Posted on: 21st Dec, 2010 11:19 am
Hi: I am planning to purchase some acreage with a house. I entered into contract with the realtor, and was given 1 month (more or less) to try to close. I immediately contacted a bank and initiated the mortgage process. My credit is great and I have a solid downpayment (40%), however, the appraiser that the bank got to appraise the property, has completely abandoned us. Unfortunately, the bank cannot legally contact her due to new mortgage regulations, and it is now close to 2 months, and she randomly calls the seller making flimsy excuses, but has yet not conducted the appraisal. I am expected to pay for this service, but I feel that she should be brought to justice. Is there anything that I can do to legally sue this person for treating me like this? This has caused us a lot of frustration and set us back on a lot of our other plans. I would lose my contractual downpayment to the seller, if they received another offer, and decided to take it, as the time given to me to close has long since passed.
That makes no sense and defies my logic.
It makes no sense an appraiser can not do an appraisal in a timely manner. Value being low could be a problem, but, not even doing the appraisal is ridiculous.
The bank either ordered the appraisal or they had it ordered through a lender if they are getting the money from a different lender.
Either way, the bank should have control of the situation. If they can not talk to the appraiser, they can talk to whoever is permitted to talk to the appraiser. Someone can talk to the appraiser's manager and demand a different appraiser be selected immediately.
It makes no sense an appraiser can not do an appraisal in a timely manner. Value being low could be a problem, but, not even doing the appraisal is ridiculous.
The bank either ordered the appraisal or they had it ordered through a lender if they are getting the money from a different lender.
Either way, the bank should have control of the situation. If they can not talk to the appraiser, they can talk to whoever is permitted to talk to the appraiser. Someone can talk to the appraiser's manager and demand a different appraiser be selected immediately.
John, thank you for the response. I know that this is a no-brainer, but believe me, it has turned into a nightmare for me. Every time that I talk to my loan officer, he quickly lays the blame on the appraiser, and tells me that he has spoken to his boss to deal strictly with the appraiser, but then weeks go by, and nothing moves. In the meanwhile, the appraiser, has called the listing agent at different times, making flimsy excuses about how she misplaced the file, or that she has not gotten to it yet. The cost of the appraisal is built into my closing costs, and I am expected to pay for this!!! What are my legal options at this point, since we were supposed to close on the 3rd of Dec, and it is already the end of Dec., and we have not received the appraisal yet, which was ordered on the 11th of November, according to the bank.
You should contact an attorney and take his opinion in this matter. The attorney will be the best person to let you know whether or not you can take any actions against your lender/appraiser.
Purchasing can at times make you grow more gray hairs or simple crazy, but it sounds like she is stalling, if you want to report her services you can contact the Realtor association in your city, Appraisal board, Banking department, Attorney General. If you have the ability to just have another appraiser do the appraisal and the bank allows it then I would do that, but still report this person. Never assume anyone actually does their job in the mortgage business it can kill a deal. One thing my boss has taught me is never assume anything in the mortgage business because once you do it flops in your lap like a dead fish!! Have the broker credit you back for the cost of the appraisal. Go to management if you have to. If not threaten and then make phone calls. No sense talking to a lawyer yet if you can fix it yourself. Good LUCK!