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Updated over 7 years ago,
can I behold from appraisal contingencies due appraiser goof up
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.