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huh ? I'm good on the price. Got three offers. They were all relatively within the same cluster. That's not an issue. We're good at the list price, right where it should be.
Can you sue the appraisor for messing up your closing? Either way, get what you were told by the code enforcement office in writing. Ask them nicely...they'll remember the poor lady who had all that trouble.
The thing is, word can spread among appraisors. And suppose this same appraisor is told to do yours next time. And this will be on record anyway. So you'll need some paper trial to combat this.
Can you sue the appraisor for messing up your closing? Either way, get what you were told by the code enforcement office in writing. Ask them nicely...they'll remember the poor lady who had all that trouble.
The thing is, word can spread among appraisors. And suppose this same appraisor is told to do yours next time. And this will be on record anyway. So you'll need some paper trial to combat this.
The appraiser didn't mess up the closing. The appraiser reported what she saw, that's her job. The lender required the permits, or documentation that none are required.
If you know the in-law suite is legal, including the kitchen, get it in writing and show it to the next appraiser who can include it in his/her appraisal, and there will be no issue next time.
The appraiser didn't mess up the closing. The appraiser reported what she saw, that's her job. The lender required the permits, or documentation that none are required.
If you know the in-law suite is legal, including the kitchen, get it in writing and show it to the next appraiser who can include it in his/her appraisal, and there will be no issue next time.
Well, she reported what she thought she saw and thereby didn't do a good job. For one thing, it wasn't an addition. She could have asked a few questions rather than place this cloud on a loan. It seems like this first appraiser who said there was an unpermitted in-law apartment addition placed doubt on the situation. You don't think all these appraisals don't get recorded so the lender knows about them, do you? Because even after a good second appraisal the lender refused to fund the loan based on what they knew on record about the first appraisal. And one of them seems to have called the owner's Code Enforcement office on her.
Well, I know this doesn't help you, but it has helped me. I am just about to put my house up, and it's in the same price range as yours. I am indecisive about how to price it, because if I price it to sell, the lowball offers will come in at an even lower starting point. And I also need to be prepared mentally for lowballs -- but it's hard. I take them very personally!
The house I'm in has some kind of weird sump pump discharge pipe out to the street. I didn't know a darn thing about sump pumps, but after I was in, I thought I read that it was illegal to dump sump pump water into a storm drain. I asked the code enforcement guy for a copy of the permit, just so I'd have proof in case I ever sold and anyone questioned it. It's ashame your in-law suite had to ruin the whole deal.
Well, she reported what she thought she saw and thereby didn't do a good job. For one thing, it wasn't an addition. She could have asked a few questions rather than place this cloud on a loan. It seems like this first appraiser who said there was an unpermitted in-law apartment addition placed doubt on the situation. You don't think all these appraisals don't get recorded so the lender knows about them, do you? Because even after a good second appraisal the lender refused to fund the loan based on what they knew on record about the first appraisal. And one of them seems to have called the owner's Code Enforcement office on her.
Appraisals don't get recorded. A FHA appraisal will stay with the property for six months, for FHA loans only. The lender knew about the first appraisal because they had it.
I seriously doubt the appraiser called Code Enforcement.
*I* am not even sure what transpired behind the scenes (who called the city to demand they inspect the property, etc). I probably won't know unless the person who made the call lets me know. In the long run, it doesn't really matter. All that matters is that the city doesn't want or need to issue permits for my "in-law addition." The appraisal was not an FHA appraisal, by the way.
I live in a relatively small city in a quite rural part of Tennessee. I'm not sure that plays a role in how the city has responded (they actually were quite professional from what I could tell, so I am not implying that they were dumb/rednecks/hicks), but I think it's probably reasonable to assume that this issue is treated differently here than it might be in, say, Philadelphia or in the Atlanta city limits.
[quote=thebigW;30985351] The lender knew about the first appraisal because they had it.
Well there ya go.
I've had people say "you just got an appraisal" or "an apprasial was done on this house". Whether noted somewhere or not, you'd be surprised I guess then that appraisors know each other and talk. Lots of info out there whether if should be or not. And info from many years past. Our village now includes countless individuals we don't know and never even see.
On top of all of that, I feel bad for the people who own the home we were under contract to buy, too. None of this is any of their fault but they are getting screwed by it as well.
Which is why some sellers don't accept an offer with a contingency of the buyer selling their current home, unless it has protections for the seller, such as:
Quote:
Removal of sale contingency. This option lets the seller kick you out of the purchase agreement if the seller receives another offer. Should the seller receive another offer, this provision lets the seller give you, by default, 72 hours to remove your contingency. This does not mean you need to sell, but your agreement would no longer be contingent on the sale. Removing your contingency means you would need to find the funds to close elsewhere such as by obtaining a bridge loan or liquidating assets.
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