Wednesday, April 30, 2008

Getting closer

The appraisal came back at $124K, enough to back the loan.

That's assuming the loan underwriter agrees -- that will take another few days, so Friday's closing is definitely delayed.

The buyer is moving in Thursday as a renter until we can finish navigating the banking bureaucracy.

Two recent housing horror stories:
  • My friend is going through the same low appraisal hassle on her adorable bungalow in Morton Meadows. The drive-by appraisal was $10K under the purchase price, so the appraiser is coming through the inside this week. (It's a conventional loan, so an interior inspection was not required like an FHA loan.)
  • When a former co-worker sold his house, his buyer got STOOD UP by the person buying his old house. The guy just didn't show for closing. So the buyer unexpectedly has two houses.

Housing prices may not have dipped like the rest of the nation, but this is how the crisis is hitting here.

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