Everyone knows the appraisal is in and what it appraised for but me

[Anonymous]

Pretty much what the title says. My agent let me know yesterday the appraisal was in and there were things that needed to be done for it to go FHA. Most we knew and have in the contract for repairs. The appraiser left a list with the homeowner of things that needed to be done for it to appraise for loan value. The kicker is they sent the report to my lender added to the list on their report. My lender contacts my agent and my agent was ok lets make this legal send me the list and what does my lender do sends the report and appraised value to both my agent and the listing agent. WTH? I was under the impression that the appraisal was ours and we needed to give consent for it to be shared with the listing agent. It came in higher than what we are paying for it. Repairs need to be done and my only saving grace may be this chick really needs to sell her house as she closes on the 14th for her new home and we close on the 15th. Now I am hearing that the listing agent is incenuating the seller needs help to get the repairs done (read they want me to pay for it) I am so **bleep** mad.

[VALoanMaster]

Your LO messed up! There is no way you ever send a copy to anyone other than the person who paid for it. I get asked by agents all the time for a copy of the appraisal & I always tell them to ask the borrower. It's your appraisal so you need to be the one that shares it if you want.

[Anonymous]

After I finally got a copy of the email it wasn't the whole report just the list of things that need to be done but she did tell them the appraised value. So their agent does know the appraised value.

[NC_Mtg_Loaner]

A couple things.....

First, it won't matter if it appraised for more than the contract price, your loan amount is going to be based upon your sale price which is the guidelines for FHA.    

Second, since it's an FHA loan, your loan can't close and fund w/out you receiving a copy of the appraisal so you will get one--there's no need to panic, although I certainly understand wanting to review a copy of it.

Lastly, if the appraiser singled out some conditions that must be "cured" prior to closing and funding, this is entirely on the seller and shouldn't be your concern.   However, with that being said, if the seller doesn't complete the required repairs it's possible they could be considered to be in "breach of contract" if they back out at this point.   While this isn't likely or highly probable, it certainly could happen, but it's more likely that the seller will merely complete the required repairs and pay for them at closing out of their proceeds unless they choose to refund you your monies and let the house sit on the market until a buyer comes along with a conventional loan offer or cash, which can take a much longer period of time.

[VALoanMaster]

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@Anonymous wrote:

After I finally got a copy of the email it wasn't the whole report just the list of things that need to be done but she did tell them the appraised value. So their agent does know the appraised value.

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Ok so the only questionable thing is the seller/seller's agent now know how much the home appraised for. 

As far as the listing agent hinting that the seller wants you to pay for the repairs, it's the listing agent's job to get the most money possible for their client so of course they're going to see if they can get you to cover the repairs. That's nothing to get upset about, simply tell them no.

You're in a good position here because the seller has motivation to close on this as soon as possible which means they're less likely to cancel the contract & re-list the home.

[Anonymous]

It is so dang stressful!!! Then my lender tells me this morning since the appraisal was submitted they are going to need receipts. They didn't ask that of my realtor and there is no receipts if your doing the work yourself. What they wanted cured doesn't usually come with receipts. Its gonna be a mess but I think it will work out in the long run. At least I won't loose my earnest money. 

[Anonymous]

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@VALoanMaster wrote:

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@Anonymous wrote:

After I finally got a copy of the email it wasn't the whole report just the list of things that need to be done but she did tell them the appraised value. So their agent does know the appraised value.

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Ok so the only questionable thing is the seller/seller's agent now know how much the home appraised for. 

As far as the listing agent hinting that the seller wants you to pay for the repairs, it's the listing agent's job to get the most money possible for their client so of course they're going to see if they can get you to cover the repairs. That's nothing to get upset about, simply tell them no.

You're in a good position here because the seller has motivation to close on this as soon as possible which means they're less likely to cancel the contract & re-list the home.

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yeah I told them no. We already knew most of the stuff that needed to be done and that in the contract that they agreed to do. Her listing agent didn't do her due diligence to make sure it was done when she scheduled the appraiser to come out. We ended up having the inspection and the appraisal done on the same day. Not my intentions I didn't schedule the appraiser the listing agent did. It is a mess. There is so much more bullhockey that has gone on since the offer was accepted. 

[CreditInspired]

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@VALoanMaster wrote:

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@Anonymous wrote:

After I finally got a copy of the email it wasn't the whole report just the list of things that need to be done but she did tell them the appraised value. So their agent does know the appraised value.

---

Ok so the only questionable thing is the seller/seller's agent now know how much the home appraised for. 

As far as the listing agent hinting that the seller wants you to pay for the repairs, it's the listing agent's job to get the most money possible for their client so of course they're going to see if they can get you to cover the repairs. That's nothing to get upset about, simply tell them no.

You're in a good position here because the seller has motivation to close on this as soon as possible which means they're less likely to cancel the contract & re-list the home.

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+10

[CreditInspired]

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@Anonymous wrote:

It is so dang stressful!!! Then my lender tells me this morning since the appraisal was submitted they are going to need receipts. They didn't ask that of my realtor and there is no receipts if your doing the work yourself. What they wanted cured doesn't usually come with receipts. Its gonna be a mess but I think it will work out in the long run. At least I won't loose my earnest money. 

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Exactly what is it that can be cured without a receipt. Usually, FHA doesn't require cosmetic fixes.

[Anonymous]

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@CreditInspired wrote:

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@Anonymous wrote:

It is so dang stressful!!! Then my lender tells me this morning since the appraisal was submitted they are going to need receipts. They didn't ask that of my realtor and there is no receipts if your doing the work yourself. What they wanted cured doesn't usually come with receipts. Its gonna be a mess but I think it will work out in the long run. At least I won't loose my earnest money. 

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Exactly what is it that can be cured without a receipt. Usually, FHA doesn't require cosmetic fixes.

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Hauling off junk, that usually doesn't come with a receipt when you don't pay someone else to do it, the most there would be a receipt on is paint bought if you didn't already have it and most of the paint they already had. Fixing a leak yourself, moving dirt passed the brick for drainage that takes a shovel and we are all rural so we do this stuff ourselves. The master bathroom has to be finished. They have already got all the materials to finish it so highly unlikely they still have receipt. I am still not sure what they mean by attic access must be provided.. there is a huge door that drops down out of the ceiling for attic access. Windo A/C needs to be secured... barn full of stuff to secure it with so need for receipt there. They want to mess with my out buildings that I WANT.. either repaired and painted or removed well depending on what out buildings they are talking about they are going to be messing my livestock covers and feed storage. I had plans for those out buildings.