Re: November and December Closers
11-04-2012 10:14 AM
I've read that lenders are doing re-appraisals before closing due to Sandy...just what I've read, don't know if that's fact; best to contact your LO.
I haven't heard of re-appraisals being done, but I guess that makes sense if the property has sustained damage. I was supposed to close on my condo yesterday, but Tuesday night my LO called me and told me Ginnie Mae is ordering properties in my area (including mine) to be re-inspected prior to closing. My re-inspection was completed today, which was a very quick turn around. I'm hoping to get a(nother) clear to close Monday, and actually close on Tuesday.
Good luck to everyone else in this process!!!
Thank you for the info. Who pays for the re-appraisals due to the storm - the borrower or the lender? Not sure why the lender would pay, but as a borrower I don't want to pay either. Isn't the seller supposed to certify that the house is in the same condition as it was before the storm?
We are closing on Nov 9th, and are concerned if anything major comes up in the walk-through before closing..