Everything is dumb lately. But this is dumb in a d-u-m-m kind of way. Apparently since they have changed the mortgage regulations due to the economy being horrible, there are new laws for appraisals. And appraisals have to be based on comparables that have been sold in the last 12 months (for the particular kind of loan that we are approved for).
So what happens when you are moving to an extremely rural area where no houses have been sold in the last year, which means no comparables?
Apparently it means you can't buy the house. And it means the poor 67 and 70 year old owners can't sell it.
I told you-DUMM.
2 comments:
bummer!! What are you going to do???
i found out when we re-financed that i didn't like that rule because all the comps in our area have sold during this "down" time and came in WAY lower than what we bought our house for!!
Seriously? Who is winning in this economy? NO ONE!!! Selling a house is DUMM too. Ugh.
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