Buying A Home
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Missing our Appraisal Deadline?

Hello, everyone, I am freaking out a little, so please forgive me if this post sounds a little manic. Our appraisal deadline is midnight tonight, and the appraiser was out at the house last Wednesday. Yesterday, our agent drew up an "Amend and Extend" paperwork bet the seller refused to sign it. He said that he had spoken to the appraiser, and that the appraiser had confirmed that we'd have the results by the end of the day. 

About noon today, our agent contacted their agent again and asked them to sign, as we still don't' have it. They again declined to sign the extend, saying that it'll be in today. I've been texting our loan officer all day, and he's been promising that we'll have it by five. Now he's changed his tune, saying that if we don't have it by five, we'll just have to do the extension.

If the seller refuses to sign the extension, we'll be out of contract. I don't really know what that means... my agent assures me that our earnest money's not at risk, but she doesn't really know what will happen from there, because she's never run into a situation where both the lender's taking forever and the seller won't extend. She thinks that the seller probably will extend at the last minute, but I don't know what to expect here. I'm getting a bit panicky.

The lender is exhibiting no sense of urgency at all, he doesn't seem to care even a little. Both my agent and I are extremely annoyed by his dismissive attitude. Shouldn't hundreds of thousands of dollars entitle me to some customer service at least?!

Has anyone else been in this situation, or does anyone have any advice for me?

Thank you so very very much.

Re: Missing our Appraisal Deadline?

  • So our mortgage guy's voicemail box is full, he's not responding to texts or answering calls, I called the main line and they can't find him. 30 mins left until we're out of contract. I'm seriously freaking out!!!
  • Calm down and breathe.

    You're lender isn't excited over this because crap like this happens all the time.  We just don't realize it because most people aren't involved in that many transactions over their lifetime.

    Sadly, there's nothing you can do.  This is really a game of hurry up and wait.  Normally, a seller would just sign the extension paperwork, but for some reason they're being a pain in the ass about it.

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  • Turns out that the appraisal came in at the 11th hour, 20k lower than the offer. The seller offered to come down about 5k, but not anywhere near the actual appraisal cost. We're back to looking this afternoon, and have a couple places lines up to visit. Oh well, at least we had the learning experience.
  • Sorry to hear it didn't work out.  It's frustrating.  Been there. :(
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  • mles4242 said:
    Turns out that the appraisal came in at the 11th hour, 20k lower than the offer. The seller offered to come down about 5k, but not anywhere near the actual appraisal cost. We're back to looking this afternoon, and have a couple places lines up to visit. Oh well, at least we had the learning experience.

    Oh no!  I'm sorry to hear that.  I thought it was usually possible for either party to order a second appraisal.  Though, if the seller is being a PITA anyway, they may not have allowed the time for that anyway.  Obviously, they are not a very motivated seller.  Unless this appraisal was way off crazy for some reason, the seller is only going to run into this problem again and again with any buyer who is financing.  If I were the seller, unless I had time to wait a couple years for the house to appreciate, I would have just lowered my price to meet the appraisal number.

    I hope this turns out to be a blessing in disguise for you and you find an even better house.  That was what happened to me.  I was under contract for a very long time when I was searching for my first home.  I was pretty crushed when things didn't work out and I couldn't even look at houses for a couple months.  But then, one of the first houses I looked at when I came back on the scene, ended up being the ONE!  Half the price as the first one...though it was a bit smaller and needed more work...but also in a neighborhood I liked better.

    As crushing as it was at the time, to this day, I thank my lucky stars that things fell through.  I am so much better off.

  • Thanks so much for well wishes!! We actually went under contract this morning for another home, very similar to the first (exact same kitchen backsplash, in fact) but with an extra bedroom, and a 2 car garage instead of a 1 car. This one had their last buyer fall through, so it's already been inspected and appraised as well. We're really really hopeful!

    Hopefully this is our karma house!
    short+sassy
  • Good luck with this one!  Assuming everything goes smoothly and through to closing, it seems like both you all and the seller are going to be happy to finally have things settled.
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