Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,332,375 times
Reputation: 6472
I'm thinking that you have asked all of us for opinions about this purchase from day -30. We've contributed our opinions. You have rarely followed up on one thing without starting a new thread. You never seemed to have mentioned that you are represented by an agent. Now the poop has hit the fan apparently.
As a normal part of the process, the lender picked the appraiser to appraise the home we are buying. The appraisal came in at the price we offered. Seemed like everything was fine. They sent me the appraisal doc. They also confirmed with the seller's agent that the appraisal was at the offer price. The seller's agent sent the OK to my agent and I waived all the contingencies.
Now, in the lender's final review, they are telling me that the appraisal is no good and that it should have been appraised for more than 10% less ($80K). We have 8 days until we close with no contingencies now!
We can't pay an additional $80K to cover this. What are our options? Will we be likely to lose our deposit?
Your agent should be able to tell you this and help guide you through a reasonable resolution.
With the new laws in place making those issuing the loans liable if the purchaser is unable to make payment, I expect to see more of this. Loan boards are going to be more protective when making the loans and second guessing the information.
Yes, who's the lender? A regular company/institution or a group of old guy friends who lend money for primary mortgages. I've encountered that. I guess for the adventurous loan officer. They turned down a couple moving from their mansion to a much smaller house but on a lakefront with tremendous mountain views. I guess being city boys they could not believe the smaller home would be a primary residence. They lost that one.
As a normal part of the process, the lender picked the appraiser to appraise the home we are buying. The appraisal came in at the price we offered. Seemed like everything was fine. They sent me the appraisal doc. They also confirmed with the seller's agent that the appraisal was at the offer price. The seller's agent sent the OK to my agent and I waived all the contingencies.
Now, in the lender's final review, they are telling me that the appraisal is no good and that it should have been appraised for more than 10% less ($80K). We have 8 days until we close with no contingencies now!
We can't pay an additional $80K to cover this. What are our options? Will we be likely to lose our deposit?
sorry but that doesn't makw sense, the "lender" picked the appraiser, how can they say otherwise now? And why did u drop your contingencies??
sorry but that doesn't makw sense, the "lender" picked the appraiser, how can they say otherwise now? And why did u drop your contingencies??
Because they gave the word that the initial appraisal was at our offer price. Looked like they were saying everything was fine. So we dropped the contingencies because of their word. Then they went back and changed their thoughts on the appraisal.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
