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Old 06-14-2010, 01:53 PM
 
4 posts, read 6,182 times
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I was supposed to close today. My agent told me I had to be out of the house by yesterday. i don't have a new home yet so I move everything into rental storage and signed a one month lease for short term place to stay. Today my agent called and said we will not close because the appraisal has not been done. It may be one or two more weeks. Is my agent responsible for my costs?
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Old 06-14-2010, 02:15 PM
 
Location: Plano, TX
792 posts, read 1,875,570 times
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Isn't the appraisal supposed to be done weeks before the closing? Most closings don't occur on schedule. There are a lot more things that can happen to screw up the closing, especially in these 'economic times'.
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Old 06-14-2010, 02:27 PM
 
Location: Austin
7,083 posts, read 16,919,944 times
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Why is your agent responsible? Isn't it the buyers' LENDER who is lending the money and approving the loan? Your agent isn't processing or underwriting the buyers' mortgage. That's the lender's fault for not ordering the appraisal. Being the home owner, didn't you think to notice an appointment was never scheduled for the buyer's appraisal?
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Old 06-14-2010, 03:30 PM
 
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as my agent i relied on him to be following the process. he called and told me to be out of the house. shouldn't he have known by working with the buyers agent that everything should have been done so we could close.
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Old 06-14-2010, 03:52 PM
 
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Most closings, the buyer is resp. for the appraisal and inspection.
But it is the seller's agent who is getting paid a FEE to make sure all the ducks are in a row.. and SHOULD know if the appraisal or inspection has or has not been completed, before telling the seller his closing date.
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Old 06-14-2010, 07:50 PM
 
Location: Dallas/Fort Worth, Texas
4,128 posts, read 13,172,646 times
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Your agent was not on top of things and IT IS their responsibility to make sure that you don't move out or be inconvenienced. You pay them for that. No they don't control when the appraisal or the lenders get their stuff done but they are supposed to ensure that it is moving along, at the least TRY.

The listing agent gets notified when the appraiser goes to the home to do the appraisal, if they don't show up within 1 week after inspections are done, FLAGGED ARE RAISED and they should contact the lender or buyer's agent. Sorry, but your agent dropped the ball and should have followed up long ago.

Naima
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Old 06-15-2010, 11:34 AM
 
4 posts, read 6,182 times
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Thanks for your input. I felt that the realtor should have been following up and known that the buyers had everything in place before he told me to move out of my house. I understand there could be problems at closing but i felt as my agent he is being paid to insure the process is moving along correctly.
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Old 06-15-2010, 02:06 PM
 
Location: Bella Vista, Ark
69,382 posts, read 79,577,446 times
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Quote:
Originally Posted by compSciGuy View Post
Isn't the appraisal supposed to be done weeks before the closing? Most closings don't occur on schedule. There are a lot more things that can happen to screw up the closing, especially in these 'economic times'.
yes it should have been, I can't figure out what happened. The agent certainly should have known this as the lender will not do the paper work until the appraisal is in. But, that being said, I don't think the agent is responsible for any costs.

NIta
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Old 06-15-2010, 02:49 PM
 
Location: Mostly in my head
19,645 posts, read 53,568,232 times
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You as the home owner knew that nobody had called to come do the appraisel. Why didn't you say something to your agent?
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Old 06-15-2010, 03:19 PM
 
4 posts, read 6,182 times
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There was an inspection done. Since the appraisal is paid for by the buyer, i believed they must have it in order to secure the loan. The primary reason i was not concerned about it was that i trusted my agent to earn his commission by following the sale and knowing what was needed at closing. Don't you feel that as a professional trained in the sale of property that he would have a better understanding of what is needed at closure than i would especially since that is what he deals with daily. It appears to me that he got a listing and will make a commission but did not represent me professionally and certainly should have known that the buyer had fulfilled their obligations before he told me to move out of my house.
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