A flick of a switch

By
Real Estate Agent with Coldwell Banker RE LLC

I currently have one of my listings under contract that is scheduled to close tomorrow.  This is a nearly new home.  To my surprise, I just got a call from the lender saying that they need to do a re appraisal because the initial appraisal report did not indicate whether the electricity was on at the time of the appraisal.  Now, I know it was, yet no matter my assurances, the lender said that the property would have to be re appraised.  In other words, the lender is going to pay an appraiser to come to the property tomorrow to flick a light switch.  Furthermore, they informed me that if this silly exercise is not done, that they would kill the loan for a buyer with an 800 credit score and 30% down.  How silly is this???

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Florida
Groups:
All Things Florida
Tags:
miami fl
miramar fl
mami lakes

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
508,195
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Hi Carlos, Why don't they send the original appraiser back out to finish the job.  Don't be fooled, the bank won' t be paying for the second appraisal, the buyer will be.  Check the HUD 1.

Dec 02, 2009 04:14 AM #1
Rainer
36,925
Paul C. Wilkinson
CENTURY 21 Preferred - Menifee, CA
GRI, REALTOR -Menifee, Murrieta, Temecula - (951)

Frustrating isn't it?  Even though a death certificate was provided to all parties, the lender of my recent buyer's wouldn't complete a deal because BOTH sellers had not signed the purchase contract!

Dec 02, 2009 04:17 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
17,474

Carlos Lobato

Ask me a question
*
*
*
*
Spam prevention