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Bubblegum
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 Posted: Tue Oct 13, 2009 10:29 pm GMT Post subject: |
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Admin,
I used to read www.njrereport.com a lot. It's very active. Since moving to the Boston area, I've tried to find something similar and stumbled upon this blog. I sometimes still read it because the NJ market and the Boston market are somewhat similar. However, I think NJ is much worse (very high property taxes and more overpriced IMO).
BG |
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melonrightcoast
Joined: 22 Feb 2009
Posts: 236
Location: metrowest
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| Posted: Wed Oct 14, 2009 3:33 am GMT Post subject: it ain't over 'til ... |
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no, not yet  . we're scheduled to close for mid-November. hoping no craziness occurs between now and then. the lender is dragging their feet about getting the appraisal done. we'll see what happens if the appraisal comes in lower than the accepted offer, which it shouldn't, but you never know. 
and like a good consumer, we're planning on spending yours and mine tax dollars on a washer/dryer, fridge and interior painting. i am remembering that spending money (even someone else's) seriously stresses me out.
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admin
Site Admin
Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston
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| Posted: Wed Oct 14, 2009 2:34 pm GMT Post subject: Re: it ain't over 'til ... |
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| melonrightcoast wrote: | | no, not yet . we're scheduled to close for mid-November. hoping no craziness occurs between now and then. the lender is dragging their feet about getting the appraisal done. we'll see what happens if the appraisal comes in lower than the accepted offer, which it shouldn't, but you never know. |
OK, but you'll let us all in on your secret if you successfully close, right?
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melonrightcoast
Joined: 22 Feb 2009
Posts: 236
Location: metrowest
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| Posted: Wed Oct 14, 2009 3:08 pm GMT Post subject: :D |
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lol  . oh yes, a full disclosure!
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melonrightcoast
Joined: 22 Feb 2009
Posts: 236
Location: metrowest
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| Posted: Wed Oct 21, 2009 3:23 am GMT Post subject: bank |
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we finally got the appraisal back on Monday, and it was the standard $10K above the sale price (i say this because the three other appraisals we've had done was $10K above the sale price). the bank just ordered a second appraisal and is delaying the mortgage commitment (again). anyone else have this issue? i am starting to get pissed off about letting my husband decide the mortgage broker, but maybe this is happening to more people? it seems like they want us to put more than 20% down, and are looking for excuses to mandate it.
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melonrightcoast
Joined: 22 Feb 2009
Posts: 236
Location: metrowest
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| Posted: Wed Oct 21, 2009 3:26 am GMT Post subject: clarification |
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...three other appraisals, on the property we previously bought and sold, ...
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Brian C
Joined: 13 Feb 2009
Posts: 98
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| Posted: Wed Oct 21, 2009 2:31 pm GMT Post subject: Re: bank |
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| melonrightcoast wrote: | | we finally got the appraisal back on Monday, and it was the standard $10K above the sale price (i say this because the three other appraisals we've had done was $10K above the sale price). the bank just ordered a second appraisal and is delaying the mortgage commitment (again). anyone else have this issue? i am starting to get pissed off about letting my husband decide the mortgage broker, but maybe this is happening to more people? it seems like they want us to put more than 20% down, and are looking for excuses to mandate it. |
This happened with my closing. The first inspector couldn't even find the house but when he finally did, he was so pissed off, my appraisal was below my already very low sales price. Once my mortgage broker found out, he screamed back to get the job right. The new appraisal took place 2 days later and it was $30-40k over the sale price (which was about right). When you finally read the appraisal report (if you close) its very strange how they come up with these numbers.
Im sure your real estate attorney is loving writing extension letters.
If you have any issues with your broker and need a change, PM me and I can recommend my guy who was excellent. |
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melonrightcoast
Joined: 22 Feb 2009
Posts: 236
Location: metrowest
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| Posted: Mon Oct 26, 2009 3:33 pm GMT Post subject: |
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Brian C.: i guess it is good to hear that I'm not the only one getting hassled over appraisals. However, we are putting 20% down AND the first appraisal was $10K HIGHER than the sale price, not lower like yours was. Why is the lender requiring that we get a field review/second appraisal? We are suppose to close in two weeks, but I'm guessing it will be delayed, if it goes through at all.
I may be PMing you for your mortgage broker if we don't get some reassuring answers from ours today.
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