I just want my clear to close!

[dementia]

Man, what a trip this has been. Had been working with a lender for 9 months, and finally got down to the end and find out he can't do anything with the loan. So, in an act of desperation, I found Wells Fargo who approved me on the spot. Things have been moving rather rapidly and we are now stuck in a paperwork jam. Here's what happened: The original lender had ordered an appraisal for the VA loan. The appraisal came back almost $10k over the contract vaule for the house which was great. Since this lender decided he couldn't close the loan, he forwarded me the appraisal which I then forwarded on to Wells Fargo. In this time, Wells Fargo ordered an appraisal. This appraisal came in $8k BELOW contract value. I did notice a discrepancy though. This appraiser utilized the wrong contract. He used one that was outdated and did not include any of the options that were purchased. The contract date he used was 9/2012 (unimproved) vs the other appraisal contract of 12/2012 (after upgrades). 

So now, the file is having to go back to the VA to have the appraisal adjusted. This is becoming extremely frustrating as I continuously push movers and painters further and further back. I was originally supposed to close yesterday until the underwriter came back with additional conditions, and now this... How frustrating!

[swtneka]

Sounds like closing is right around the corner.... keep your head up!

[426MW]

Welcome to the insane, no rhyme or reason world of VA appraisals!  I fought mine for 14 business days due to a jerk appraiser that refused to adjust the value.  I was told several times by my LO that it wasn't looking good and I should start looking at other homes.  I spent hours and hours looking for better comps than what he supplied.  My realtor and I found several and submitted them.  The SAR finally accepted one of them, adjusted the value and signed off on it.  I know the angst your are feeling right now.  I have been down that exact road and it sucks!  Hang in there, it will all be over soon!

[dementia]

I really hope it's not 14 business days down the road. But, I'll continue to keep my head up. It just sucks having so much pressure coming down from multiple people and I don't have any good answers. 

[swtneka]

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@dementia wrote:

I really hope it's not 14 business days down the road. But, I'll continue to keep my head up. It just sucks having so much pressure coming down from multiple people and I don't have any good answers. 

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<<<<<hug>>>>>>

[dementia]

So, I spoke with the appraiser yesterday. He realized his mistake and has agreed to creect his appraisal. He just needs to receive a copy of the updated contract and he will turn around a new appraisal. Hopefully this means I don't need to go through the whole SAR process to get a statement of value from the VA. Having worked for the government before, I'm well aware of the hurry up and wait mentality.