Need help - is this even legal and how do I proceed? (score, fee)
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I’m in the process of buying a home an need help as I feel my lender is playing games. We got the appraisal back and it came in at 135600. Sale price was 135. The lender sent to UW then said “Fannie Mae Freddie Mac” guidelines wont accept the appraisers comps because he had to many adjustments. They did a desktop and it came back at 124k. Now they have sent for a “field review” and hoping to get the value up. How can they disagree with an appraisal? Is this common? The seller doesn’t want to renegotiate because they fee the original appraisal should stand. I actually agree! We are going to lose this house as our contract is coming up. HELP! I am homeless as I sold my house and my son is sleeping on a couch.
The lender can do it, but it is not common these days.
It's not "Fannie Mae and Freddie Mac" guidelines causing the problem, it's a scared lender with a limited warehouse line that is operating out of fear.
I would immediately start work with another lender who can move fast and is less likely to invoke a negative Desk Review of an appraisal. I personally have not seen an appraisal cut like that for about a decade.
You can likely get an extension with the seller, as they are more likely to get the deal closed with you, at the desired price, if you change lenders.
There rely is they are not a warehouse lender it’s there money and Fannie Freddie put the CU score at a 5 and that’s what caused the desk review. Not them ????
The lender said the comps used were 140, 89, 85, 80. And the amount of adjustments are caused the desktop review from Fannie Freddie. The MLO is a personal friend so I am not sure why he would lie, but they stated the desktop is going to go to any lender and have the same problem. Is that true?
There rely is they are not a warehouse lender it’s there money and Fannie Freddie put the CU score at a 5 and that’s what caused the desk review. Not them ????
It would be one or the other and it is not likely that both would do that - - Hell maybe it is. did they tell you if they ordered a CDA?
It would be one or the other and it is not likely that both would do that - - Hell maybe it is. did they tell you if they ordered a CDA?
all they said was they ordered a field review to see if they can bump the value. The appraisal was 135600, the desktop from clear capital was 124k, and now they ordered the field review. They are saying that the desktop will follow the house and any lender will have this issue. I’m lost and don’t know what to do. Idk what a CDA is.
I have a son and wife and we are living in a basement with 8 animals as we sold our other house. We were originally supposed to close on aug 28. They couldn’t get the appraisal in it took 3 weeks then the desktop took 6 days, and this field review has been 9. My seller is frustrated and my contract is over sept 30 and I am afraid they are going walk out of frustrations
Last edited by Mike from back east; 09-20-2019 at 05:16 PM..
Reason: Per the OP, 30, not 10.
all they said was they ordered a field review to see if they can bump the value. The appraisal was 135600, the desktop from clear capital was 124k, and now they ordered the field review. They are saying that the desktop will follow the house and any lender will have this issue. I’m lost and don’t know what to do. Idk what a CDA is.
I have a son and wife and we are living in a basement with 8 animals as we sold our other house. We were originally supposed to close on aug 28. They couldn’t get the appraisal in it took 3 weeks then the desktop took 6 days, and this field review has been 9. My seller is frustrated and my contract is over sept 30 and I am afraid they are going walk out of frustrations
Thank you. So you think that they are messing around or are they correct that any lender will have this issue? I see the comps they are adjustments of like 40k each. I understand the issue but I also feel that the appraiser was hired to give his value and he did they shouldn’t be able to change that if they disagree. Otherwise wth did I pay for?
I made them send me everything. The appraisal and it was a CDA that came in lower. If that changes anything.
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