Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Appraisal incomplete!
So in my last post I wrote that my closing date was going to be this upcoming Tuesday. My husband and I have literally been going nuts trying to pack everything so that we are prepared for the big move. I just found out from the underwriter that our closing date has been pushed back another week because there was important information missing from our appraisal. According to him, there were some portions of the appraisal that were incomplete! I am so pissed! I have to vacate my current apartment before the end of the month and I am so worried about what will happen if we can?t close beforehand. Did I mention that both my husband and I asked for that day off already from our jobs?! UGH!
Re: Appraisal incomplete!
I use to work as a mortgage processor. It is the mortgage company's fault (either your processor or loan officer) to miss it before sending it to the underwriter. If they say that they are pushing back your date, insist that it stay they same and that they rush your approval through the underwriter quickly. If it is just the appraisal that is wrong, it shouldn't take more than 15 minutes for a underwriter to clear it once they have it in their hands.
If they say they can't, ask if you have done anything wrong. Did you get them papers late? Was something in your paperwork incorrect? If not, you have an apartment to vacate and they had best pull the strings to get it done. Threaten to give them a bad review score. Officer's bonuses live and die by their customer service and one "1" can bring their own score down like the Titanic.
That really sucks. I don't have much to offer, other than sympathy. Just picture your life a year from now. You won't even think about the extra few days, and hassle, that you had to go through.
We had a slightly similar situation, and ended up in a hotel for 5 weeks, waiting for the house to close.
Over the course of several purchases and re-finances, I have yet to have one go completely smoothly. Something always seems to come up at the last minute, and the only people to really suffer are the home-owners (buyers or sellers).
PP - I have never heard of a review score. Is this something that is offered to customers, or do you have to ask? I've never been given the opportunity to score my experience, and would have loved to.
If the loan officer doesn't have an NMLS number, you can't do anything to their score. Most banks don't require them to be licensed - I work for an originator, and we do. But for loan officers that don't pass the test... they go off to Citi, Chase, or BOA, lol.
I am a processor, and we don't generally review the appraisal in depth. That is an underwriting function. Maybe if it is marked "subject to completion" we hold it. But I don't reseach comps, make sure it meets all FHA requirements, etc. I am a senior processor, so I can sign off some appraisal conditons, but I always let the UW do the first review, so long as the value came back high enough.
Due to the Home Valuation Code of Conduct and the Appraisal Independence Report (which just went into effect in December) the lender is somewhat limited in the interaction they have with the appraiser. It really depends on what kind of incomplete we are talking about here. Maybe they used MLS photos and didn't hand take them for the appraisal. Maybe they didn't do a head and shoulders inspection of the attic.
The lender isn't being specific with the poster. Ask what the missing or erroneous information is, and if need be, call the appraiser and ask them to expedite. You are paying for the appraisal, not the lender.