U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Coastal North Carolina
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-02-2017, 10:46 AM
 
Location: Morehead City, NC
1,676 posts, read 5,356,346 times
Reputation: 1244

Advertisements

Disclaimer: I have been a licensed NC real estate broker since February, 2005.
The disparity in square footage is concerning. The real estate commission might forgive a 2%-3% miscalculation, but not a 30% error. It sounds to me that a room in the prior appraisal was not considered as part of the heated square footage that now is. There could be a couple of simple reasons as to why.
The concerns about an FHA backed loan come from the fact that they are more stringent with loan approval requirements. More "weight" is put on both the buyer and seller.
Don't be surprised if the process takes more than 30 days. In fact, I would expect it. Please have your broker stay on top of things, even if it is not traditionally their job. FHA and VA loans have strict guidelines and it is easy to drop the ball if not on top of things.
God Bless!

Last edited by Bill Hitchcock; 06-02-2017 at 11:38 AM..
Reply With Quote Quick reply to this message

 
Old 06-05-2017, 05:16 AM
 
Location: SW Corner of CT
1,948 posts, read 1,536,337 times
Reputation: 2438
Quote:
Originally Posted by Pinehurstcharlie View Post
I just hope it does but they didn't know it was FHA at the first offer and counter. Just heard horror stories about FHA and don't want to see that happen to them. Was the house local you bought or not? I know folks buy sight unseen
We had previously lived nearby, and knew the neighborhood and had looked at a similar house that was going for a lower price, but needed work....this house had the major items already taken of and we felt it was worth the extra $$.....the house was on the market 20 minutes. Our first home was an FHA and during the inspection, the FHA Inspector told me that he had an issue with some paint chips because it could be Lead Paint and said he was going to be in the area, and if I could put a coat of paint over the spots, he'd approve it......he gave me two hours.....called the boss to take the day off and painted.....passed the inspection. Read on...gets more interesting.....that same house, we bought at 164k, we sold for 360k 5 years later.....that couple put in an oversized Septic and sold for 282k......current owners upgraded electric, new kitchen, central A/C, and a new Roof and now heading for Divorce and said we would have first dibs if we wanted to buy it....probably sell for the mid to high 200's.....waiting to see how this plays out
Reply With Quote Quick reply to this message
 
Old 06-20-2017, 09:44 AM
 
Location: Pinehurst ,N. C.
213 posts, read 133,551 times
Reputation: 95
Quote:
Originally Posted by Bill Hitchcock View Post
Disclaimer: I have been a licensed NC real estate broker since February, 2005.
The disparity in square footage is concerning. The real estate commission might forgive a 2%-3% miscalculation, but not a 30% error. It sounds to me that a room in the prior appraisal was not considered as part of the heated square footage that now is. There could be a couple of simple reasons as to why.
The concerns about an FHA backed loan come from their more stringent loan approval requirements. More "weight" is put on both the buyer and seller.
Don't be surprised if the process takes more than 30 days. In fact, I would expect it. Please have your broker stay on top of things, even if it is not traditionally their job. FHA and VA loans have strict guidelines ans its easy to drop the ball if not on top of things.
God Bless!

The addition was done prior to previous owner that is the problem. So sf should have been the same as when they purchased.
Reply With Quote Quick reply to this message
 
Old 06-20-2017, 09:46 AM
 
Location: Pinehurst ,N. C.
213 posts, read 133,551 times
Reputation: 95
Quote:
Originally Posted by Pinehurstcharlie View Post
The addition was done prior to previous owner that is the problem. So sf should have been the same as when they purchased.
t

Plus looking at the comparables that are emailed to me by a broker friend as

to when we list ours theirs was way off with either sf. Got a few days just hope it doesn't hit the wall
Reply With Quote Quick reply to this message
 
Old 06-22-2017, 10:02 AM
 
Location: Pinehurst ,N. C.
213 posts, read 133,551 times
Reputation: 95
Default new kicker

Well now I really am a bit puzzled . The realtor that listed this property for them is a neighbor who sold this house to them 4 years ago. She knows they have done no improvements or additions . She sold it to them with 1820 sf. now she is selling for them with 2340. Now I know that I don't want to use to their realtor .
Reply With Quote Quick reply to this message
 
Old 06-22-2017, 10:06 AM
 
Location: Pinehurst ,N. C.
213 posts, read 133,551 times
Reputation: 95
Quote:
Originally Posted by Bill Hitchcock View Post
Disclaimer: I have been a licensed NC real estate broker since February, 2005.
The disparity in square footage is concerning. The real estate commission might forgive a 2%-3% miscalculation, but not a 30% error. It sounds to me that a room in the prior appraisal was not considered as part of the heated square footage that now is. There could be a couple of simple reasons as to why.
The concerns about an FHA backed loan come from their more stringent loan approval requirements. More "weight" is put on both the buyer and seller.
Don't be surprised if the process takes more than 30 days. In fact, I would expect it. Please have your broker stay on top of things, even if it is not traditionally their job. FHA and VA loans have strict guidelines ans its easy to drop the ball if not on top of things.
God Bless!
new kicker . This agent is the one that sold it for previous owners to them 4 years ago with 1820 sf. now she is selling it for them with 2340 . She lives down the street, she knows the only improvements are a tin roof, no additions etc. So she would question the appraisal I would think. Things are all on go looks like it will close .
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Coastal North Carolina
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top