So I’m selling off one of my investment properties. I’m actually selling all of them because I moved out of state and am getting rid of them and replacing them with houses closer to where I live. But basically the house is supposed to close tomorrow
Well tonight I get a call from my agent which let’s be honest is usually not a good sign before a closing. Of course he says there’s and issue and closing may not happen tomorrow. He then goes on to say it’s nothing in regards to the buyers or inspection and ect but because of the lender
Basically it centers around the appraisal. The appraisal was fine, house appraised for the selling price, however the appraiser marked on his appraisal that the area the house was in is a declining market. Because of this the bank is now asking them to put more money down for the loan. I’ve been doing this for ten years and my realtor probably 30 and neither one of us have ever heard of this.
Apparently it’s a bank policy not a legal thing
Has this ever happened to y’all? It’s so crazy to me I mean markets change all the time. The house is worth its worth as well. Like when I sell a house or buy one I don’t get to ask for more money from them because the market area has been going up. The entire thing is pretty absurd to me
This ever happen to you?
byu/Thick_Cookie_7838 inrealestateinvesting
Posted by Thick_Cookie_7838
1 Comment
bruh that’s wild