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Updated about 4 years ago,

User Stats

63
Posts
40
Votes
Karissa Sampson
  • Colorado
40
Votes |
63
Posts

Stuck in underwriting hell

Karissa Sampson
  • Colorado
Posted

The underwriter for the SFH that I'm under contract for won't provide final approval until he sees an appraiser perform a rent schedule on my current duplex that I live in half of. I've provided him with a signed lease for the half currently rented and proof of on time rent collections for the past 3 months as well as a signed lease with deposit and first months rent from the tenant who will move into my half once I vacate the property. Including bank statements to show the deposit in my account to back this all up. So now, I'm 6 days from closing and they won't approve the loan without verifying my rents against a rent schedule.
The seller has so far indicated he isn’t willing to move the loan determination and closing date potentially exposing me to losing my earnest money if the appraiser‘s opinion differs from what I AM ACTUALLY COLLECTING FOR RENT. 

Has anyone heard of such a thing?!

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