Can the FHA ammendator clause hold up closing for 10 days? We changed from 203K loan to traditional FHA and now we must wait 10 days to close.

Asked by Unbelieveable37, 08610 Tue Oct 20, 2009

Can we sign something to forego the 10 day wait period?

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Joe Salcedo, , San Jose, CA
Sun Nov 8, 2009
Good Morning,

I just closed FHA last month in to tell you the truth I was not very happy with this
deal first the Appraisal was $ 320,000. then last minute a review appraisal
come in $ 280,000. so we just reduced the price at that appraisal review
we can not do anything at all the comparable is there but they used a certain
property that closed to that property.
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Jeanne Feeni…, Agent, Basking Ridge, NJ
Tue Oct 20, 2009
Very very possible. My suggestion it to take a deep breath and roll with it. Most transactions are hitting bumps at the moment and so the delay, while I'm sure hugely annoying, is a bump and not a disaster. Keep your perspective and your eye on the prize.

Today, if the bank says so, it is so ;-)

Good luck,
Jeannie Feenick
"Unwavering Commitment to Service"
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0 votes
Jennifer Bla…, Agent, Basking Ridge, NJ
Tue Oct 20, 2009
I don't think that there is a way around this. Back in July of this year all sorts of additional disclosure rules were put into effect. Anytime anything significant changes on a loan doc there is a waiting period. I didn't think it was a full 10 days, but nothing surprises me anymore! Sorry for the delay, I am sure it is disappointing, but it's just a blip in what will hopefully be a long and happy time in your new home! Best of Luck!

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