Bryan and College Station real estate, luxury homes, advice to Bryan home sellers and College Station Home Sellers. Advice to Bryan home buyers and College Station home buyers.
Buying a home in Bryan or College Station this year? If you're going FHA (3.5% down) you might not notice a huge difference. If you are financing conventional (typically 20% down) be aware that it will take longer than in previous years.
Lenders and appraisers have been seperated out this year with the lender no longer being able to go straight to the appraiser. The process now is that the lender puts in an order for an appraisal for the property. A central appraisal office will assign an appraiser to it. Despite the fact that the central appraisal office has a copy of the contract up front we are finding in most cases the appraisers, who must have the contract in order to finish their job, must call the agent for the contract.
Expect delays as another layer of complexity is added into the equation. Closings that could have been done in days before are taking a minimum of 30 days and sometimes even 45 days. Plan accordingly.
Thinking of buying a home in College Station? Your best bet is to begin the process two months before you wish to close if you are using conventional financing. FHA regulations have not required this seperation process between the appraisers and lenders so 30 days maximum is the usual FHA closing. If you're using FHA begin looking for the right College Station home or Bryan home about 45 days in advance of your move date.
Allowed tags: <a> link, <b> bold, <i> italics
© 2008 www.ChrisTesch.com