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appriasal review

I`m buying a foreclosure in pa. for $29,500.00 and put 10% down and asking for a loan amount of $26,550.00 and the bank said everything was good,,but the underwriter ask for a second review on the appriasal and that went in on the 8th of sept. and the contract expires sept.30th,,will I close in time ? and can I still close if the contact is expired?? thank you.
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September 14 2013 - Throop
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User 6754690

It is more likely underwriting would be questioning collections not the appraisal.  Your mortgage company/broker should have seen that coming and had you address it early on.

What do you mean VA said no more extensions?  Did you already have one extension?  This house in not in Throop.  Where is it? I tried to look it up to see who the agent was if it was someone I knew. 

If you have a valid reason for the collection(s) the bank may over look it.  If not you may be required to pay them.  Are they medical collections?
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September 14 2013
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the house is owned by the VA and they said to the real estate company no more extensions,,,,the underwriter wants me to explain why I had collections and I sent a letter telling them why,,,could that be the reason for the second review?
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September 14 2013
User 6754690

I'm surprised that underwriting is giving a second look to an appraisal under 30K.

If Underwriting began the process on the 8th they should be done by Monday.  What did your real estate agent say the reasoning was for the review?  The mortgage lender and real estate agent should be communicating.

If you do not close by the 30th without an extension you are out of contract and in essence the contract is dead.  Your realtor can write up an addendum to the AOS and ask the property owner to extend.  If you are dealing with a foreclosure and the bank is using an asset manager I suggest you have your agent go ahead and ask for an extension now rather than later.  Asset managers are not known for being prompt.

Is your title work done?  Was the deed from the foreclosure filed by the Sheriff?  Do you have your homeowners insurance in place?  Do you have an attorney assisting with your closing?

BTW I am a PA agent and I practice in Lackawanna County. 
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September 14 2013
Tim and Rachel

In PA the Closing date specified in the AOS is "date certain".  The date is not discretionary except the verbiage says: "on or before".  No where in our contract does it say after.

If the contract has past the written closing date the parties are OUT of contract.  Only an amendment or extension to the AOS extending the closing date signed by all parties will revive it.
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September 14 2013
The contract expires? I have never seen that. I have seen estimated closing dates, is that what you are thinking about? Yes, you can close after the date passes, it is a goal more than something in stone.
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September 14 2013
 
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