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What should I do? Have a contract to purchase a house, we have met all the conditions with the lende

  • September 18 2012 - US
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Answers (7)

Profile picture for user197709
We have been calling the lender daily. She said the appraisal had been placed as a rush and the results are expected at any time.  The commitment letter conditions have all been met, the underwriter i believe has removed all conditions already.  Just waiting on appraisal. 
  • September 19 2012
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Profile picture for Ofe Polack
You will need an extension on the receipt of the letter of commitment from the lender.  This is the type of follow up that a buyer agent would have done for you.  Good luck! 
  • September 19 2012
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I would definately call your lender and just follow up on the status of the appraisal.  In addition, make sure that the only thing the lender is waiting for is the appraisal...that your file in underwriting (this is where they verify everything a second time - dot the i's and cross the t's a - and often ask for more documents from the borrower)  and there are no other 'prior to docs conditions' that need to be met.  That way once the appraisal is back then they can get docs ordered and sent to the title/escrow company.

At least for Arizona - you still could get it closed on time.
  • September 18 2012
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Profile picture for user197709
Hi the closing date has not been set yet.  Our contract stated we should close on or before teh 28th.  The lender said that as long as we get the appraisal back before this friday (21st) then we should close on time.  I believe what the lender is doing is contacting the AMC (middle man) when requesting status updates.   We are not using an agent, so if i understand correctly, we can ask the sellers agent to contact the appraiser directly?
  • September 18 2012
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You'll probably need an extension.  Even if the appraisal comes back today, there is no guarantee that underwriting will give a clear to close in 3 days.  When is your closing date?  If you don't have to change that, a financing extension shouldn't be a big deal if the only item remaining is the appraisal. Your agent (or listing agent) should contact the appraiser directly to let them know that the appraisal was not received (the lender can't contact the appraiser).
  • September 18 2012
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Profile picture for user197709
yes it was, sorry. 

We have met all the conditions with the lender but the appraisal results are still out.  Our financing contingency period is due to expire in 3 days and we fear that if we ask the seller for an extention that he will back out of the deal.  We struggled to come to an agreement on the sale price and fear he may use that as a way out. The lender has already put a bug in the appraisal company's ear.  The appraisal was done 1 week ago. 
  • September 18 2012
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Profile picture for wetdawgs
Is it possible your question was cut short?  Click on "post reply" to provide more details.
  • September 18 2012
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