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?