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Waive right to a copy of appraisal?

Valued Member

Waive right to a copy of appraisal?

So, our lender sent me a form to waive our right to a copy of the appraisal 3 days before closing. It states they will try to get it to us before then, but that the loan will fall through if they can't meet the requirement and we don't waive our right. Should I sign this form? It worries me whenever you have to give up a right to proceed with something...

 

Thanks!

Message 1 of 5
4 REPLIES
Super Contributor

Re: Waive right to a copy of appraisal?

sign it.

lenders are struggling with a lot of new rules right now

 

Retired Lender
Message 2 of 5
Super Contributor

Re: Waive right to a copy of appraisal?

This waiver that you are signing has to do with the Home Valuation Code of Conduct that went into effect beginning of May... it requires that you are given a copy of your appraisal at least 3 days prior to the closing... but, one of the areas that they actually understood, there is an allowance to waive that if you, the borrower, chooses to do so.  So basically if you don't sign it, then whenever the appraisal is done, at least a 3 day wait time has to occur.  It sounds like perhaps in your situation the closing is scheduled to happen relatively soon after they expect to get the appraisal back, so they don't want to have any delays on your closing.
Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 3 of 5
Valued Member

Re: Waive right to a copy of appraisal?

Thanks for the quick replies!

 

Well, our LO claims an appraisal was ordered at least a week ago. Our closing date isn't until Aug 21st. It seems like that would be quite a bit of time to elapse before Aug 18th rolls around...

 

[EDIT]: I should add, that Aug 21st was just an arbitrary date. I don't need to be in the house until the very end of Aug (when my apt rolls over to a month-to-month situation, landlord is pretty cool). I only want to avoid an unnecessary extra month of rent. The sellers aren't especially motivated to sell (they flipped the house), they're only itching for their money. It's not like their home-buying would be put on hold. 

 

Do you think the LO just tossed in this form out of habit?

 

Thanks!

Message Edited by DrDr on 08-04-2009 12:18 PM
Message 4 of 5
Super Contributor

Re: Waive right to a copy of appraisal?

It could've just been something that they are trying to avoid having a problem with at closing.  With all of the new regulations that went into effect over the past few months you are going to see a lot of "preparing for worst case scenario" when loans are being processed.
Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime) since 2002, based in Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 5 of 5