Post # 1
My hair will be completely grey by the time this prosess is over with.
In todays drama, it’s commitment day. I had been calling/emailing my loan officer for the last NINE days to make sure everything was moving along and they didn’t need anything from us. He never called me back or would send me a one line email saying “yup, everything looks fine. I dont think we’ll have any problems”. Well today I find out that our 2nd apprisal (they wouldn’t use the first one we got which we paid $400 for) came back $20K lower than the sale price. And being that it’s commitment day that really puts us in a tough spot. The sellers will either need to come down on the price, or walk. Im especially confused since the first appraisal came back over the sale price.
I caled the LO’s supervisor because I really needed to talk with someone. He wasn’t returning my calls either. So this morning I called someone else in the office and low and behold, he connects me to my LO. I cried on the phone to the LO because I am SOOOO mad that he has ignored my calls for a week. I had a feeling something was wrong and everyone kept telling me “oh you need to relax, everything is fine”. If we had gotten this info. last week we would have had time to do something with it. And now we are scrambling to file an extension on the commitment date.
I am so frustrated and holding back tears again.
Post # 3
I’m so sorry for your problems. I think that appraisals are so subjective. It’s possible that it went down because there have been comparable homes selling for less recently. I really hope you can figure something out.
Post # 4
What kind of loan is this? Is it conventional or FHA? Is this with a bank?
We had a lot of huge mortgage headaches as well and trust me, I feel for you!
Post # 5
It’s FHA loan through a bank.
Thank God today is a holiday in Massachusetts and I have the day off. Ive been on the phone since 8am. Thanks for the sympathy!!! I know you understand KLP, I remember your posts!
Post # 6
We actually had the same issue happen! We did the private appraisal, which matched the sale price, then had the bank’s appraisal turn up $17,000 less. I feel your pain; it was one of the biggest hassles that I’ve ever been through! In good news, our seller dropped the price, so I’m going to cross my fingers that the same thing happens to you.
Post # 7
I’m so sorry you’re going through this! I unfortunately don’t have any good advice to give you…just wanted to send some good vibes your way. Hopefully the seller will come up with something to help you out!
Post # 9
I am so sorry to hear that you’re going thru this. I purchased my house on my own last year. I have terrible credit as a result of my divorce and such. But, I was pre-approved for an FHA loan also. I really think that as an FHA loan they make you jump thru way more hoops than conventional loans. I’ve bought two houses in the past with conventional loans, and never dealt with as much as the FHA process.
Hang in there & good luck to you!
Post # 10
soon2bS – I wish that was true, but we just did a conventional loan and it was the biggest, PITA ever!
Post # 11
No updates yet. We had to file a commitment extension yesterday and are waiting to hear if the sellers sign it (we think they will as they are packing to move to their new house). And our realtors are filing an appraisal dispute which I guess is something new. I guess it can take up to a week for that to go through and from that the appraisal could go up or stay the same. I have no idea what will happen. I feel sick to my stomach. I know you arent supposed to get attached to a house but its been 2 months and we are seriously in love with it.
Post # 12
I’m sorry Boston :(. Since it sounds like the sellers are ready to move, I would assume they’d be ok with the extension. You should ask your LO to put a rush on whatever it is they’re doing.
I’m having a hard time getting the appraisal company to actually just go appraise the house. Nothing we can do but just wait. Try not to focus on it too much.