Problem with closing

[Tony Hibbs]

I am having a nightmare on a flip i'm in the middle of. First i have had 4 extensions to the contract. I know it's my decision to sign each one but i feel i'm under sellers mercy. It's an FHA loan and i am in Nashville where the market is slammed right now. Now at the day of closing the underwriter has requested a second appraisal. I just went through the same situation where a second appraisal was done and came in at 20,000 below the first. I have put a lot of money and time in this flip. Where is the justice for the seller. I am going on 60 days for this closing. The first 3 extensions were because the back log in Nashville and the 4th was because they decided at the day of closing to get a second appraisal.

[Guy Gimenez]

@Tony Hibbs

Stop signing extensions and move on. And this is one of the reasons I stopped considering FHA / VA / USDA offers on my flips back in 2009...government insured loans are just too much of a pain to deal with...so I don't. It's cash or conventional.