House #18: Closing Delay

July 30, 2011 · 2 comments

We were scheduled to close on The Haggle House yesterday, but it didn’t happen…

We got a call mid-week from the buyer’s mortgage broker informing us that there were a lot of little issues that still needed to be finalized (buyer getting a copy of her latest pay stub, etc), along with one major issue. Apparently, the appraisal was “red flagged” by the system, either because there was concern about the specifics of the appraisal or because of standard FHA rules around resales (the broker didn’t know exactly why it was flagged).

Ultimately, the appraisal had to go through a “desk review,” which essentially means that it was reviewed line-by-line by someone working for the lender. The review took two days, but the good news is that the appraisal passed the review, and the lender was willing to accept the appraised value of the house.

Everything goes back to the underwriter on Monday, and hopefully there won’t be anymore issues. Assuming there aren’t, I expect we’ll be closing mid-next-week…

2 responses to “House #18: Closing Delay”

  1. Shane in TX says:

    Yay! Of course, this isn’t really a “yay” post at all, but YAY for me finally making it to “current” in your blog. Now I’ll be able to read some more blogs, and keep up with yours day to day. Who are the others still flipping and blogging in TX? I remember Tom Tarrant, and I think one called struggling investor. Any others?

    I can’t tell you enough how much I appreciate your experience, education and insight. And I’ve already given some consideration to some friends/doctors I know that would make great private investors on a per-deal basis. I’m getting excited. Thanks again for everything.


  2. Shane in TX says:

    On 2nd thought, YAY to the appraisal making through the desk review.


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