Due to the newly passed HVCC neither you nor your agent (if you are using one) may be able to speak with the appraiser.

B of A sure does know how to treat it's customers!

Hi Sheri,

I hope that you are working with a Realtor that has experience with purchasing HUD properties. Many of these homes are not in "move in" condition. FHA rules are changing daily with our current real estate market. FHA has a history of not lending on homes that are not in move in condition. I am surmising that BOA may have a 203K loan program which is a rehab program to allow the average buyer the opportunity to buy a distressed property and incorporate the costs of the rehabs into the loan before closing. In that case, they may have sent a regular appraiser to give them a value on the property and found that repairs were needed before they would loan on the property. The second appraisal could be to see what the repaired value on the home would be to see if they are willing to lend based on that appraisal.

Purchasing distressed properties can be a great savings to the individual, but it doesn't come without problems that arise on the way. If you have a great agent, they can work through these obsticles and help you achive your goal. Keep in mind, that bank owned properties are a different situation than a regular resale situation and take a great deal of patience for all of the parites involved.

I wish you the best in this endevour and just make sure you have a back up plan for a possible delayed clsoing date on the home.

Unfortunately, the bank is only concerned about protecing their assets, not about your closing date. We are a real estate/construction/appraisal company. We have been working on a closing for over three months on an 80% loan and were told they were going to do another appraisal. When the market fluctuates as it is now, lenders are extremely cautious as they all have "big brother" looking over their shoulders.

Question number 1 are you working with an agent? If your answer is yes then contact your agent and request that they contact the appraiser and find out when the information will be available. If you don't have an agent request the appraiser's name and phone number from Bank of America and contact him or her yourself to see when it will given to the bank. An appraisal can take a week to ten days depending on how busy the appraiser is. Good luck!!!