I was hoping I would have a fast house sale but the current credit crunch and the new appraisal standards aversely affected the sale of my home. I accepted an asking price offer for my home. Offer came within 3 days of listing my home. The loan was an FHA loan with 5% down. It was going to take 45 days to fund. The biggest challenge was going to be the appraisals. It was going to take at least 3 probably 4 appraisals to get the loan funded. The initial appraiser worked with the bank and realtor’s finding 3 comparable sales that supported the funding of the loan. When the lender did a desk top appraisal the denied the three local appraisals and cut their willingness to fund the loan by 15%. Needless to say the deal fell through and I have had to find a renter for my home.
Wed, Aug 19, 2009
Property