Financing in Minneapolis>Question Details

Markie1211, Home Buyer in Minneapolis, MN

Appraisal missing information; underwriter conditioning more items; closing delayed for the third time. Help!

Asked by Markie1211, Minneapolis, MN Fri Oct 19, 2012

I am getting a mortgage through Bank of America. The contract closing date was on or before Friday, Oct. 19, 2012... Yes, today.
We originally tried to close the 12th, but loan wasn't approved in time. So on the 11th they told me my file would take 24-48 to be approved on a rush through underwriting. So we changed the date to Wednesday the 17th.
On Friday the 12th, got an email saying its in line for underwriting so it would be 3-5 days in underwriting. Then we changed the date to Friday the 19th.
On Wednesday the 17th the underwriter conditioned an association questionaire and economic life on the appraisal!

I got an extension for closing until the 26th, but after that the seller is going to cancel the transaction and I will be homeless as of Nov. 1.

We got the association questionaire today, but the economic life should have been on there and/or error caught by boa weeks ago when we got the appraisal.

I want to close AND I want my appraisal money back! Is it possible?

Help the community by answering this question:

Answers

8
We actually got the appraisers comment yesterday. All of my conditions for final approval are closed. Now just waiting for the conditions for closing to be reviewed. Its getting down to the wire and getting kind of nervouse.

I have to be out if my house this weekend, so I would like to know where I am going.

The entire situation with the bank has been totally ridiculous.

I know I won't be getting appraisal money back which is fine as long as it closes.

Even though I am using Bank of America for this loan I will NEVER use them again for anything.

I switched to them from Wells Fargo because the terms were a little better, but not worth the hassle. Wells Fargo was a lot easier to work with and I had a final approval weeks before I had to cancel the transaction due to the association not being FHA certified.

So I am keeping my fingers crossed. Two hours and ten minutes until the file has to be in the sellers hands for review!!!
1 vote Thank Flag Link Tue Oct 23, 2012
OKAY. Sounds like you can BREATHE :)
I totally agree with you on WELLS FARGO being a better choice.
Flag Tue Oct 23, 2012
Did you close sir?
Thank you
0 votes Thank Flag Link Wed Dec 5, 2012
Markie,

Hiccups like this are not uncommon in today's market. It is just unfortunate that the time frames you were quoted were unrealistic from the get go. Asking and appraiser to do anything takes about 5-10 business days period.

In the end it is hard to blame a bank for being cautious and or following all of the newer government guide lines.

Hang in there! And be sure to update us when you CLOSE!!!

Enjoy your home.

Cody Anderson, MN Licensed Realtor

RE/MAX RESULTS
Metropolitan Home Team

Phone: 612-242-5752

Website: http://www.results.net/cody.anderson

Blog: http://www.trulia.com/blog/cody_anderson/

Are we Facebook friends? https://www.facebook.com/cody.anderson.1293
0 votes Thank Flag Link Tue Oct 23, 2012
Hi, Markie!

Ugh...so sorry this is happening. I have to agree with my colleagues here about how there seems to be far more issues with trying to get a real estate deal closed these days than there ever used to be! I've been doing this for 18 years and the buck has to stop somewhere!!!

I don't pretend to know everything about your transaction, but where's your loan office in all of this?? Somebody has to be held accountable for all of these issues that coming in so late. Somebody at your lender's office did not keep their eye on the ball throughout this process. If it was me, I would try to start talking to someone in management so they are aware of the amount of neglect that has occurred on this file. I don't say these underwriting terms are unrealistic, I'm saying somebody should have seen that these items were not being taken care of in a timely fashion for you to have final approval in time to close. That's part of what lenders need to do to make sure the files are complete and ON TIME!!

Good luck and keep us posted here so we know how you did. FINGERS CROSSED FOR YOU!!!!
0 votes Thank Flag Link Sat Oct 20, 2012
It was wishful thinking, but I will be filing a complaint against my lender no matter what. Rules state that they are equally responsible for integrity and accuracy.

I know the seller isn't bluffing and if it comes down to a cancellation I will be suing for my money back and be counting my blessings I wasn't stuck with BoA for the next 30 years.

Unfortunately, I have been looking since March. This house was offer #7 and accepted offer #3.

Its been Murphys Law with me, but I have learned a lot so far.

The problems have always been with FHA regulations or on the sellers side. It has never been me and the seller on the same team against MY lender.

I am just always looking for help where I can get it. So please, keep your fingers crossed for me!!
0 votes Thank Flag Link Fri Oct 19, 2012
Markie,

you are not going to be able to close AND get your appraisal money back. As already stated by my colleagues, you are not going to be able to get appraisal money back. You asked for an appraisal....the bank hired the appraiser....you paid the appraiser's fee.....who did their job fair and square.....

I have never seen an appraisal fee returned to a buyer no matter what the issues.

As for your situation, unfortunately - as Piper said - this is not uncommon these days. I do hope you get it closed by the deadline, because I do not beleive that seller is bluffing.

Mark
0 votes Thank Flag Link Fri Oct 19, 2012
Most Lenders have to pay a third party for the work done on the appraisal. They might not give that money back.

Call me i can help get you get closed, and give you a lender credit for that appraisal.





Jose Martinez
Coldwell Banker Home Loans Hoboken
201-494-1973
0 votes Thank Flag Link Fri Oct 19, 2012
Markie,

The last thing that you want to hear right now is that what you are experiencing is normal, but it is. As frustrated as you may be, things happen in real estate and there is always plenty of blame to go around. Any one real estate transaction is so incredibly complicated that it takes a certain level of flexibility in order to persevere. The good news is that in five years you won't even remember the details of what is happening right now. The bad news is, is that it looks like you are going to have to wait for a few more days.

As far as getting your appraisal money back, I'm sure it is possible, but unlikely to be worth the work involved. In the end I've never seen it work. Patience friend, you're almost there.

Cameron Piper
Coldwell Banker Burnet
licensed MN Real Estate Broker
Web Reference: http://www.CamPiper.com
0 votes Thank Flag Link Fri Oct 19, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer