Submitted 08/21/12 02:41 PM
Q. Recently, my husband and I purchased a house. However, we did not receive the appraisal until 2 days after the appraisal objection deadline; and the appraisal was $2000 lower than the purcahse price. But because of this lateness, we weren't able to negotiate the price with the seller. To avoid losing the earning money, we had to bring $2000 extra to the closing meeting. We had asked multiple time regarding when the appraisal would be done, but did not receive prompt responses from our agent/broker nor our lending company. Who is responsible for this mistake- our broker, our lending company or appraiser? Please help us and tell us what we should do next? Thank you!
Submitted 08/21/12 03:18 PM
Communication with your realtor is crucial. You could have asked to amend/extend the appraisal deadline, which I would assume, the sellers would agree to (prior to it passing). Appraisals are a mess everywhere right now and we are not immune. Since you made the offer it is up to you to adhere to those deadlines within your contract. Again, it sounds like your communication broke down somewhere. Your lender hires the appraiser but cannot make the appraiser perform within deadlines. It is out of all your control in that respect. You could have extended your deadline though.
Submitted 08/21/12 03:27 PM
Thanks for the response. but, is it our agent's responsibility to keep track all the deadlines and file extensions when necessary? It is her job to represent us, right?
Submitted 08/22/12 10:00 AM
It is part of the agent's job to manage the details of the transaction, and as a team the buyer and agent work together to make sure deadlines are met or steps are taken to make sure this type of thing doesn't happen. It sounds like either your agent didn't know the deadline passed, or missed it for some other reason, but you were on top of it and asking the right questions. My suggestion would be to talk to the broker, and if you don't get a response, write a letter to them explaining the situation and asking for assistance. If you feel strongly enough and don't feel you've come to a reasonable resolution, you could also to go the local realtor association.
Best wishes for a win-win solution.
Submitted 08/23/12 02:41 PM
As a mortgage loan officer, we take it seriously, that the client have the right information in a timely manner, or let them know there is going to be a delay, so that any needed extensions can be taken care of. If you were asking, and no one was responding appropriately, it seems there was total communication breakdown.
Submitted 08/24/12 03:37 PM
I, too, say "Best wishes for a win-win solution". Everyone can make an honest mistake but neglience by a lazy agent is cause for alarm. That is not this forum's decision.
But, in the meantime, I would be screaming (POLITELY) my head off until you get satisfaction. I gather by you posting on this forum you intend to resolve this.
First, this could be a legal matter that requires an attorney and NO real estate agent is going to cross that line. Realistically, I would start with the agent and their managing broker. Next, you could contact the local board of Realtors, the Colorado Real Estate Commission or file a claim against the agents insurance company.
Good luck and best wishes for a win-win solution!
Submitted 08/28/12 11:08 AM
As others have mentioned, everyone makes mistakes. But your agent, the mortgage broker and you should all be keeping track of this particular deadline. It usually is a simple thing to extend this deadline if there is a delay in finishing the appraisa, as happened often this summer because of the higher volume of home sales.
Submitted 08/28/12 11:58 AM
The lender saw the contract when an appraisal was ordered. They, no doubt, worked w/ the appraiser. The baton was passed to the lender by your agent. Further, you did not have a satisfactory appraisal by deadline, therefore you asked to extend at that point, yes ? In MI, we have wording recommending attorney review, they might have added escape clause for such a situation - you applied for loan timely but it was not processed within time constraints. I'd certainly have asked the seller/agent/list broker asap for extension THE day time changed parameters. Ultimately, you no doubt decided the property was worth the difference and closed - your actions resulted in accepting the situation in kind. ( This is my perspective not as a legal expert but from 30+yrs experience as a multi-state broker/ builder ). Hope this helps !, Paul RealtyNetWorth.com
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