Appraisal Nightmare

[Anonymous]

I've been watching these forums for awhile, but never posted. Now I feel I need someone to talk to. Our appraisal was ordered two weeks ago. This past Monday it was supposed to be completed. This is the final condition we need to get our loan.

Instead of getting our appraisal on Monday we got an email from our LO saying the appraiser had been in an accident and could not do it. Now it's Thursday and no one else has been found to do the appraisal. Our mortgage contingency date is the 19th.

I am frustrated, upset, and angry. This appraisal company has already taken our money and we are just sitting here waiting. I don't think it's possible to meet our contingency date now and I'm scared. The house we want is a foreclosure owned by a bank, I assume they won't appreciate the delay or care about the reasons behind it. I'm terrified we are going to lose the house of our dreams over something so stupid that we have no control over

[DallasLoanGuy]

there is still time. is everything else signed off?   no conditions except appraisal? 

your bank can porder a rush.... 

seller bank will understand the delay is appraisal management issues

[bdhu2001]

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@Anonymous wrote:
I've been watching these forums for awhile, but never posted. Now I feel I need someone to talk to. Our appraisal was ordered two weeks ago. This past Monday it was supposed to be completed. This is the final condition we need to get our loan.

Instead of getting our appraisal on Monday we got an email from our LO saying the appraiser had been in an accident and could not do it. Now it's Thursday and no one else has been found to do the appraisal. Our mortgage contingency date is the 19th.

I am frustrated, upset, and angry. This appraisal company has already taken our money and we are just sitting here waiting. I don't think it's possible to meet our contingency date now and I'm scared. The house we want is a foreclosure owned by a bank, I assume they won't appreciate the delay or care about the reasons behind it. I'm terrified we are going to lose the house of our dreams over something so stupid that we have no control over

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What is your real estate agent doing for you?  He/she probably knows other appraisers.  He should be on the phone with the lender & the foreclosing bank, on your behalf.  Also, you should be on the phone talking to a manager telling them to send an appraiser immediately or allow you to select one from the local area. Remind them about the earnest money and you can't afford to lose those funds due to their contracted appraiser being indisposed.  They have to have additonal appraisers.

Anyway get in there and make them give you the right answer; your agent & the loan officer earn their money by assisting you through these snags. Let them earn their money.

[Anonymous]

As far as I know, everything else is signed off. Our agent has been MIA during most of this proceeds. Unless we call them we don't hear a thing. We spoke with our lender and this company is the only one they use for appraisals. We live in a rural area so apparently there are few appraisers around.

I was considering calling the appraisal company personally. Thus far, only our LO has spoken with them. I didn't know if it would be bad to call them personally? I just don't feel like there is any urgency from anyone.

[bdhu2001]

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@Anonymous wrote:
As far as I know, everything else is signed off. Our agent has been MIA during most of this proceeds. Unless we call them we don't hear a thing. We spoke with our lender and this company is the only one they use for appraisals. We live in a rural area so apparently there are few appraisers around.

I was considering calling the appraisal company personally. Thus far, only our LO has spoken with them. I didn't know if it would be bad to call them personally? I just don't feel like there is any urgency from anyone.

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Of course you can call them personally, they took your money.  Advise them that you need them to send someone for the appraisal immediately or contract out (thru their company) for the appraisal. With the town being small, there must be other appraisers the company knows about and trust in the area.  What is your agent and loan officer doing about this and talking to Foreclosure bank.  They are supposed to be your advocates.  At a mininum one or both should have contacted the foreclosing bank on your behalf and asked for an extension (due to the circumstances) so that it won't be so trying on you.

What is the new date of the appraisal?  Your loan officer needs to have an answer, or they need to send an appraiser from a surrounding town.  Again ask for supervisors, managers, directors or whoever will give you some type of answer about this appraisal. I'm sorry the person was in an accident, but how long will they be off, before they get to your appraisal. You need answers. Require that these people, who are making money off of you, give the answers to you and supply some service for their money.

[Anonymous]

wow that happened to me too

i was supposed to close on 6/16 everything was good to go 

and after the appraisal on 5/30 everything went to hell! appraisal came below 20k 

i had only 2weeks left to close and this was going no where, and finally my agent contacted the mortgage broker and decided to try them 

guess what?  6/12 TODAY!! i got a call from my mortgage broker saying the loan doc will be ready tmr and i will be closing next week =)

i should have used the mortgage broker instead going to the lender in the first place.

hope everything works out for you 

[Anonymous]

There is no new date. Which is why I am so upset with this. I am going to make phone calls tomorrow and stand up for myself. Thank you for validating my concerns.

[Anonymous]

Foxerar, I am so happy you have a closing date! I can only imagine your excitement. Thank you for sharing your story. It gives me hope things will work out for us too.

[Anonymous]

When they order a rush, how quickly can that push it up?

Our appraisal was ordered on the 11th when our deal went to U/W again. Our Loan Officer told us that he hopes to see it today but don't count on it coming in sooner than the 23rd.

[ezdriver]

Appraisals have to be ordered by the lender ... and the order is submitted to a clearinghouse type operations so the appraiser is never hand-picked. This is the way our government regulations require the process to work. The lender and selling bank will work through this as it is not unusual to have appraisal-related delays.