We received three offers on our current house, within 5 days of listing. Insanity.
Ultimately chose the offer $1k over asking with a closing date in July! If this works out, we'll only be homeless for a month or so. AMAZINGNESS.
Current concerns:
1. Accepted buyer comes with FHA loan. This means an extra-tough inspection/assessment, on top of the standard inspection and assessment.
2. The timing on the FHA inspection is not standard. Could come this week, could be in a month +, then turn-around on the report could be another long wait.
3. Appraising lower than agreed sale price.This is what keeps me up at night.
4. The FHA appraisal sticks with the house for 4 months. That means if the deal falls apart due to low appraisal or anything else, we really can't go back on the market until thisclose to closing on the new house.
5. Comps in our development are crap. We've gutted the house and updated everything. We overimproved for our neighborhood and realize that....and understand that we will see none of that money back that in this sale. However, no other units have sold that come anywhere close to the location and updates of ours. To say nothing of the new $$$ HVAC and water heater.So there really isn't anything realistically comparable. I'm just praying the assessor realizes this.
Has anyone else run into an FHA buyer, and/or an assessment lower than sale price? How did it work out for you?
I can't be any help to you, but yay! Overall this sounds like great news :-)
ReplyDeleteAnd I am in total agreement with your line about FHA loans with the extra tough inspection/assessment! We are living proof of that, haha!!
Keeping my fingers crossed for you that things go smoothly!!