The Trials of Buying and Selling in this Market

Just some information on some of our recent experiences on selling some of these rehabbed homes.

While several have gone smoothly, here are a few of the issues with some of our recent transactions.

First one - appraisal and inspection all done. Bank required borrower (750 credit score and 15% down) to go an open an additional trade line and wait for it to hit the credit bureaus. Then required additional documentation from CPA on tax returns. Each of these requirements involved a 2-3 week delay, and this house which has been in contract since end of January is now scheduled to close on 7th April.

Second one - attorney buying one of our houses upgrading from a condo she owned which she planned on renting out. Inspections and appraisal done and underwriting turned down loan saying she could not own 2 properties within a 5 mile radius of each other - Seriously!! This house is now back on the market after 4 weeks of working on that sale - ouch!