Hey, so I’ve been in the game of real estate investing for about a decade now. Recently, I made the decision to offload my investment properties, you know, because I’ve moved to a different state and all. So, I’m in the process of selling them off and looking to buy some new digs closer to my current location.
Anyway, the deal was supposed to go down tomorrow, smooth sailing and all that jazz. But then, last night, my agent hits me up with a call – and let me tell you, that’s usually not a good sign right before closing. No surprises there, he drops the bomb that there’s an issue and the closing might not happen on schedule. And guess what? It’s not even about the buyers or the inspection, or any of that usual stuff. Nope, it all comes down to the lender.
Here’s the deal – the appraisal on the house was solid. It came in at the selling price, so no red flags there. But, the appraiser apparently decided to mark down that the area where the house is located is on a downward spiral, market-wise. And now, because of this little note, the bank is demanding more cash upfront for the loan to go through. What in the world, right?
I’ve been around the block for a while, and my realtor has been in the game for like three decades, and neither of us have ever heard of such a thing. Apparently, it’s some quirky bank policy, not a legal requirement. But seriously, has this ever happened to any of you guys? It’s mind-boggling to me. I mean, markets fluctuate all the time – that’s just how it goes. The house is worth what it’s worth, end of story. It’s not like when I’m buying or selling, I can just ask for more money because the market in the area is on the upswing.
The whole situation is just plain ludicrous to me. Like, come on, let’s be real here. I’m all for playing by the rules and all that, but this is just taking things a bit too far. It’s frustrating, to say the least. But hey, that’s the real estate game for you – full of surprises and curveballs, right? Just when you think you’ve seen it all, something like this comes along. Crazy, I tell you.