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Old 01-05-2008, 01:18 PM
 
354 posts, read 1,120,807 times
Reputation: 87

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Quote:
Originally Posted by Brandon Hoffman View Post
Addressing some of the other posts of yours:


A buyer would be crazy to accept a contract with the financing contingency removed, especially if they are putting 10k down. As a matter of fact, many buyers would balk at being told they had to put down at least 10k earnest money. Good way to not sell a house.

ch123, I'm not gonna give you negative rep back. I'm better than that but I'm not above bringing you out here.
Read my post again. I also said

Quote:
Originally Posted by ch123 View Post

It might be tough to get all/or any of the above in today's market but you can certainly try.

Last edited by ch123; 01-05-2008 at 01:29 PM..
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Old 01-05-2008, 02:23 PM
 
Location: Columbia, SC
9,318 posts, read 18,462,745 times
Reputation: 7086
Quote:
Originally Posted by ch123 View Post
Hey guys, I got enough negative rep from you guys when I replied specifically to the OP's situation, as you guys saying I was "purposely misleading". Now that the crows have come to roost and the deal did not happen why you as professionals should not get what you meted out to me for giving "misleading" advice.

To get a second appraisal , especially after the first one got rejected, and that too during X-mas for a closing in 2 weeks was just not going to happen. That is realty. Now, if it was not the holidays and it was 2006 where the appraiser's were in bed with the lender and/or the real estate agents, the settlement would have happened.
First of all, your post was wrong and inaccurate. The realtors post were not in terms of appraisal timelines. I just gave you a real life example that proved you wrong, and check the dates, mine was smack in the middle of the holidays too, and you still want to argue it takes 2 weeks. Unbelievable. All I did, and some others, was correct your erroneous post. I don't know who gave you a neg. rep but at this point I'd say it was well earned on your part.

We were all wrong about why a second appraisal was ordered. The proper advice was given on the thread which is to contact the Realtors involved and find out why. A simple phone call to the Realtors clears it all up, no fuss, no mess. You just came across as spiteful about being wrong and took it out on the wrong people.

Oh, and settlement still would not have happened because the lender went out of business prior to closing. So that is wrong also.
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Old 01-05-2008, 10:05 PM
 
354 posts, read 1,120,807 times
Reputation: 87
Quote:
Originally Posted by Brandon Hoffman View Post
First of all, your post was wrong and inaccurate. The realtors post were not in terms of appraisal timelines. I just gave you a real life example that proved you wrong, and check the dates, mine was smack in the middle of the holidays too, and you still want to argue it takes 2 weeks. Unbelievable. All I did, and some others, was correct your erroneous post. I don't know who gave you a neg. rep but at this point I'd say it was well earned on your part.

We were all wrong about why a second appraisal was ordered. The proper advice was given on the thread which is to contact the Realtors involved and find out why. A simple phone call to the Realtors clears it all up, no fuss, no mess. You just came across as spiteful about being wrong and took it out on the wrong people.

Oh, and settlement still would not have happened because the lender went out of business prior to closing. So that is wrong also.
So here is my answer to your above post. Maybe you can enlighten me where I went wrong and where you are so right!

Just ask a non REA to read the posts that a lot of REAs put on this forum and you will find out who is being spiteful.

And you are forgetting that the realtor and his broker conveniently forgot to respond to the OP's repeated phone calls and she had to threaten legal action just to get an answer on where things stood. Obviously "A simple phone call to the Realtors clears it all up, no fuss, no mess" did not clear it up. How can you defend that action? No wonder the OP is dumping the real estate agent.

Quote:
Originally Posted by GirlsMom View Post
Ok, we last spoke to our realtor on Wednesday afternoon when he called and told us that settlement was not going to happen on Thursday. I e-mailed him Wednesday night and asked that he e-mail me exactly what happened so I have it in writing. He e-mailed me Thursday morning saying he would do it as soon as he got to the office. I haven't heard from him since. I have left e-mails, voice mails on his cell and at the office. He is always out of the office, on his way in, on the other line, etc. I just want to get an update. My agent for my new home has left him multiple voice mails as well and he has not returned her calls either. I called the agent who represents the buyers for my house and he said they were looking at another appraisal being done on 12/31 and a new settlement date of 1/7. Why is my realtor avoiding me?



