Asked by newhomebuyer, Santa Clara, CA • Fri Apr 11, 2008
500K. During my loan approval process my lender appraised the home and came up with a value 450K, and the lender said they can approve a loan only for that amount. I talked to the builder and the builder requested for a recovery appraisal. The lender ordered a recovery appraisal, using a different appraisal company and this time the appraisal value came down to 430K.
Lending agent informed me about this. Later I got a mail saying that I am not supposed to see this new appraisal value as the builder had requested the lender not to disclose this to me.
I am realy disappointed with the whole deal. Want to sue them.
Has anyone faced such situation?
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