I am constantly whining about FHA loans and the approval process. My posts on “FHA 90-Day Rule … A Major Pain” and “FHA 90-Day Rule – Revisited” outline my frustrations with the process. But now, I finally have something good to say about the FHA Rule! House #13 we put in escrow July 27, 09 and I just got an email today (Aug 18) that they are drawing loan docs and we should have them this week.
The Buyer’s Agent just sent me this email:
all conditions have been met, the appraisal review is in already, there is no problem with the appraisal, we should be getting loan docs by Monday, we will do our final walk thru this weekend
So in under 30-days we did the original appraisal, the review appraisal and got all conditions removed. The oddest part is, the lender for this file is Wells Fargo. It is not some small bank, but Wells Fargo is able to close something in under 30-days.
We are selling the property for almost 2.5x what we bought it for, but we did do a 175 sq ft addition to the property.
I am trying to evaluate why this one is going so much faster. House #13 did get over 10 offers, I only countered the top 3 offers (in terms of qualifications and price). When the review appraisal happened, my partner met her at the property with a stack of comps, permit approvals and the executed contract. The buyers deposit is also non-refundable after 17-days, so once we hit that, the buyers usually do not back out.