PainedPatty
Platinum
Reged: 01/28/08
Posts: 664
Loc: Southern California
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I am at the last step of my home sale and my buyer is having a problem getting loan approval. The problem is not with her, but with my house. Years ago someone enclosed a porch without permits and so the official square footage of the house is about 300 feet smaller than the actual square footage and some hardnosed lender is balking at giving her the loan because of this. He wants 3 comps from the last 3 months at the smaller square footage to prove the value of the house. There is only one such comp available! So now it has been sent to another lender and is also being reviewed by the first one. I am terrified that the sale will fall through. My house is about 75% packed and is a total mess and if the sale doesn't go through I will have to put all of these boxes in storage and start all over trying to sell it in this terrible market. I am a complete basket case. So please think good thoughts, say prayers, do dances to the lending gods, whatever it takes to help me get through this. Thanks in advance for your support!
Patty
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CityGirl
Gold
Reged: 06/11/08
Posts: 184
Loc: Texas
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Prayers coming your way!! Let us know how things turn out.
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mistake#2
Platinum
Reged: 07/19/06
Posts: 3139
Loc: Florida
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What does the appraisal say?
Usually you can get an appraiser to give the sale price if not above...another option would be to call your local insurance agent. Ask that they run a replacement cost calculator to see what it would cost to replace the home if there was a total loss. Those are usually better too because they don't take into account the local market but instead the costs of building which are more accurate anyhow. Might help with there being a lack of comps.
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**2 1/2 weeks to go...should start counting down the days**
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scbeck
Platinum
Reged: 12/29/07
Posts: 825
Loc: New Brunswick Canada
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Fingers and toes crossed, prayers and a rosary going out for you. How picky can they get???? Jeeesh.
Christine
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This is the first day of the rest of my life. Or maybe tomorrow will be.
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Jada
Platinum
Reged: 06/02/07
Posts: 3241
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Sending good vibes your way.
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PainedPatty
Platinum
Reged: 01/28/08
Posts: 664
Loc: Southern California
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Buyer has asked for an extension until the 9th, but has made it very clear that she really wants the house. We may call in a city inspector and pay for permits so the problem will go away.
Patty
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ssrachel
Platinum
Reged: 05/23/07
Posts: 1969
Loc: bottom of a pit
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sending you some positive vibes. hope they reach you!
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What you reap is what you sow and so it goes...
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