On 10/31 I purchased my first duplex using an FHA loan. I started the home buying process in August of this year. I had pre approval from my lender, high credit score and down payment ready. The seller bought the home in July and was reselling weeks after purchasing. I knew this before I bought the property and didn't think much of it. I just figured they had second thoughts about the purchase or found something else they wanted to buy. So I get the home under contract in early August did my due diligence only to find out from the lender that the seller was breaking FHA guidelines by selling the home so soon after purchase. Seller has to hold the home for up to 3 months before selling. Long story short everything had to be repeated. A whole new loan application and appraisal. The 1st appraisal came in above selling price. The 2nd appraisal came in 5k under selling price😒. Luckily, I had negotiated 7000 towards closing so we ended up splitting the difference and my portion came out of the 7k. I went through so much adversity in getting the propert
y. Closing date was pushed back several times. I had to live in a hotel for 5 days while I waited to here if I was approved for closing by the underwriter and getting repairs done so I could move in. I did inherit some tenants that are only paying 50 dollars below market value for their side of the duplex. So in closing never give up! Just keep pushing forward.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you