Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

2
Posts
0
Votes
Desilva Pllus
  • Milpitas, CA
0
Votes |
2
Posts

can I behold from appraisal contingencies due appraiser goof up

Desilva Pllus
  • Milpitas, CA
Posted

we started negotiating 5k more than listing price (LP) and with number swinging agreed to buy the house with 30k more than listing price.  We went in contract with 10 days of appraisal contingency.  First two days were delayed due to national holiday. But this process was delayed MORE with listing agent not providing time so appraiser can arrive and inspect. The listing agent later provided a date to inspect on second last day before the appraisal contingency date mentioned on contract, beside the lender logged status too that listing agent wasn't present on day of appraisal on the property. Is this MUST for the process ?? 

The process was rush by appraiser and the value of sale was goofed up and appraiser to value came to LP+5K low than sales.  the bank has re scheduled appraisal with another appraiser.  

The date of appraisal contingency is past away and all people in process are in relax state, but i am nervous. is this NORMAL ? i dont know what is in store in next appraisal. my review file for loan is clear, but its making me nervous as i lost time and might be hostage to process of banks to lock in different down payment as i have some extra  funds in account. 

whose to be made accountable ? soon i might have to release contingency ... can i hold back with appraisal contingency ? please respond and time is tolling on me.

Loading replies...