Asked by wuspaar, Stockton, CA • Fri Apr 5, 2013
The appraisal came in at 220K.
Now our lender (PNC mortgage) wants to go in for second appraisal and is concerned its a flip property.The (PNC mortgage) asked us a copy of the inspection report and are asking us to fix some of the repairs that came up. My question is - why are they going in for second appraisal and concerned with flipping issues since it not FHA loan and the seller is a bank -( its a bank owned property). Also do they have the right to ask for a copy of my inspection report.
After the 2nd appraisal goes - how does it move from here -will my loan get approved or am I in trouble for opting to go with PNC mortgage.Is it too late to change the lender now- we're supposed to close 2 weeks from now.
Thanks a lot for you time and help.
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