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Member of public has a question about review

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overlynumb

Thread Starter
Freshman Member
Joined
Feb 28, 2008
Professional Status
General Public
State
Indiana
I have a question, I am buying a house, and it is in the process now of the "appraisal being reviewed by a thrid party" I was told it was for PMI but it has been "being reviewed" for about 3 days and we were suppsed to close already, I don't know how to know if my loan underwriter is having problems with my loan or if he is telling the truth, as of today my earnest money is being ate up day by day..any input on this?? Does this really happen the review they said the "finance" side was approved now the house appraisal is being reviewed and waiting to be signed off on. I am turning to you experts to offer any insight, I just need to know if my lender is yanking my chain. the bank is WAMU
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Hello Overlynumb!

Housebuying and signing contracts with No Way Out will do that to you. In this market contingencies NOT in your favor aren't a good plan - its kind of a buyers market at the moment.

I moved your question over here where it will get a little more notice. (Thanks :Emoticon_hug: Roger! for pointing this lost post to a better place).

I am not real familiar with your market so will leave it to appraisers from that area to answer -- other than the observation that ALL purchase mortgage loans and the related appraisals are undergoing extraordinary scrutiny in the present market... Fannie Mae & Freddy Mac took a huge hit this morning due to pending legislation about home loans and the appraisal process.

If they are contemplating PMI you may not have an 'acceptable' margin of dwon payment for the current market. Sadly you may get swept up with the bricks falling out of the wall. I hope you can become Comfortably-numb.

Guys n gals what can you tell her/him?
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
I'm leery of WAMU and their methodology, to put it mildly. There is a chance, only a chance, that the original appraiser was either relatively new or relatively dumb to be working for WAMU and the cut rate fees associated with this lender. If the appraiser were one of the above, there is a chance they have no idea what or how to appraise the house you are purchasing and the review appraiser is being asked to perform an 'enhanced desk review' which in essence is a review of the appraisers findings and a new report if they don't agree with the original appraisers methodology or numbers.

I'm sorry for you troubles. Are you working with a REALTOR? They could help ease your troubled mind by going to the lender for you.
 

Lost Cause

Senior Member
Joined
Sep 17, 2004
Professional Status
Certified General Appraiser
State
New York
It's certainly possible that an appraisal review could take that long. Depending on the depth of the review, it can take a while. On the other hand, it's also possible that the bank is simply stalling for time and using the appraisal review as an excuse. I'd say the first is far more likely than the second.

Don't assume that the original appraisal is wrong or somehow bad just because the review is taking this long.

Good luck!
 
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