Carrington Mortgage - Appraisal not done before deadline

[Anonymous]

Im going through my first home purchase with Carrington Mortgage. Im purchasing a forclosed home through the VA which has placed dealines on appraisal and loan commintment. My appraisal confirmation dealine is August 4th. Ive spoke to my loan officers boss last night and he was apologizing because the appriasal should of been ordered last week but it was supposedly just ordered yesterday. He says the appraisal will take 2 weeks and my loan commitment deadline is August 12th. Ive been contacting the loan officer for the past 2 1/2 weeks reminding him to order the apprisal and about the deadlines. Im up in arms and dont know what to do. Im getting a great deal on this home and my family loves it! Im so furious that I would try to sue Carrington if i loose this home because of their incompetence. Is this typical of this company? Is there any hope for me not to loose this house!?

[garagebandking]

I'm sorry for your situation...buying a home is already stressful enough...so when you feel like you're getting the shaft it is even worse.

I explored Carrington when I was mortgage shopping. They were happy to take my info and offer me pre-approval then never return my phone calls or emails. I think it is luck of the draw with LO and whatnot when you deal with some of these places.

Do you have a buyer's agent? If so, I'd get him/her involved and explain the situation. See what can be re-negotiated and if extensions can be granted. It isn't unheard of for delays to occur in the process.

Our appraisal for FHA was done within 3-4 days of it being ordered...I think they have up to 2 weeks to do it...it seems dependent upon when the appraisor can make it out there. Rarely are they in a rush...but maybe the boss explained the situation.

Sorry I can't be of more help...but not all hope is lost I'd imagine...be proactive and let everyone involved know what is going on.

Good luck! Keep us posted.

[StartingOver10]

This is peak season for appraisers and many of them are quoting longer turn times for the appraisal than two weeks.

Should the appraisal have been ordered earlier - no question.

But now that you are in this situation, the best thing to do is as the other poster mentioned - have your agent negotiate an extension and sign an addendum appropriately. 

You may want to find another lender if you feel this is the first of many delays. 

[DallasLoanGuy]

sick your realtor on them.... ask for a rush.

you need to protect yourself with an extension.  

and you need to follow your realtor's advice here.... this leans towards the legal side of things and you shouldnt get those answers here.