Well, we thought we were immune to the mortgage loan "fall out". We have always "prided" our Team by being on "top of things"...checking with lenders, title companies, buyers and sellers constantly.
We were repeatedly told that the loan was approved then the day before the closing, a new appraisal was required due to Fannie Mae's Declining Markets Reinstated Guideline taking effect March 3rd. We had not experienced this discriminating guideline prior to last week.
The original appraisal came in over the selling price for an ocean front condo. But....because of this "report" that categorizes all properties within a certain area, the buyer was going to have to pay for another appraisal, come up with an additional 10% down and purchase a bond for the condo association.
We have noticed more and more comments on the "blogs" regarding these new guidelines. It is understandable that many mortgage companies are still in a "crises" mode, but should a well qualified buyer be penalized because of this "generalization" report that does not take into consideration the value of different areas and locations within the same county?
Your thoughts?
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