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How Picky?

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Hurry25

Thread Starter
Freshman Member
Joined
Feb 18, 2008
Professional Status
General Public
State
Ohio
My husband and I are buying a house and we are due to close on Wednesday. When we put an offer on the house there was Kitchen remodeling that needed to be finished. We stated in the contract it was to be done before closing. The work included (hanging cabinets, laying tile floor, and laying marble tile countertops.) When they got the property disclosure to us they said it would all be done by the 9th. Our mortgage person sent a appraiser out before the 9th and the appraiser said they would have to come back to give a final appraisal with the kitchen finished. Well last week they said the work would be done by the end of the weekend so we could set up for that final appraisal. Today or Tomorrow so we would have it in time for closing Wednesday. She set it up for today Monday. Well last night me and my husband peeked in the window after the contractor was done (we have been doing that to stay ontop of them seeing how they are not meeting there previous promises) and we saw that it looks as though almost all is finished except the edging on the counter tops and POSSIBLE the grout isnt inbetween the tile floor yet (not 100% on the grout as we couldnt see that well)
Well today Im freaking out because the appraiser was going to call and see if it was done and go out there. Will the appraiser not give a final because of the edges of the counter not being on?
If he or she shows up and the workers are there what will they do? I just found out they are there working again today.
it makes me so mad because not only did they not make there promise of finishing by the 9th, they also didnt finish completely by yesterday like they said AGAIN and Im afraid they are holding things up!

I AM SO aggrivated that they cant get this stuff done as they said.not only did they not make there promise of finishing by the 9th, they also didnt finish completely by yesterday like they said AGAIN and Im afraid they are holding things up! I DO NOT want to close any later than Thursday because I will have to pay another quarter of a point to hold my good interest rate I locked into.

Any feedback would be great.
 
Last edited:

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
Welcome to the world of contractors and subcontractors. While that is of little comfort to you, I would meet with him today and simply ask will you be done today? Explain that you have a 1/4 point increase in your rate after wednesday (I know its thursday) and you have to have the appraiser there no later than tomorrow morning. If he has to work all night then he has to. I dont think the appraiser will give you a clear final if its not done so its time to crack the whip.
What you are experiencing is not uncommon though ...

best of luck on your closing. Im sure it will work out ok. Keep the faith.
 

Midwest Guy

Senior Member
Joined
Dec 12, 2006
Professional Status
Certified Residential Appraiser
State
Missouri
Nobody wants to lend on a home that is not completed.

Perhaps your agent should have negociated a penalty for things not being completed by the given date.

You cannot get a stranger to do things your way without a large stick, in most cases.

Ask the seller to pay the buydown, (see you mortgage person for details) of the 1/4 percent. His fault.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
For minor items like edging (adornment) and grouting an appraiser could issue a completion certification which mentions these items (they do not affect the livability, soundess or structural integrity of the improvements). The lender's underwriter will then make a decision. It could be to just waive the condition, they could require some funds be held in escrow until finished, or they could be jerks and require completion prior to funding. Who knows? Each lender is different and each undewriter is different.

Fannie Mae will accept mortgages where the properties have minor issues.
 

Hurry25

Thread Starter
Freshman Member
Joined
Feb 18, 2008
Professional Status
General Public
State
Ohio
Yeah every inch of me has wanted to go right into the houes and be like hey! but I didnt think it was my place because Im not the owner. Shouldnt it be the seller that gets ontop them! I have told my realtor to tell the selling realtor all these details so Im only hoping I guess that they are getting clearly communicated. Otherwise I feel like trying to make them pay fr my 1/4 point!
 

Tom Barclay

Senior Member
Joined
Apr 7, 2002
Professional Status
Retired Appraiser
State
Oregon
Sorry to hear of your problem. There are things that can be done. You may discuss "hold backs" with your lender. If the appraiser finds that the work that was required prior to closing is not complete, the lender can hold back some of the funds that would ordinarily go in one lump sum to the seller at closing. They would pay this out to the contractor when the job is 100% completed. I think that this is your best option, as it sounds like 95% of the work is complete. This would allow you to close, save you the 1/4 point and have the construction finished as they wouldn't get paid until they do finish. I don't think it is being too picky to demand that construction be complete. But, hearing about all the inclement weather back there, it is very possible that the contractor has run into delays with your's and probably others projects that are beyond his/her control. Days off because of ice/snow, flu season, etc.
 

Midwest Guy

Senior Member
Joined
Dec 12, 2006
Professional Status
Certified Residential Appraiser
State
Missouri
You can ask the REALTOR to pay for poorly wording the contract, leaving you in this situation.

They are not supposed to practice law, you can hire a lawyer to analize whether that was done in the contract with special agreements. REALTOR function is to fill in blanks, Lawyer function is to write contracts.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
A quarter point is +/- $103k over the 30 year life of a $100k loan. Remind the seller and RE agents that you might be expecting they chip in $103k per $100k of your loan if they don't get their act together.
 

Hurry25

Thread Starter
Freshman Member
Joined
Feb 18, 2008
Professional Status
General Public
State
Ohio
If this says anything, we already went through an issue with the appraiser were they wanted to escrow on this repair that was causing a small leak in the basement (it was a tilting slab of concrete of the driveway tilting towards the house). The repair wont be able to be done till late march but we need to close this month to have somewhere to live! The FINALLY waved the requirement to escrow it when they received the info that the repair only cost $250 when you can only escrow a min of $500. If they waved that dont you think they would this?
 

Hurry25

Thread Starter
Freshman Member
Joined
Feb 18, 2008
Professional Status
General Public
State
Ohio
My realtor put in that it had to be done by closing, which was originally set for 22nd. we not have it set for the 20th though. Some where (not sure who's fault it was, id imagine my mortgage person) I got locked into my interest rate to where it expires the 21st so if we closed the 22nd I would be paying the quarter point. its so messy I dont know what is who's fault and Im extra confused because Im a 1st time buyer.

I was told my quarter point is $240! I wish it was only $103.

Im buying the house for $96,500

Is buying a house always this complicated!!!!
My realtor has been hit and miss with taking care of me well I feel. I think my mortgage person is wonderful but I believe she has messed up on a couple things too.
 
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