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Lender blaming appraiser for bad/slow performance. How do I found out and what do I do?

I have a deal that has taken forever to close. It should be a cakewalk, buyer has decent credit, makes good money, and the house appriaised for a little over purchase price and is in excellent shape. However, it took the appraiser three weeks to get us the appraisal and now we are being told it is delayed because they wont make a correction on the appraisal. The correction is the appraiser made the home value subject to a clear termite report instead of "as is" Obviously, we got a termite inspection which came back clear and the home has also had a bond since it was built and it has no termites nor has it ever. The lender is saying the appraiser will not correct this and the bank wont clear it to close. I was told by the lender I couldnt contact the appraiser but I tried calling a few times anyway to see what they had to say and they never answer the phone or return my calls. I've heard from the lender the appraiser is dragging their feet on all the deals with this particular bank becase they changed names and was bought out and the new bank isnt using them anymore, but really that shouldnt even be relevant to my deal.
  • March 22 2012 - Mobile
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Answers (1)

Are appraisers regulated in your area?  If so, call the state office that licenses appraisers.  Maybe they can help clear the log jam.  If not you should be able to register a complaint.
  • March 22 2012
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