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appraisal question

Started by kimerama
almost 17 years ago
Posts: 158
Member since: May 2008
Discussion about
Has anyone ever had a problem with getting a bank appraisal back in a reasonable amount of time? Like if the bank orders an appraisal (which the customer is paying for anyway) and the appraisal company takes their sweet time in delivering it, is there anything that says if the appraisal isn't in in like 2 or 3 weeks that the customer can just demand there money back and cancel out the loan or something? I mean if it's holding up a deal, I was just wondering if there was any precedent for this problem (which I doubt is uncommon considering how unprofessional most appraisal companies tend to be).
Response by chuckl1233
almost 17 years ago
Posts: 122
Member since: Jun 2007

I think you can threaten the bank with the idea that "you'll bring your business elsewhere" but at this stage in the game, do you really want to go through all that paper work? again. If the appraisal company is late on the appraisal, call them directly or speak to the account rep at the bank. Maybe there is a problem with the mgmt company (that is if your property is a co-op or condo).

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Response by patient09
almost 17 years ago
Posts: 1571
Member since: Nov 2008

Good idea Kimerama, put it in the documentation with your bank on day one. Remember you write all checks, not agents, banks, appraisers, lawyers and God knows who else. If you want the closing to be in a hot tub, you can demand it. If you want the listing agent to serve you a glass of champagne wearing a top hat and a blindfold at the closing, put it in the contract. They will do ANYTHING to make a commission these days.

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Response by kimerama
almost 17 years ago
Posts: 158
Member since: May 2008

Yeah ugh, so annoying. The thought of going through the documentation part of this again with another bank makes me want to pull my hair out (it'll actually be the FOURTH time in like 4 months-long story but I was one of the lucky few who managed to get out of a complicated new construction purchase at the end of last year).

My bank actually emailed me back today after a pretty irate email to them about these appraisal people and they said that it's not the first time they've had a problem with this company and that they will see what they can do about the appraisal fee because I was quick to point out in my email that it's absurd for me to pay for such horrific service.

Fightin' the good fight :)

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