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My loan didn't close due to HOA not haivng Budget Reserves. I have a new Lender who has no problem with the HOA not having Reserves. And I have a better deal with new Lender. The new Lender sent me an Appraisal Transfer Letter to give to Chase. Is Chase known to transfer Appraisal? Also, I am hoping the Seller ( REO Property) grant me an extention since I have a new Lender. If they don't I still get all of my earnest money back because the loan didn't close due to the issue with HOA.
sounds like you are in a good position! i hope everything works out for you!!!
You paid for the appraisal right? If yes, then I see no reason why Chase would refuse to release it to the new lender.
Chase do not transfer or accept appraisals. Which is no problem as long as they give me my money back.. Now that I have found a new Lender who can close my loan, I am now worried about the Seller not agreeing to an extension to give my new Lender time to close the loan. I sent the Seller a letter explaining the situation although the listing agent know what's going on, so I hope they understand. This has been a long process for me.
@Anonymous wrote:Chase do not transfer or accept appraisals. Which is no problem as long as they give me my money back.. Now that I have found a new Lender who can close my loan, I am now worried about the Seller not agreeing to an extension to give my new Lender time to close the loan. I sent the Seller a letter explaining the situation although the listing agent know what's going on, so I hope they understand. This has been a long process for me.
As I understand it Chase won't do that either; and actually that money is already spent and it's in their T&C at least on my loan paperwork.
Chase got far enough on this round to do an appraisal as well before I just up and decided to wrap my arms around my employer and hold on tight heh. So I'm out two appraisal fees, won't be the worst mistake I've ever made financially and that's on me anyway for not really looking at options before simply taking the easy route. Easy not always better, go figure.
@Revelate wrote:
@Anonymous wrote:Chase do not transfer or accept appraisals. Which is no problem as long as they give me my money back.. Now that I have found a new Lender who can close my loan, I am now worried about the Seller not agreeing to an extension to give my new Lender time to close the loan. I sent the Seller a letter explaining the situation although the listing agent know what's going on, so I hope they understand. This has been a long process for me.
As I understand it Chase won't do that either; and actually that money is already spent and it's in their T&C at least on my loan paperwork.
Chase got far enough on this round to do an appraisal as well before I just up and decided to wrap my arms around my employer and hold on tight heh. So I'm out two appraisal fees, won't be the worst mistake I've ever made financially and that's on me anyway for not really looking at options before simply taking the easy route. Easy not always better, go figure.
I was told I would get the money back.. I've already sent American Express after them to get its money.
Got my money back from Chase for the appraisal. Fortunately, I used my AMEX card to pay for the appraisal. Depending on what the Executive office tell me regarding my complaint, I may take things a step further since they ruined my credit for conditioning me to close 3 credit cards, and liquidate brokerage account.