Profile picture for DanaTrivino

Under contract...now what?

Hi again all!!  Okay, we made our offer, it was accepted, and now the real "fun" begins according to my realtor.  We have an out of state lender,  we have already paid for the appraisal costs because we don't want to have anything slow the process down.  Our seller has requested we close by 7/7/2014 and not a day later or the contract is void.  Anyway, with an out of state lender, should I have any concerns with who they have chosen as the appraiser?  The have selected NVS or Nations Valuation Services...should I obtain my own appraiser as well?  Also, does the lender choose the inspector or do we?  This has already been a difficult deal because the seller is very difficult to work with and I just want to be sure that we try to avoid any MAJOR snags in this process.  ANY AND ALL help, advice, information is greatly appreciated.  

Thanks in advance!!!
  • June 04 2014 - Orlando
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Answers (3)

First and foremost your Realtor should be the one guiding and advising you on exactly this topic as well as everything else pertaining to your real estate purchase.  You are represented by the firm and not just the agent to provide you the information you seek. 

Depending on your state laws and type of loan, lenders should choose appraisers on a rotating basis. Buyers with VA loans, for example, are ordered through the lender via the VA which assigns the appraiser. Lenders order appraisals should not use a favorite as this can appear biased.  Their ultimate goal is to have an appraisal that justifies them loaning you the money.  There are times such as in a cash purchase where a buyer can choose their own appraiser to ensure value.  
  • June 04 2014
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So your realtor should be stepping in to help advise you on how things should play out. The lender is using a national appraisal company, and if you are doing FHA you can have that appraisal transfered to any lender if you are not comfortable with them. No need to order your own appraisal as it is a waste of money. You choose who you want to do the inspection. I am surprised the realtor has not referred one to you already. Now that you have the contract just pass along to the lender and they should start the process for you. Let me know if you have any questions.
  • June 04 2014
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Profile picture for GMerino
Dana, the appraisal system these days is fair game and no one in particular is better than the other.  Your loan officer should choose to inform the appraisal managemnt company that they do not want someone outside of the area doing the appraisal.  That could help with someone knowing the area! 

You choose the inspector.  I would not be to considered with your loan officer being out of state, but you do want to make sure that this loan officer is always in contact with you and you are able to contact him/her at all times of the day.

You have time to do some comparison shopping, rates, fees, etc. Looking over your other post it would be in your best interest to go through underwriting first to see about those disputes.  So I would put your appraisal order on hold until you are certain there is nothing else you would need to do about those disputes.
  • June 04 2014
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