From the OP's post December 27th was the original closing date and it did not happen because

Quote:
Originally Posted by GirlsMom View Post
Settlement was supposed to be yesterday - 12/27. We got a call from our realtor on 12/26 to stop packing. The second appraisal came through low. He said the first appraial came in over $200k and the first came in at $176k. We sold for $193k. He said he compared both appraisals and the second appraiser totally missed my back lot (which is a pretty good size and I told the guy which yard was ours!) and he had some other specs wrong. So as of right now I have heard nothing else. Our realtor said he is filing an appeal. This is a nightmare. How long do you think this will take to get settled? I have kids that are supposed to start a new school 2 1/2 hrs. away on 1/2. I'm also curious why I got the call one day prior to settlement!
Not because the lender went out of business but because the appraisal submitted was too low. If I had to hazard a guess, the lender closed his doors Dec 31 or at least after the first settlement date ( of Dec 27th).

Also I was under the impression from OP post that the second appraisal was ordered due to lack of comps.

Quote:
Originally Posted by GirlsMom View Post
Called my agent and he said it had to do with the lack of comps in my area and not to worry.
Are you saying the above is not correct? Do you have some inside info that the OP and rest of us are not aware of?

I think there might have been a third appraisal that might be confusing everybody, including me.

Time to end this. I don't make a living out of this so there is no reason for me to defend my viewpoint. Just said it as I saw it. Apologies to all who took it too personally that my comments made them stoop so low that they had to call me "stupid" and "spiteful".

So EOD from my side.

Last edited by ch123; 01-05-2008 at 10:25 PM..
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Old 01-06-2008, 12:08 AM
 
Location: Knoxville
1,155 posts, read 3,022,213 times
Reputation: 366
Every closing and lender is different. With the mortgage market like it is now, 2 appras, sort of normal. Some mortgage lenders are just trying to cover their rears. And at last, talk to your agent and try not to worry.
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Old 01-06-2008, 12:25 AM
 
Location: Columbia, SC
9,318 posts, read 18,462,745 times
Reputation: 7086
Quote:
Originally Posted by ch123 View Post
And I disagree with your statement. I think you are missing the point.

The second appraisal was just asked for by the lender. It takes about 10 days to get one if it is pushed thru. For all it's worth, the buyer might have not yet even contacted an appraiser for it. I know loans can be funded in 3 days but that would be only after the second appraisal is submitted.
You are wrong here.
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Old 01-06-2008, 12:29 AM
 
Location: Columbia, SC
9,318 posts, read 18,462,745 times
Reputation: 7086
Quote:
Originally Posted by GirlsMom View Post
After calling and leaving messages with the broker/manager (who never personally called me back) and after calling our realtor and threatening legal action our agent finally called. Here is the latest...

He said we are at the mercy of a mortgage broker who lied to him and unfortunately he passed bad info. on to us. He said the 1st lender is out and now Bank of America is taking over the loan process. They are meeting tomorrow to review the loan, appraisal and finalize the matter. Our agent also faxed us another addendum extending the settlement date to 1/7. He said it is his understanding that the mortgage co. has a verbal ok on the appraisal but due to past bad info. he will be getting this confirmation in writing and agree to settle this asap.

What a mess. Hopefully tomorrow I will have better news.
Lender is out. Bank of America ordered second appraisal and was not original lender. Okay, I'm partially wrong, lender was not out of business, just out. BoA ordered the new appraisal when they got the client. Didn't close because of credit issues.

Anyway, go ahead and apologize. Publicly is fine. Make it for you being wrong and for the negative rep you doled out. You can sing the praises of my wisdom at the same time if you like. Thank you, Brandon
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Old 01-06-2008, 07:54 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,870,848 times
Reputation: 3698
This is a perfect example of what I said to Dave yesterday about a larger percentage of cancellations coming down the pike.

In today's market, cancellation rates will be much higher than they used to. This will only add to the weakness of the market.
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Old 01-08-2008, 08:55 PM
 
49 posts, read 115,259 times
Reputation: 19
Quote:
Originally Posted by Brandon Hoffman View Post
I have had appraisals ordered and turned in within 48 hours of an accepted contract. It takes longer on VA or short sale appraisals. They normally get 3 weeks. An appraisal can be done in a day.
Yes, a crappy appraisal can be done in one day easy.
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Old 01-08-2008, 09:00 PM
 
49 posts, read 115,259 times
Reputation: 19
Quote:
Originally Posted by GirlsMom View Post
I mean he completely missed that we even had a yard!
He recorded "no yard"
Actual dimensions are approx. 90' x 35' with large shed & new kids
swing set included.
And I bet he did it in "one day"!!
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Old 01-08-2008, 09:36 PM
 
Location: Columbia, SC
9,318 posts, read 18,462,745 times
Reputation: 7086
Quote:
Originally Posted by elduderino38 View Post
Yes, a crappy appraisal can be done in one day easy.
Yes, but a good one can also be done in one day.
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