Appraisal question!

marissa422

One requirement for our appraisal was to get a roofing contractor to give an estimated life span left in the roof. I just got the results back and am about to forward it off to bank. It's not what we expected. My question is, if they're not "pleased" wit the results can they turn around and say it needs to be redone now or something?! (Which we don't have the extra 8,000 to dump right now) I'm so nervous because contract closing is next Friday!!! Need to know worst case scenario...

marissa422

I did talk to the bank, she said worst case we'd have to extend it if they wanted some things fixed. Has anyone had this happen? I'm so concerned the sellers already fixed the other things that needed fixing so what happens if neither us nor them have the expenses for this now. Ugh. So stressful 

minionlover

I have never heard of an appraiser asking for that information before. Shouldn't that have been brought up during the home inspection? An appraisal is for an opinion of value of the house. 

forcuatro

Getting a roof cert. is pretty common around here depending on the type of loan you are planning to get.  I believe most that have required this needed a certification showing that the roof would be good for 3 more years.  Worst case scenario, again this depends on the loan type, someone has to pay for it.  If you are doing an FHA aor VA loan the seller will have to pay for it since the buyer can not be required to pay for mandatory repairs.

BIL & SIL looked at a house that needed a new roof.  They were doing an FHA loan and the buyers would not agree to pay for it.  They ended up having to cancel the contract and walk away.  They found a better house at a better price a few months later so they were happy in the end but it was frustrating at the time. 

At this point you just have to wait and see because it is really out of your hands.  I wish you luck.   

tmp-9294132

I could see a worst case scenario where they require the roof to be fixed first and, if the seller isn't willing to do it, yikers. But that would be two big IFs...if the bank wants a new roof and if the sellers wouldn't play ball. My guess is you will be fine . Crossing my fingers for you! I know for my appraisal, I was really worried because the copper electrical wiring had been stolen off the house (it was a foreclosure). I knew the wiring issue when I first saw the house so (thankfully) it didn't happen while I was under contract or anything. But I was concerned the bank would turn me down for that. My loan officer knew about the electrical problem and said it could, but probably wouldn't, be a problem. But, just to be on the safer side, he sent one of their more "liberal" appraisers and made SURE he was scheduled to go during full daylight in the hopes that the guy wouldn't bother trying to turn on the lights, LMAO. I never heard anything else about it so either it was fine or the appraiser never tried the lights, lol.