessing, then my guess is the borrowers have a dual-oven (like the Brady Bunch) but it was listed as two individual ovens on a report. :-)

Reply by Bear900/CA on 8/24/13 1:19pm
Msg #481745

Re: I'd say the 2 ovens showing up in the appraisal report

That's exactly it. The LOE is required by the UW and is triggered by some visible evidence or indication on the appraisal. It can get rediculous.

I had an UW ask the 30 year appraiser to go back and check that the million dollar home's septic tank didn't show signs of leakage. The appraiser wrote back saying, "That what they do." haha...

Reply by docs1954CA on 8/24/13 1:50pm
Msg #481746

The appraisal always has pictures.. n/m

Reply by Cherylann on 8/24/13 4:09pm
Msg #481755

LOL! I, too, have 2 ovens, for the same reason. When we remodeled, I had 2 ovens installed under the counter on one side of my kitchen (slightly separated with a small cabinet to hold baking sheets, etc.): a traditional electric and a convection/combo. Every woman's dream, especially when cooking several items all demanding different times/temps.

Reply by PegiT_MN on 8/24/13 6:29pm
Msg #481768

Underwriter Is Questioning Two Ovens In The Kitchen....

.....because they think it is either being used as a business (i.e., catering, half-way house, group home, etc.) and not a typical primary residence, or they are thinking it is a multi-family home and there is rent being collected. If the LOX would have come back "To whom it may concern, The reason we have two ovens is so we can run our catering business out of our home." or "To whom it may concern, The reason we have two ovens is because it is a rooming house and we have ten people that live here and we need stoves for them to cook on, or "To whom it may concern, The reason we have two ovens is so the downstairs tenants can have a place to cook", or "To whom it may concern, The reason we have two ovens is because we have turned our home into a restaurant and need two ovens".

Two ovens is probably not normal for a home that size, price range, year built, etc., and the underwriter is just making sure they cover their butt and the second oven is for the personal use of the homeowner.