It seems as though I'm not "allowed" to have a smooth transaction. I posted a few days ago about a situation where the buyer wants to meet the seller for a final walk through before closing. Boy did this almost blow up this week.
So, the lender had 4 appraisers take a look at the house, and we let the listing agent and her sellers pick the final appaiser. Even the highest appraisal was $10k below our sales price. After 3 days of bickering on both sides, the sales price was lowered to the appraised amount and closing costs were reduced.
We put the appraisal into underwriting, and low and behold, the appraiser is on the Lender's "Watch List" from 2004. What could he have done in our market in 2004 to be on a watch list? Our market hasn't had ridiculous appreciation like other markets. So, the appraiser throws a huge fit and won't let any other appraiser sign off on his work. The lender orders a Field Review to go by all the comps used and see the actual subject property. So, the sellers threaten to terminate the contract. In Texas, the sellers have Specific Performance and cannot terminate a contract!! The listing agent didn't seem to understand that.
Again, long story short, the field review finally came in yesterday and they're going to accept the appraisal and now no one wants to meet anyone at the walk thru, except my buyer wants to give the listing agent more than a piece of her mind!!
Can I please get an easy transaction??!!
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