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Frequent Contributor
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Registered: ‎07-08-2012
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Update: 2nd appraisal needed, wth!? Dallas or Shane??

[ Edited ]
So, we were all set to close by next week and now my broker emailed me telling me the underwriter is now asking for a second appraisal.

This is a major set back as it clearly will delay closing again, and this time we will for sure lose our $3,000 grant from the state as it has to go back to the state if we delay closing more than 10 days, which next Friday was the 10th day.

So awesome. Just when I thought everything was done this pops up.

Has anyone seen this before??


Edit: my broker and realtor both said to make the seller pay for the second appraisal. We asked and he said he would split it, which was ok I guess.


However, everything that I am reading online is saying that for FHA If a second appraisal is required that the buyer cannot pay for it. Yet no one seemed to know this, is it true? If so how does it work and how is it paid for? We already paid for it am he will reimburse the other half but I'm not sure if the lender/underwriter know this or if it will be an issue. Obviously if they have to pay for all of it great, but my broker or realtor didn't seem to know anything about it.

Ideas?
Frequent Contributor
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Registered: ‎07-08-2012
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Re: 2nd appraisal needed, wth!?

What are the chances of getting the seller to pay for the second appraisal since its technically his fault he didn't realize there would be a title issue? We had to resubmit our app because he bought the property in December and it wasn't a full 90 days before he sold it to us.

Am I crazy for thinking he should pay for it the second time around?
Valued Contributor
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Registered: ‎08-25-2011
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Re: 2nd appraisal needed, wth!?

You are not crazy, you can always ask that they pay for it.

Frequent Contributor
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Registered: ‎07-08-2012
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Re: Update: 2nd appraisal needed, wth!? Dallas or Shane??

Bump for update in OP
Frequent Contributor
Posts: 320
Registered: ‎07-08-2012
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Re: Update: 2nd appraisal needed, wth!? Dallas or Shane??

So the second appraisal happened and they will not give us an appraisal price until the seller cleans out the crawl space. It's literally the only condition they had. It was the same condition from the first appraisal and we told the seller to clean it out 2 weeks ago when we first found out. Apparently he still has not done it. So now were delayed yet again because of his ineptness.

I am half tempted to go there and clean it out myself at this point. It's ridiculous.

I am losing out on a $3000 grant because of this moron. We should have closed last week if it weren't for him!


Grrrr
Regular Contributor
Posts: 171
Registered: ‎04-30-2012
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Re: Update: 2nd appraisal needed, wth!? Dallas or Shane??

What is the reasoning behind a second appraisal I wonder? Did the first one come short, or did it go excessively over market? That is horrible about losing the $3000...you are basically out of $4500 now....ugh!


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Frequent Contributor
Posts: 320
Registered: ‎07-08-2012
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Re: Update: 2nd appraisal needed, wth!? Dallas or Shane??

It's FHA. They required it because the seller bought it in December and flipped it under 90 days. Plus he's selling it for $90k more then what he bought it for. So FHA requires 2 appraisals.


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