|Posted by email@example.com on September 30, 2011 at 9:30 AM|
by Laurel Grandle, REALTOR
After 30 years in this business I could write a blog a day about how things have changed since I first went into the business. This blog is about what just happened and caused all the parties a lot of grief.
I listed a 40+ year old home on a septic with 3 bedrooms. The permit for the septic was on file in the county and revealed that the septic capacity was rated for a 3 bedroom home.
HOWEVER the APPRAISER visited the home and found 4 bedrooms! The owners had owned the home for a number of years and had always used the home as 3 bedrooms and an office. Since the office had a closet and a window, the appraiser said it was a bedroom and the septic was not adequate for a 4 bedroom home.
The mortgage insurer would not insure the mortgage because the septic was inadequate.
The appraiser submitted his report on Monday with closing scheduled for Friday of the same week. The sellers had moved, at considerable expense, since the buyers insisted upon possession at closing and the buyers were well qualified for the loan and the home was in exceptional condition, they felt there was no reason not to demand the sellers vacate so they could move in right after closing. The buyer's had given notice where they were renting and the moving truck was ordered; their possessions were already in boxes. We needed to close in 4 days and this appraiser would not agree to the home being 3 bedrooms.
How would you solve the problem?
We could take the closet doors off the closet of the smallest bedroom, put shelves in the closet area, have the appraiser come back and re-assess the home and perhaps he'd decide it was now 3 bedrooms plus and office, but there wasn't time for all that.
Instead, the buyers were asked to sign a "waiver", holding the mortgage company harmless should problems develop with the septic! I haven't seen a mortgage company hold itself responsible for any septic issues on any house in the past, have you? It all seemed to cause of tremendous amount of stress for all the parties.
Things that were never considered an "issue" are preventing closings and causing buyers and sellers a lot of stress. Although interest rates are at an all time low and inventories are really high, we have more difficulty than even getting qualified buyers and qualified houses together. My job is about three times more difficult than it used to be!
If you have any questions or comments, please call me at 865 389 551 or e-mail me at Laurel@LaurelGrandle.com.
visit my web site: http://www.LaurelGrandle.com. Together we can make your dreams come true!
Laurel Grandle sells homes throughout the East TN Area, including Knoxville, Karns, Farragut, Halls, Powell, Loudon County, Knox County. She specializes in Lake homes, Luxury homes, Historic homes, New Constructionand is an expert at matching buyers with the right house, regardless of the area or price range, she has over 25 years of experience and has helped thousands of clients with their real estate needs.
Here is what some of her clients have said about her recently, “Laurel has an unlimited amount of patience. My family has very specific needs and she understood them and worked with us until we found the perfect home at the right price. I don’t think anyone else would have done that for us and we’ll always be thankful we found her and worked with her. She’s wonderful!” Margo
“Laurel has accommodated us on many occasions very quickly, as our schedules change all the time. She was always understanding of the time and date changes and she helped us find a great house.” Williams
“Laurel really knows the area and the market. She didn’t waste any time…she showed us what we ask for in the location we wanted and made the whole move a very good experience for our family”. Robert
“Before we wrote an offer, Laurel did a detailed market analysis for us and discussed it with us so we understood what a fair price would be. She went over the entire contract in detail and clarified everything for us. We purchased with confidence and we’d never use anyone else IF we ever decide to sell!” Anne
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