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!!!
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
Metropolitan Home Team
Are we Facebook friends? https://www.facebook.com/cody.anderson.1293
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!!!!
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!!
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.
Call me i can help get you get closed, and give you a lender credit for that appraisal.
Coldwell Banker Home Loans Hoboken
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.
Coldwell Banker Burnet
licensed MN Real Estate Broker