Didn't see that coming!
Recently I wrote a purchase agreement on a house owned by a fellow Realtor®. While I knew she and her husband had "flipped" the house I wasn't aware of what was about to take place. My buyer was pre approved using FHA financing so I felt good about the offer. It was accepted and we proceeded towards closing. Buyer paid for home inspection, appraisal and pest test and everything came back good so we were in great shape for an early closing. Until of course the 5/3 bank processor noticed the sellers had acquired the parcel only 60 days ago and had been looking to make not a large profit but a rather quick one. The processor noted the FHA flipping rule that said a seller had to wait 90 days before selling the property. After a little research we found on Feb 1, 2010 there was a waiver of the FHA flipping rule if certain requirements were met. We went down the list of "must be's" and sure enough we were once again good to go. Until again, the processor decided 5/3 did not want to honor the waiver. I had no idea that a bank would (or could) decide to ignore the waiver. They have decided we will have to wait until the 91 day after previous sale and re-write our offer. Of course that means the appraisal is out the door along with most of the progress we have made towards close. I really question sometimes if banks really want to close loans. We are in a strange but true market with all sorts of Government "help" making the entire process tougher but when banks decide to write their own rules it has to be time for a change. Just proof that no matter how good of a job we Realtors® do, there is always someone, somewhere that can kill our deal without notice. Thanks for letting me share.
As always if you think Big Rapids, MI is a place you would like to live give us a call (231) 796-5253 or check out either link below and we will help you find a house so Big Rapids can be your home. Thanks for reading.
As always if you think the Big Rapids area is a place you would like to live give us a call (231) 796-5253 or check out either link below and we will help you find a house so the Big Rapids area can be your home too. Thanks for reading.
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Randy Ostrander |
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