Closing Delayed

From my attorney this morning

I was just informed that the bank has pulled the file for re-review of the appraisal. Apparently the area in which the house is located is deemed a “declining market area” and the bank has asked the appraiser to provide 2 recent comparables to which he must conduct a field review, site inspection and photo inspection, all of which is being conducted today. The appraisal was conducted well over 6 weeks ago. The bank has had the file for too long and is now re-reviewing as a direct result of the numerous delays in getting the fully executed contract…and the scheduling of a closing. We are fortunate that they have not asked for an entire new appraisal and are just requesting updated comparables.

The market has caused banks to be overcautious of their files and this is one of the many results.

The should hopefully be cleared up by Monday and we could still be able to close next week if things fall right.

I’ve already extended my lease into February. Assuming we close soon, that will give us time to get the floors refinished, clean and paint before we move in.

Happy New Year

Hi there, HIB fans! I know I haven’t been around much. Sorry about that. I’ve been trying to get this house purchase thing locked down and I really haven’t been interested in writing about other people’s homes.

I think we may finally be in contract now. It’s hard to know for sure because everyone is gone for the holidays. I’m going to follow up early Monday morning and hopefully report back with the good news.

In expectation of that, I’ve tentatively scheduled a survey for Thursday. That’s actually one of the last things on my to do list. Once that’s done (and contracts are in hand) we can schedule a closing date. Hallelujah!

I’ve actually gone back and prepared a time line of all the twists and turns that went on in my quest to get into contract over the past month. Once we’re done and the keys are in my hand, I’ll post it here for your amusement.

Anyway, I hope you’ve all had a fun Holiday Season and I wish you all a happy and prosperous New Year.