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Dianeconaway@remax.net
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I am a real estate broker assisting buyers and sellers in San Diego County for more than 10 years. I use the internet to make your home search easier.
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Dianeconaway@remax.net answered:
Hi David,
If you really want this condo and feel that you are getting a good buy, then hang in there. Appraisal issues are quite common these days. Banks sometimes make decisions by committee and they take longer than regular sellers to process their paperwork. The appraisal issue will be the same for the next purchaser unless you have comparable sales that are inconsistent for the neighborhood. Banks would rather close escrow with you because you are already underway. And, the FHA appraisal is now attached to the property so another FHA buyer would have the exact same issue. Carrying costs for the additional time to secure another buyer and start another escrow is also in your favor. So, be patient. I'm sure you will be successful in the end. Good luck!
If you really want this condo and feel that you are getting a good buy, then hang in there. Appraisal issues are quite common these days. Banks sometimes make decisions by committee and they take longer than regular sellers to process their paperwork. The appraisal issue will be the same for the next purchaser unless you have comparable sales that are inconsistent for the neighborhood. Banks would rather close escrow with you because you are already underway. And, the FHA appraisal is now attached to the property so another FHA buyer would have the exact same issue. Carrying costs for the additional time to secure another buyer and start another escrow is also in your favor. So, be patient. I'm sure you will be successful in the end. Good luck!
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