Another Suwanee home sold!! But, it wasn't without some hurdles. Now, these are not your ordinary hurdles, mind you.
The first delay was due to the lender requiring the buyer to change from an FHA loan to a conventional loan. This would require the buyer to put 20% down instead of the 3.5% required by FHA. Ok. The buyer agreed, reluctantly, but he loved the home and wanted to move forward. The first appraisal from the FHA loan came in at contract price.
But, another appraisal was required because of the different loan program. Ok. The appraisal was ordered and completed (delayed the closing another 7-10 days) and came in higher than contract price. Wow, that should make the buyer happy, right? Should really make the lender happy, right? Because now the buyer has lots of instant equity, right? Wrong! Because the value came in HIGHER than the contract price, the new HVCC "government" regulations kicked in and required to lender to send the appraisal to a field review, which is essentially a third appraisal. Time marched on, delaying the closing for a third time. Finally, the field review came back and the contract price (though lower than the appraisal price) was approved.
A couple of days after that - we closed!
All in all, the delay was about a month. A great big Thank You to both the buyer and seller. Much patience was required but we made it happen without taking anybody out. That's real estate today!
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