– 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 [...]]]>

– 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.

– Originally Posted Tuesday Dec. 8, 2009 –

We are trying very hard to get all the ducks in a row so we can close on the 15th of December. One of the things that needed to get done so the home loan could be finalized was the appraisal.

We were antsy about the appraisal [...]]]>

– Originally Posted Tuesday Dec. 8, 2009 –

We are trying very hard to get all the ducks in a row so we can close on the 15th of December. One of the things that needed to get done so the home loan could be finalized was the appraisal.

We were antsy about the appraisal because it could me the difference between getting and not getting the house. It had to come in GREATER then what the offer was written and accepted for. Talk about stress.

After a week of our lender trying to get the appraisal from the guy who went out and did it, we finally had it in our hands… Well in our email’s inbox. After what seemed like a lifetime, the large PDF was finally downloaded. We opened it and started reading. Everything looked ok until we got to the lines…

Purchase Price: $205,500
Appraised Value: $205,000

Ah crap! A difference of $500 dollars means that we would not qualify for the loan. This was not good.

We really have 4 options at this point:

1) Pay $500 more that we don’t have.

2) See if the selling bank will drop the price by $500

3) Have the appraisal done again and hope it makes up the difference

4) Kill the deal.

We’ll see what happens.

– UPDATE –

Just learned some information about our Appraisal…

From what we understand, the Appraiser didn’t want to drive the whole 7 miles to the town to do the appraisal. You know cause it’s such a HUGE distance. Our lender told him to just get it done… and I don’t think he liked it very much.

However, after some sweet talking from our agent, the Appraiser mentioned that it “might” have been a typo and would take another look at the report.

Well, the new appraisal is in and has been corrected… so far we are good to go!