The real estate world can get pretty interesting sometimes... and to keep people happy, it really does take inventive solutions to reach the end goal for the client.
 
Here is one way we got creative to keep a deal together: Snohomish County has many areas that qualify for the USDA rural development loan package.  However, USDA loan processing times have pushed from 3 weeks to an incredibly long wait time so we've got a buyer moving in as a renter at one of our listings till we finally get funding. Checked all the underwriting and we're good to go there, so now we just wait on the government to finish up processing. Original close date was supposed to be June 10th.
 
We wrote up a month-to-month lease agreement that allows for prorated rents and also provides a release of earnest money to the seller as part of the solution. He's happy because he's got the rent to help pay the mortgage during this delay and the buyer is out of staying temporarily with a family member, which was wearing on the couple.
 
Geesh!

Reba Haas

Team Reba of RE/MAX Metro Realty

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1 Comments on Getting creative on USDA funding delays...

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It is so bizarre that I am reading this blog as we are doing the same today here with a USDA in the North Georgia Mountains. Great minds even 3,000 miles apart ....
1:47pm • #1


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Reba Haas and Team Reba, CDPE

Bellevue, WA

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Team Reba of RE/MAX Metro Eastside www.TeamReba.com

Address: 2312 Eastlake Ave E, Seattle, WA, 98102

Office Phone: (425) 970-3697

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