Out of Option, Need Help!

[Tiffany Gibbons]

Funny, I just logged in to see if there were any more replies.

Current status: I pressured the lender to get the AMC to use a local appraiser and pay a 'real' and legitimate amount to appraise. They agreed, however the lender changed the terms based on the first appraiser's HBU analysis, requiring an even larger downpayment. So....I changed lenders to a local lender that uses local appraisers. Appraisal fee will be higher, of course. But we're still getting that together. Our contract was extended, naturally. I'll report back as to what happens.

Awesome. I don't you'll have a problem once you get a qualified local appraiser. A local lender is always better so you can show up in person at their office if necessary.

 

[Zoe]

Funny, I just logged in to see if there were any more replies.

Current status: I pressured the lender to get the AMC to use a local appraiser and pay a 'real' and legitimate amount to appraise. They agreed, however the lender changed the terms based on the first appraiser's HBU analysis, requiring an even larger downpayment. So....I changed lenders to a local lender that uses local appraisers. Appraisal fee will be higher, of course. But we're still getting that together. Our contract was extended, naturally. I'll report back as to what happens.

Interesting. You must be really attached to this lender. It seems another lender would not even know what the AMC did.

 

[djamesgoodwin]

Interesting. You must be really attached to this lender. It seems another lender would not even know what the AMC did.

No I’m not, which is why I changed lenders.

The only reason they even agreed to change appraisers is because I did my research and pestered the hell out of them to do it.

 

[Zoe]

No I’m not, which is why I changed lenders.

The only reason they even agreed to change appraisers is because I did my research and pestered the hell out of them to do it.

Okay, so you got a refund from first lender. That's good. You didn't have to tell new lender what the AMC/previous lender did with their appraiser.

 

[Zoe]

The terms of mortgage on the local lender could be totally different than a lender in Alabama. They may not be selling the loan to a GSE. Catch my drift?

 

[djamesgoodwin]

The terms of mortgage on the local lender could be totally different than a lender in Alabama. They may not be selling the loan to a GSE. Catch my drift?

definitely.

 

[Zoe]

I may be off base. You may still be using a foreign lender and the new lender just agreed to hire a local appraiser. Did they use AMC also or did they engage directly. Will the new lender be selling your loan to a GSE?

 

[Zoe]

None the less, the new lender should not know about your prior appraisal because the appraisal was never completed period. No appraisal was done.

 

[andrew81]

None the less, the new lender should not know about your prior appraisal because the appraisal was never completed period. No appraisal was done.

Concerning commercial property. Some appraisers provide a "pre-appraisal", I call it a verbal appraisal.

I've been called for a verbal appraisal many times. I'll never give a value or RANGE until I've at least seen the property.

 

[Tom D]

i would talk to the appraiser first, you are allowed to do that. explain the previous problem. if it's commercial, they don't have to complete it.