The bank has to Approve it now and it takes time. First they will order a BPO or a appraisal which can take up to 3 weeks. Then the bank will review it. They will have the selling agent sending in paperwork from the seller that they probably already have but you have to do it again sometimes. I have not had one take over 2 months but it can be longer to close. If you really want the house hang in there.... more
Yes, a mortgage is an asset to a bank just like the chairs in their lobby. In this case an asset they didn't want.
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.... more
My name is Jamie Stamey & I am a broker at Unique Properties in Franklin,NC.The 2006 county valuations are too high.I can come look at the parcel & give you a selling price for today if you want.Just call me at 828-342-0069... more