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2 Comments on Mortgage Loan U/W requests THIRD appraisal for New FHA Loan - is this legal?
Andrew: Sorry to read you're having trouble there. Hopefully you got that one closed. My best to your at your new venue.
Hello Matt,
Yes, the loan did close yet the closing date had to be rescheduled three times. We had a good Buyer's agent who, unfortunately, could not pick his lender. (I've never had a Lender be so rude to me on the phone, yet I think he feels the same way! :^)
Of course, all is well that ends well, yet I really wonder about this potentially discriminatory practice of insisting on three appraisals. Were they going to keep digging until they got a lowball appraisal, then say, "Ah ha! My suspicions were right!". Fortunately, the third appraisal came in thousands above the Offer price so, they finally gave up the hunt.
We REALTORS need to explain to Lenders that, while we may not have much that is sacred in our industry, the closing date is the closest thing to sacred that we have. They missed it three times and we were very close to walking away from the deal.
As for the new venue, it's a good fit for the investor/REALTOR(tm) in me. Same balloon, different landing pad. I'm working so many short sale files now that I'm having to develop new systems to keep track of stuff. Very exciting and I'm able to be of help to folks in trouble, so this is good.
All my business and personal best!