First-Time Homebuyers Are Stepping Up Their Home Search
And they better before the $8,000 tax credit expires on November 30th. The tips it provides are good. One of which is to get your offer accepted by mid October and close before Thanksgiving.
You can never be too safe and no matter how perfect your deal is something can go wrong. I had something happen to me on a friend’s deal that I have never encountered during my time in the business on an FHA loan putting 20% down. You might ask, what could possibly go wrong with that?
Well, let me tell you. When you order an FHA appraisal you have to request an FHA case number from HUD. You cannot complete the appraisal without it. During this process there was already an FHA case number on the property that we had to get released from the previous mortgage company. Unfortunately, the other mortgage company went out of business. We called HUD and HUD told us that we had to fax in proof of this and they would release it to us in 10 business days. It took 12 business days causing us to not close on time. I spoke with HUD and they said it takes so long because they get 900 of these requests a day, YES a DAY.