Well, the house, of course didn't appraise well and screwed us yet again. This time, the appraisal came back with a "fair" condition. Now, we didn't know going into this that most lenders around here won't lend on "fair" condition. It has to be "average" or "good"..which is a nice way of saying, "nothing but new for you, pal!".
So, this left the appraisal company almost $400 richer (simultaneously leaving me $400 poorer) and left us on the hunt for another lender. Our realtor knew a chap that works at a local bank that does all of the underwriting in-house and we're working our way through the 203(k) FHA process now. We still hope to close by the 22nd, but there are a lot of hoops that have to be jumped through before then. We're working on getting a list of work to be done on the house, then....wait for it....another appraiser that's FHA 203(k) certified gets to come through and give us an as-is value and an after fix-up value. After we dump another $400. yayyyyy
I really hope that someone in New York, or Matt Taibbi maybe, can dig through and see how much money in kickbacks that Cuomo gets from the big banks/appraisal management companies.
It's been an interesting learning experience and one that has shown us just what a huge mess this country has on its hands with foreclosures. You just about can't buy the foreclosures that aren't in good shape unless you have 20% down or are willing to deal with the FHA 203(k) process.
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