Home Valuation Code of Conduct Appraisal Notice of Waiver form

Asked by William Frank, Hanover, MD Sat Nov 24, 2012

First time home buyer, purchasing a new built home in MD. Closing is currently set for the 29th of November and just revived a request from the mortgage company to sign a waiver for the appraisal notice to recieve our copy at closing not the 3 days before. the stated reason is to avoid delaying closing. Is this a good idea to sign, what are the possible issues with delaying close?

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Greg Myers, Agent, Gaitherburg, MD
Sun Nov 25, 2012
Depending on your lender you could add to your closing costs by delaying settlment to December 2 by having to pay interest for the month of December at settlement You first house payment would not be due until February. Your #1 issue is to have the appraisal "Accepted" by your lender with no value issues or corrections. As long as your mortgage lender underwriting department has signed off on the appraisal you should be good to go to settle on time.

Your lender will sell your loan on the secondary market with-in 30 days. If they are any valuation issues on your appraisal this will prevent them from being able to sell your loan so the lender will
be sure the appraisal will meet all the required HUD guidelines.

Greg Myers
RE/MAX Realty Group
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Phyllis Glea…, Agent, Columbia, MD
Sat Nov 24, 2012
Hello Mr. Frank, the waiver you are asked to sign lets you authorize receipt of the appraisal at settlement without reviewing at least 3 days prior to settlement. If you want to review part of the appraisal, you may ask your mortgage company to send the first 4 pages of the appraisal to you via email or fax. Since this is a newly built home, the value of the home will most certainly be the sale price.

If you delay the settlement, the closing figures may change. These figures include interest, taxes, etc. Is your builder giving you incentives to close by a certain date? If so, you may lose those.

If you have any further questions, you may contact me at my contact information.
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