– Originally Posted Saturday Dec. 12, 2009 –
Just when we thought we were done the appraisals, here comes the sequel.
It looks like the underwriter for our loan wants to have a field review of the appraisal done on the home. The reason for the field review from the underwriter? “The extreme joy of watching a buyer squirm under the added stress!” Actually, here is the reason from an email we got from the lender… “…a field review of the appraisal will be required due to the high adjustment percentages and lack of comparable properties in similar lot size to the subject property.”
In plain English, there haven’t been any 1,500 square foot homes, on a quarter-acre, in town, with a view sold recently. So, they have nothing to compare the value of the home too. Of course they don’t trust the professional appraiser they sent out to estimate the value of the home at.
To top it off, a field review takes an additional five business days to complete. Mind you, we were all shooting to close the deal on Tuesday… which is the 15th. Our lender however was able to talk the underwriter into doing a desk review instead of a field review. That’s a good thing because a desk review only takes two business days to finish.
All in all, it looks like there is no way possible to close before the 18th…. and looking more and more like we won’t be home for Christmas either.
