Hi, I'm in the process of buying a foreclosure property in PA. It was listed for $210K, but we offered 215K and it was accepted.

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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