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Appraisal Was Cancelled

June 5th, 2015 at 01:23 pm

I mentioned Monday that we were having an appraisal done...finally! Unfortunately, we cleaned the house and were ready at the appointed one hour window. And a half hour after that window past I called to tell my realtor no one showed up. Our realtor discovered the buyers lender cancelled it. The lender needed someone to pay the expedited fee of $75. The buyer refused feeling it was their agents fault for not providing a purchase agreement in a timely manner. Then the lender couldn't get in touch with their agent to agree to the fee. So they cancelled it without notifying our agent. She knew nothing until I texted her about the no show on the appraiser.

Long story short (new phrase picked up from my agent), the appraisal is now this coming Monday! Three days AFTER the original agreement to have firm loan approval. Our original purchase contract was agreed on April 29!! We did all have a hard time coming to an agreement on repairs, so we were delayed for awhile there. In the end we needed to hire another company to do the work, which has been to our benefit so far as they were super prompt about doing the work and were more in line with the approach we wanted...thus we didn't have buyers doing excessive stuff we wouldn't agree to.

Other than the delayed loan everything is on track on our end. We have held up our end of the agreement. We will end up leaving way ahead of closing now as it was already scheduled with movers, my husband has to get back to work and we want to get our daughter to her first band practice! There may be documents ready to sign before we leave, but if not ready they will need to be mailed over night to us. Irritating, but not the end of the world.

Does anyone else have a story about a mortgage loan being delayed in the past? I know it happens. I would just love to hear one so I know I'm not the only one! Smile

Posted in Debt | 11 Comments »

11 Responses to “Appraisal Was Cancelled”

  1. SecretarySaving Says:
    June 5th, 2015 at 01:30 pm 1433511014
    1433511014

    When will a closing date be set?

  2. creditcardfree Says:
    June 5th, 2015 at 01:33 pm 1433511223
    1433511223

    It's currently scheduled for a week after our original closing (which was June 12). However, that was suggested when we we thought the appraisal was being done this past Monday. The date has not been revised any differently at this point.

  3. scottish girl Says:
    June 5th, 2015 at 02:05 pm 1433513109
    1433513109

    No, no stories. I use that phrase a lot Smile

  4. CB in the City Says:
    June 5th, 2015 at 02:55 pm 1433516156
    1433516156

    How irritating. I have to say, my two experiences selling both went pretty smoothly.

  5. bluesfemme Says:
    June 5th, 2015 at 03:09 pm 1433516997
    1433516997

    Totally an Aust saying too - we probably inherited it from the Brits SG :-) Good luck with the loan hassles ccf - we're still sorting out matters two months after settlement.

  6. Bob B. Says:
    June 5th, 2015 at 03:43 pm 1433519034
    1433519034

    Sorry to hear that happened. Yes, I have a litany of horror stories related to selling our house, but that was a completely different situation.

    Sounds like the buyer and his/her agent have a communication problem.

  7. creditcardfree Says:
    June 5th, 2015 at 05:07 pm 1433524062
    1433524062

    Bob, you are exactly right. Buyer and their agent were having a communication problem, partly due to agent having a baby and not having competent back up for this deal. I think she thought my agent would handle it?!

  8. rob62521 Says:
    June 5th, 2015 at 07:41 pm 1433533272
    1433533272

    Very irritating...years ago we "sold" our home to a couple and he was supposed to get a VA loan. We waited and waited and waited...the paperwork was supposed to come out of ST. Louis and we live in central Illinois so it wasn't that far. The guy finally took a day off of work and drove the two hours and got the paperwork. Hang in there!

  9. VS_ozgirl Says:
    June 5th, 2015 at 11:51 pm 1433548286
    1433548286

    Our story is unbelievable. The man we bought our house from skipped town two days before settlement!! We knew he had a wife in Eastern Europe who had cancer and he was sending money for her treatment, the real estate agent told us that. Two days before settlement the real estate agent told us that they tried to contact him and his number was disconnected. The police couldn't find him either. His bank took ownership so our settlement got cancelled and we had a new settlement with the bank two weeks later. For about a year after we moved in we had constant mail and phone calls from debt collectors looking for him. Anything can happen with property sales I believe.

  10. FrugalTexan75 Says:
    June 6th, 2015 at 03:10 am 1433560202
    1433560202

    No stories here Smile But I have used that phrase since I don't remember when. Smile

  11. LivingAlmostLarge Says:
    June 8th, 2015 at 05:02 pm 1433782951
    1433782951

    Now what? What is going to happen? Will you just wait? Put it on the buyer's realtor?

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