Home Buying in Dallas>Question Details

midatl, Home Buyer in Dallas, TX

What is a "random" appraisal audit?

Asked by midatl, Dallas, TX Sun Nov 4, 2012

My loan process began over three months ago. Everything went fine until the appraisal was ordered. After regular updates that it was coming. I was finally notified the day after it was due that the loan officer received a message from the appraisal company that "the appraiser was not comfortable appraising the property". A 2nd appraisal was ordered & said they would rush it and have it within less than a week, which we both doubted. I had got a one time extension of 30 days on my closing date. Since then communication has been vague at best and being told "we are close" day after day, only to find out,my loan was pulled for a "random" appraisal audit which no one seem to have been aware of. This came two days prior to the new closing date. We are now a week beyond the closing date and its still stuck and I'm speaking with someone in a VP office to escalate. The loan, my credit, etc is fine. Any advice on how to not lose this deal? Seller won't extend date allowing a few.

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Hi! Midatl,


This sometimes happens but who is representing you in this transaction and you might want your real agent to negogiate this extension date with additonal option money or earnest money only if the bank is confident they can get the loan done. I am not a big fan of additonal earnest money but in cases of extending the closing date that may work for the seller. This will indicate to the seller that you are serious about buying and I would contact your loan officer to get all the details before you put additonal funds on the contract. I hope this helps! Last but not least I always tell my clients if this house is meant to be yours it will work out if not there is another house that perfect for you.

Best Wishes,


Lana Quintero
0 votes Thank Flag Link Tue Nov 6, 2012
Lana,
Thank you for your response. Yours has been by far the best advice so far and your last sentence is what I live by, but this has been the hardest to stand by that guide of "if it's not meant to be", but I do now feel some relief that the seller has given us until This Friday to close and if the bank exceeds that day, the deal is over. I'm somewhat relieved that even though it's not what I would like, there will now be a finality to all of this and I can move on.
Thank you again for your advice.
Flag Tue Nov 6, 2012
I would get the listing agent involved with the situation. Closing delays is very common now. I had one that my client's lender didnt close until 2.5 months later. They also call there is a random audit but not for apprisal its just a audit so it took an extra week.

Just hang in there and I would have your realtor to communicate with the lender and also the title company. Just make sure everyone is involved and on the same page. Most sellers are very understanable these days.

Good luck

Dixon
Realtor
JP and Associate
http://www.findyourtexashome.com
0 votes Thank Flag Link Mon Nov 5, 2012
Do you have a Realtor representing you? If so, then you are most likely using the Texas Real Estate Commission contract and appropriate addenda. That being said, your Realtor (or their broker) should be able to guide you through your options to determine is your earnest money is at risk.
0 votes Thank Flag Link Sun Nov 4, 2012
Not part of the transaction all the particulars take place therefore a professional can't render an opinion.

Direct questions to professionals involved... however purchase a home can have drama I deal with it daily .

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor

Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Sun Nov 4, 2012
It is eith you or your property or both that has flagged the mortgage company. Just be honest and do everything they say.

Kenny
Turtle Creek Realty
0 votes Thank Flag Link Sun Nov 4, 2012
Thanks for the reply and I've been doing everything asked throughout the process. I'm just concerned they seem to have no control over this and cannot explain what, if anything was flagged while we continue to get farther away from the closing date. I can be patient, just don't know if my seller can/will.
Flag Sun Nov 4, 2012
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