Help...Closing on 20th. Still no Appraisal

[boog13]

Hi All,

I'm set to close on Monday however I have not yet received a copy of the appraisal.  I received the closing documents this morning but I still don't have a clear to close from the underwriter.  I'm being told everything is good on my end, just waiting on the appraisal.  I have requested the report a number of times but I keep getting the runaround.  I'm guessing the house appraised for lower and the company is contesting the appraisal.  I will not sign off on the home until I see the report.  Any suggestions on what my next step should be?

FYI, I did not pay for the apprasail, I was told they would roll it into my closing cost.

[Shooting-For-800]

Have you called the appraiser directly?

[boog13]

No. Up until today, I did not have the name of the company.  I only found that by looking at the closing documents.

[VALoanMaster]

Please do not call the appraiser.

What type of mortgage did you apply for?

What exactly did you lender say?

[boog13]

FHA loan.  LO is sending my request to the sales manager. He knows its irritating waiting on it but he's doing what he's told.  During my first walk through, the sales rep told me the appraiser used comps from the next community and they believe its incorrect. This is what makes me think they are contesting the appraisal.

[pgtackle2003]

One thing to point out here, is that unless you signed a waiver, by law they have to provide you the appraisal results 3 days before closing. Now if you signed the waiver that is not the case. So if you don't have the appraisal results by Friday, legally your closing has to be extended. I really don't think you have much choice but to wait until they call and tell you they have the results and are satisfied.

[boog13]

No, I didn't sign any waivers. I guess I'll have to wait until Friday to see how this will turn out.

[CreditInspired]

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@boog13 wrote:

Hi All,

I'm set to close on Monday however I have not yet received a copy of the appraisal.  I received the closing documents this morning but I still don't have a clear to close from the underwriter.  I'm being told everything is good on my end, just waiting on the appraisal.  I have requested the report a number of times but I keep getting the runaround.  I'm guessing the house appraised for lower and the company is contesting the appraisal.  I will not sign off on the home until I see the report.  Any suggestions on what my next step should be?

FYI, I did not pay for the apprasail, I was told they would roll it into my closing cost.

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I know the closing is nearing quickly, but please understand if it's a hot market in your area, your appraiser may be inundated with work.

Also, if it's a new housing development, there is a possibility that the appraiser is having a difficult time getting the comps and the builder may be pressing him/her if the appraisal is coming in lower. But be patient, no one is deliberately giving you the runaround.

If the appraisal comes in low, then either the Seller has to reduce the sales price to the appraised amount or you come to the table with the difference, which I don't suggest doing. So, if the appraisal is low and the Seller decides to walk, it's really kind of crazy because that appraisal amount will stay in the database for I think 6 months, so anyone else who wants to buy the house, their lender will see that appraised amount.

[NC_Mtg_Loaner]

When was appraisal ordered?

Since you are doing an FHA loan you do have a few extra protective measures in place......

1. if the house isn't sufficient colatteral for your loan you won't be able to close.  So the value must be in line with price for your loan amount to be accurate and the property must meet HUD's minimum standards or you won't be closing as the bank simply can't fund.

Sure everyone's busy, but you really ought to have a better understanding of what's going on at this stage of the game, so I'd continue reaching out to your LO for answers.

I hope it all works out in your favor.   Keep us posted.

[boog13]

So, my realtor sent an email last night regarding this issue to the sales agent and LO.  This morning a revised contract was sent over for me to view and sign.  The price of the home was reduced.  I did not sign the contract b/c the sq footage listed was incorrect.  They are now trying to fix the issue and will send a new copy.  The appraisal report has not yet been uploaded so I still haven't seen it.