Posted on: 26th Aug, 2008 09:00 am
We paid $1000.00 for an appraisal several months a ago. The appraisal listed minor damages that the lender wanted repaired. We did the repairs and paid the additional $350.00 to the appraiser to ammend the appraisal. The loan was approved and while waiting for confirmation of a closing date the lender is now stating that the bank states the appraisal is unacceptable and want's the appraisal amended again. Can the bank approve the loan and reject the appraisal? Is it my responsibility to come up with another $1000 - $2000 for another appraisal? The lender is the one who ordered the appraisal and sent her to us, should they not be responsible to incur the cost of the second appraisal since they sent us the appraiser to begin with? The appraiser has all the certifications but in order to amend the appraisal the way the bank wants she wants more money and we are refusing to pay additional monies to her or for another appraisal entirely. HELP! We are worried that this mortgage company, who has been stringing us along for months is not being truthful with us. We have left several messages for the Supervisor there at Mortgage Source LLC in New York and no one will return our telephone call.
Hi cbailey,
Welcome to forums.
Did you ask the lender why the bank wants the appraisal amended again? I think you should ask before you keep paying additional monies out of your pocket.
"Can the bank approve the loan and reject the appraisal?"
Appraisal is a part of the mortgage loan process. So yes, the bank can reject it even though the lender is willing to sign a deal with you. If you are responsible in any way for the appraisal to be amended again, only then you should pay. But first of all, you need to ask the reason as to why the appraisal needs to be amended.
Thanks
Welcome to forums.
Did you ask the lender why the bank wants the appraisal amended again? I think you should ask before you keep paying additional monies out of your pocket.
"Can the bank approve the loan and reject the appraisal?"
Appraisal is a part of the mortgage loan process. So yes, the bank can reject it even though the lender is willing to sign a deal with you. If you are responsible in any way for the appraisal to be amended again, only then you should pay. But first of all, you need to ask the reason as to why the appraisal needs to be amended.
Thanks
Good Luck it is never a good sign when you cant get through to some one?
Proably doesn't appraise high enough to do the loan. You paid twice as much as you should have. The lender may want the appraiser to change something on the appraisal. Take off repair items. occupancy it maybe vacant. If the appraiser is unwilling to change something in all likely hood the lender is wanting him/her to lie. This is mortgage fraud. Be very careful with this lender
1000.00 seems like it is a very high cost for an appraisal, if it is a single family home. Appraisers also do not generally charge 350.00 for what is usually considered a completion certificate. Does not sound right.
I would recommend you take the appraisals into another mortgage company for an evaluation. They may be able to review for you what the issues are, and as well, tell you if there is a problem with the appraisal or not.
I would recommend you take the appraisals into another mortgage company for an evaluation. They may be able to review for you what the issues are, and as well, tell you if there is a problem with the appraisal or not.
Actually Bob, $1,000 is not that unlikely for some residential properties. I have done several over the years that required fees in excess of $1,000. If it was a simple assignment, sure it may have been excessive, but it could have been highly complex and the fee may have even been below average. Also, if several months had passed, it may be possible that the market has changed and more was needed than just a completion certificate.
Ok, I'll defer a bit to a licensed professional. We don't have a loan amount, and don't know if it is a construction, rehab, or other type of project that may require the additional work. I just make the loans. However, I have been making them for 20 years, and the highest fee I can ever remember for an appraisal was 750.00, and that was for a 1.5 million dollar loan that the appraiser had his work cut out for him. So in my world, $1000 is a pretty high fee for a residential appraisal. This one sounded a bit off the normal process, and whenever we hear about the ' stringing me along' about a lender, it is usually not good news.
Regards
Regards
I am in the DC area and have done loans primarily east of the Mississippi and along the eastern coast for over 25 years. $1000 in my world is high, including NYC coops, rural estates in VA horse country and mountaintop mansions. That does not mean I can't understand where such a fee could be warranted for a residential appraisal, but it is far from common - definitely the exception.
I suspect the OP is long gone, but it sounds a lot like someone caught up in the guideline crossfire, mixed in with a touch of declining values.
But remember folks, you don't need a loan officer! The internet, the black hole can give you better service and guide you through the land mines of mortgage finance. It's so easy, my 5th grader can do it. <heavy>
I suspect the OP is long gone, but it sounds a lot like someone caught up in the guideline crossfire, mixed in with a touch of declining values.
But remember folks, you don't need a loan officer! The internet, the black hole can give you better service and guide you through the land mines of mortgage finance. It's so easy, my 5th grader can do it. <heavy>
LOPB, the problem i have with a 5th grader being able to navigate the land mines of mortgage finance is that some bozo lender will actually grant such a loan.
i find it hard to believe that any old fool (my language) would want to entrust his or her hard-earned money, reputation, etc. to a blind internet without the expertise of someone with a background in the industry.
but then again, i can't speak for anyone else but myself.
i find it hard to believe that any old fool (my language) would want to entrust his or her hard-earned money, reputation, etc. to a blind internet without the expertise of someone with a background in the industry.
but then again, i can't speak for anyone else but myself.
