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I'm the seller and we had our appraisal done 6 days ago. I haven't heard a peep from anyone. (including my brain dead realtor). We close in 16 days and are moving out of state so we have to sell furniture, put in notice at work, try to get transfers or apply for work,etc. so it's alittle stressful not knowing anything.
If they come in low, then we are walking because we are already taking a hit on the house. Our buyers already sold their home, are putting down 20% and were prequalified for 200K over the price. So I am not worried about them. However I am worried since I don't know about how the house appraised.
Any ideas? I don't want to be at closing and they tell me then that it didn't appraise high enough.
PS do we have to physically go to the "closing". Can we just sign papers with the realtor at my home?
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Closing will depend on what state you are in, customs vary by region.
The appraisal is not "your" appraisal. It is the lender's appraisal for the the buyers loan. You are smart to want to make sure the value is there and customer's financing will go smoothly.
Proper procedure is to have your agent contact the buyers agent, the buyers agent will contact the lender for an update. If your agent is not performing, call her office and ask for her boss.
Hi Mr. Clean (hehe), appraisals can sometimes take 10 days. I'd wait till mid-week and see if you get it or not, if not contact your agent, if they are not helpful, ask for the managing broker.
As for going to the closing, you're realtor should be able to make arrangements with the title company to either have you come in before the closing or to meet at your house to do the closing. The only problem is, there may be some lender documents that may need to be signed by you, and those may not get there till the day of closing. Another option may be to just give POA (power of attorney) to your realtor to sign on your behalf. Why is it that you do not want to go to closing?
SDDL was correct, I should have made myself more clear on that. Still, if you haven't heard anything, contact your agent by mid week.
Clean, just ask your agent to provide you with an updated conditional approval for the transaction. If the appraisal has been and cleared review, then it should be removed as one of the conditions on the conditional approval letter that was submitted with the offer
Thanks everyone! I appreciate all the advice. I'm nervous since we are going out of state and I am Type A personality so this is hard for me to "not know" so I can't plan :(
Tammy~ The closing question is more for my hub. He works 12 hr days/7 days a week and if he has to be there, then he will need to tell his work in advance to get a replacement.( he hasn't had a day off since May) Since his work doesn't know yet that he is moving, this could be tricky.
He's not going to tell his work because he has to take the test for his license in another state and he is still going through the application process. So he won't tell them until he has passed his board successfully and ready to relocate. It will probably be October when we actually move.
We weren't expecting to sell the house so quickly so we thought we had plenty of time for him to study,stand his board, get his license,etc. So this threw us into a tail spin and then not knowing it is 100% going to happen makes it more scary. It's his job we are talking about. You know?
As soon as they know he is leaving, then they will replace him. :( Shhhh! LOL
PS. Ken~ Thanks! I will ask her to do that for me. She is like Zippy the Wonder Slug with an attitude. She will probably be angry that I ask her to do something. I'm counting down the says I have to deal with her.
Then try the POA, many buyers/sellers will do that. You should be able to get a lot of the title documents prior to closing, the title company should be able to work something out with you, the loan documents and Settlement Statement, probably not until the day of closing, therefore the POA would come in handy.
Then again, if he hasn't had a day off since May, maybe he should take the day of closing off!
Tammy~ Thanks! I'll ask Zippy and see if she will do the POA. We'll see. She is never very accommodating with us, so I am not going to hold my breath.
He won't want to take a day off because he hordes all this vacation time so he can take long vacations. He'll won't want to waste a day off on signing papers.
We sold a condo in Hawaii is it wasn't 1/4 as complicated at this. It was 1-2-3 done :)
PS When it is a pretty safe bet that it is a done deal? PLEASE don't say closing day! LOL I want to know when I can finally not be in a panic. :)
Unfortunately, closing day..........
Tammy~ NOOOOOOOOOOOOOO! Don't tell me that! LOL
BUT if the appraisal wasn't high enough, they wouldn't wait until closing to spring that on me, would they? I am walking away with $1,600! So my realtor already knows, I will not go lower, I will walk. Wouldn't they let me know if the house didn't appraise high enough before the closing day?
No they wouldn't let it get that far...what day are the loan contingencies up on your contract?
Gcochems~ loan contingencies ?? I don't know what you mean? :( I actually don't even have a copy of my contract. Zippy (my realtor) never gave us one.
We had our appraisal on the 15th and we close on the 8th. So we have 17 days left.
Wow Clean, you need to get on Zippy. You should have had a copy of the contract the day it was accepted. You really need to go past that realtor to her boss and get a copy of that contract. There is pertinant information (loan conditions/contingencies/dates) on there that you need to be aware of. Infact, you need to call Zippy NOW and tell her that if she does not give you a copy of the contract right now, you will contact her managing broker. If you ruffle feathers, so be it, you need a copy of it NOW.
Your contact is something you need to see, that will let you know when certain things are to be cleared. Usually there is an appraisal contigency and a loan contigency. This could help ease your mind a little bit, and let you know things are moving along in an orderly fashion.
Sorry for the delay clean but, Tammy and my brother pretty much summed it up
Cochem boys......Any bets on the game? Starting in a couple minutes..
What you got in mind???
What's the wager?
I'll try to email Zippy. When I call she doesn't answer her phone. The night she came to have us sign the contract, she flew in on her broom at 11PM because my bu just got home at 10:45pm and had to get up at 5am the next day...she arrived in her 2" long shorts (I'm not joking) and her tube top and baseball cap. Had us sign and grabbed her broom and **poof** she was gone. No copies of anything were left behind.
I'll email Zippy.
Opps that word is hub, not "BU" LOL
Get on top of that, she is making a pretty penny, and should service you accordingly.
The night of the inspection, the other realtor's father passed away. She was packing for her vacation and sent someone from the office to sit in my home. Then she left for vacation the next day. She turned me over to another realtor who was really nice. He was supposed to handle things while Zippy was vacationing.
Then Zippy returned last night. She flew in on her broom and emailed me copies of the things the fill in realtor had already sent me. She asked if the house was appraised yet. I said yes and she said she would look into it. I didn't hear from her at all today.
So it will probably be a few days til she anwers me. I'll call the broker tomorow.
I really don't like this woman. :( I was assigned her. Not my selection!
Ooops...Nevermind C-boys, somebody forgot to tell Wells he wasn't pitching BP for ya'll geez....
Where are you buying Clean? That outfit and MO sounds like a few realtors i know around here!!
My Clean ... please tell me you are NOT in Colorado. Just to be certain I'm not thinking of the same "Zippy."
Its a funny thing I've noticed over the years that the flurry of actions really speed up with some in the business closer to c... day (i didn't say it). And that goes for agents, LO's, processors and underwriters. Occasionally that is from work overload, but too often it is simply lack of preparation.
Hopefully everything will settle into place for you soon and all will be well.
CL ..... too funny, there must a network for zippyrealtor.com
Ya W-----Don't know any of them actually named Zippy but know a few who seem to think its appropriate to dress and act as Clean is describing.....
Clean, what do you mean you were "assigned her"? Tell the managing broker you are not happy with her service and want someone else to represent you. You deserve better. For lack of other words "fire her". Do it through her managing broker though.
If feel for you, you need to get hold of the reins and kick some butt!
Wayne, I am not in Colorado. Her name isn't relaly Zippy. I named her that. Zippy the wonder slug. LOL
Thanks, I appreciate your well wishes :)
Colorado Lender~ I am buying in Florida. Leaving Ohio.
Yep, Zippy's outfit was something else. All she was missing was a pole and a pair of lucite (sp?) heels! LOL
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