Home Buying in 07728>Question Details

Edward Bonfo…, Home Seller in 11204

Would wells fargo order an apprasil if they were gonna denie my mortgage?

Asked by Edward Bonforti, 11204 Wed May 9, 2012

Im still waiting for a final aproval I close In 6 days I'm freaking out its still with the secound underwriter my lo told me everything fine and they order an apprasil Monday and my realtor told me the appraiser was there yesterday so is this a good sign would they order an a apprasil if I was gonna get denied?

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Yankeesfan’s answer
Please, STOP POSTING!!! You rant on and on without any proper punctuation or sentence structure. Your spelling is AS BAD AS THAT OF A 7 YEAR OLD! You come off as uneducated and all else that goes with that. Take the time to ask a question that makes sense and use correct English!

Thank You.

1 vote Thank Flag Link Mon May 28, 2012

An appraisal is NECESSARY to obtain the mortgage commitment. The house MUST appraise at or above your contract purchase price. ALl banks order them prior to issuing (or not issuing) the final commitment and "clear to close". There are things you can do it if doesn't appraise, but for arguments sake let's assume it does.

The only thing I can see is that if the appraisal was only done Monday, you may not get the commitment in time for your scheduled closing. Annoying yes, and stressful yes, but not to worry.... as long as you attorney /closing agent know this is the case and have him/her in the loop to protect you should you have to go past the closing date while waiting for the commitment. You might even have your attorney contact the LO at Wells to find out what the deal is as far as the status of the loan.

Good luck !!!
1 vote Thank Flag Link Wed May 9, 2012
I experienced this too with my last transaction, appraisal ordered WAAAY too late to get to underwriting in time to meet the contract closing date. We closed 2 weeks late but we closed. Frustrating and aggravating, but the key is to keep on top of the LO and ask what's happening, on a daily basis if necessary.

Good luck!!
1 vote Thank Flag Link Thu May 10, 2012
Did your client have to pay a penalty for extending the closing date ?
Flag Thu May 10, 2012
We have experienced this also, and most times the mortgage was approved and once it wasn't. It is stressful but keep in touch with your mortgage rep and your attorney and hopefully you will close soon. Best of luck!
1 vote Thank Flag Link Thu May 10, 2012
Hi Elenie,

I've seen this pattern before with Wells with a client of mine. I think you might want to speak to your mortgage rep and ask him or her to level with you in regards to your mortgage. My client ended up not getting the mortgage in the end and she had to start the process with another mortgage lender.

I can't say that this is the case with you, but I wanted you to know about my experience.

i wish you good luck and let us know how you make out.
1 vote Thank Flag Link Wed May 9, 2012
There are many different reasons for ordering a new appraisal. One reason is that the original appraisal order was never done. Another reason could possibly be that the mortgage company you are working with switched your loan to Wells Fargo and a new appraisal for Wells Fargo needed to be done. Rather than speculate on what may have happened, it probably is best to speak with your loan officer about where your file is and try to get your mortgage commitment. It is not uncommon with some banks to order a new appraisal if the appraisal provided does not pass an automated verification process. This may or may not be the case for your home loan. In any event, to get a straight answer, you ought to speak with your loan office. Robert Bruckner Coldwell Banker, New Jersey
1 vote Thank Flag Link Wed May 9, 2012
It is so irritating;
The Banks are sooooo arrogant and insensitive!
They do not send you a signed ACCEPTANCE; at best, they will send a COUNTER OFFER or an ADDENDUM.
You are suppose to read between the lines.

If your Escrow is suppose to close in 6 days, you should be Okay. But, how would you know?

My suggestion would be to go straight to the Escrow Officer and ask them if everything was on track for Closing. Where the Realtors may not know; the Escrow Officer has to know.

Good luck and may God bless
1 vote Thank Flag Link Wed May 9, 2012
0 votes Thank Flag Link Wed Oct 2, 2013
The bank is evaluating two things in order to make their final assessment and produce a firm commitment (1) you the borrower; (2) the value of the property itself against which they are lending.

It is possible for either of the two to fall short.

Assuming that you are cooperating fully with all bank requests on a timely basis, it is very possible that the review of you as borrower will be largely completed prior to appraisal. I would ask your lender where that stands.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Wed Dec 5, 2012

Sometimes lenders are a pain and they have a way of moving way to slow if you fall short just apply for an extension.

Keller Williams Realty
3xUS Army Veteran
Joseph Fernandez
cell: (817)975-7258
off: (817)635-1157
website: http://www.blissful-estates.com
0 votes Thank Flag Link Tue Dec 4, 2012
As others have made clear, your financing cannot be approved without the appraisal, so it is an absolutely essential part of the process. The bank must accept your credit and that of the property - and so your loan will be approved if both you and the bank pass that careful review, you for your credit and the property for its value to support the loan.

Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Tue May 15, 2012
And I was denied by the first underwriter m they send it to the secound underwriter they denied me for late payments I had a year and half ago when I was unemployed but I payed those 2 late payments I didn't loose any of my credit cards sooooo that's y I'm freaking out even more I'm scared to get denied again
0 votes Thank Flag Link Wed May 9, 2012
This is the first appraisal that was ordered
0 votes Thank Flag Link Wed May 9, 2012
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