Monday, April 5, 2010

House selling update

Our final hurdle for selling the condo was for the buyer to secure her mortgage (she is financing 80%). Unfortunately, the appraisal from the mortgage company came in low--$12K too low. According to my real estate agent, the appraiser was not familiar with the area and used some properties as comparables which were in a not as desirable neighborhood, and ignored some recent sales in our neighborhood.

We granted the buyer a 1 week extension (to April 8), and a new appraiser came out today. Hopefully the house will appraise for the listing price, and we will move forward with the sale. We are looking to close on June 1, which is a bit of a pain as its the Tuesday after labor day. I am not sure how feasible it will be to move this date, but it would be really nice not to have to move during a holiday weekend!

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