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Issues with Second Appraisal

I am in the process of buying a flipped house. My first appraisal came close to the asking price but the bank has ordered a second appraisal. The second appraisal is not going to be completed before the appraisal contingency ends. Who is responsible  telling the loan officer that the property is a flip? Is that the responsibility to the Realtor or the loan officer?

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April 09 2013 - North Dallas
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Answers (1)

Typically when the lender requests the tax records of the property, they can identify that the time of ownership for the property.  Lenders should alert their clients and buyers agent of this.  If the home was "flipped" by a seasoned investor, then they should know this process of the 2nd appraisal, as its common.  See if your agent can get an extension/addendum written so you're not in hot water with the contract.  Good luck!
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April 09 2013
 
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