So you had a bad day? That's what I read this morning when I checked in on Adam Waldmans blog. (Real all the way to the end. This has a good ending!)
You bet I had a bad day yesterday! My client, after months of looking, found the perfect home for herself, her dog and her horse. The listing agent sent back the contract signed with no changes whatsoever.
I referred her to a favorite lender friend of mine for an FHA mortgage, because that's what she needed. (I'm a lender, but also have a real estate license, so I can't do FHA. The rule sucks.)
The house has a shared well. No problem for FHA. A quick investigation by the loan officer (did I say she's good? She's great!) showed five shares on the well. FHA only allows four max.
This won't work.
- Call to the appraiser.
If we install a well for this property, will is appraise higher, so the buyer can finance the cost of the well in the mortgage? Nope! Water is a given; it won't add ten cents to the value of the home.
- Call to listing agent.
Will the seller participate in the cost of a well for the property? "Not on your life."
- Call to the buyer.
Deal's dead. Let's keep looking.
Friday was a really bad day. Keep reading, though. Did I say this has a positive ending?
I'm pretty conservative financially. January's office lease, copier lease, phone bill, etc. are all paid up, but this deal was my only purchase contract in the pipleline, and like most of you, I've been drawing down the savings account since the credit crunch. I really wanted this deal to work. So did my buyer.
When I get down about my business, I go to Active Rain and get cheered up again. Seriously. That's what I do. It's cheaper than therapy, and you bloggers cheer me up. (If you're not a member of the group POSITIVE ATTITUDE for the Weary Soul, or it's musical sibling, Inspired By Song!, sign up for both groups!)
Adam Waldman's post on Inspired by Song just absolutely made my day! I swiped his clip art for this blog post. The post is titled So You Had A Bad Day? . He has a YouTube song embedded half way down. Sometimes I skip the YouTube videos when I'm in a hurry. This morning, I wasn't in a hurry. Thank God! Between his story about his little guy and the video, I'm on top of the world right now. Go read it and take a listen, but not before you leave a comment here! LOL
The rest of the story will put a smile on your face.
A message this morning from the listing agent: "Seller has another property similar to the DC (dead contract) property. It's newer, and if your buyer will switch properties, we'll have a deal. Property sits up on a hill, and has even better views than the DC property. Same size lot--2 1/2 acres, and only two shares on the well."
The buyer's going to take a look today, and I think we'll make it happen.
Thanks, Adam! Thanks, Active Rain Bloggers! Where there's a will, there's a way.
And that's the real estate opinion of this Tucson, Arizona mortgage lender,
Mike in Tucson