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Old 09-12-2012, 11:25 AM
 
1 posts, read 5,006 times
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Yesterday we found out that our closing date of sept. 17th is going to be pushed back to later in the week because our lender had issues ordering the appraisal last week. I'm wondering why our lender did not inform us of this on Monday instead of waiting til Friday at 4:00 pm to let us know. We have work to do in the house and now it's all being pushed back to a later date.

We tried to get a temp lease into the house but the sellers are not allowing it. What options do I have? We are on a tight schedule, we were told that everything else on our side has been completed but we still have to wait for an appraisal.

My questions are how is it our problem that the lender messed up the ordering of the appraisal and does the appraisal effect underwriting at this point? We have a contract that states that the lender has obligations to send us a appraisal report 3 days prior to closing. Is he breaking that contract by not getting that appraisal report to us by our original sept. 17th closing date?
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Old 09-12-2012, 12:32 PM
 
Location: Austin
7,051 posts, read 16,724,490 times
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The appraisal effects underwriting in the fact that you can't get out of underwriting without the appraisal. A lender isn't going to lend money on a property without knowing it's value. Lenders have to order through a company to do appraisals these days. You might have understood it to be the lender's issue, but you might have misinterpreted what they were trying to tell you. Many of those appraisal management companies are the ones behind in getting the assignments done.

Either way, the lender isn't breaking any contract because you will still have it 3 days prior to closing. It doesn't matter what the date in the contract states if you aren't closing on that date. They only have to adhere to the timelines of the actual closing date.
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Old 09-12-2012, 02:47 PM
 
3,576 posts, read 5,871,253 times
Reputation: 1430
Quote:
Originally Posted by kkgenki View Post
Yesterday we found out that our closing date of sept. 17th is going to be pushed back to later in the week because our lender had issues ordering the appraisal last week. I'm wondering why our lender did not inform us of this on Monday instead of waiting til Friday at 4:00 pm to let us know. We have work to do in the house and now it's all being pushed back to a later date.

We tried to get a temp lease into the house but the sellers are not allowing it. What options do I have? We are on a tight schedule, we were told that everything else on our side has been completed but we still have to wait for an appraisal.

My questions are how is it our problem that the lender messed up the ordering of the appraisal and does the appraisal effect underwriting at this point? We have a contract that states that the lender has obligations to send us a appraisal report 3 days prior to closing. Is he breaking that contract by not getting that appraisal report to us by our original sept. 17th closing date?
Not sure why people are always on a "tight" schedule. There is always homewood suites/residence inn etc. You can board your dog.

Life's tough. Always give yourself at least a month fudge factor when purchasing a home. Yes this involves spending more money. We just don't live in a perfect world.

The lending contingency always cannot be used against the bank. You are on their time frame.
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