We are in the process of buying a new home after selling our old one. We started the loan process in May. There was a delay getting our old home closed because of the Lousiana floods. The old home closed on 9/13 while the FHA loan was in process with Amerisave.
They re-pulled my credit scores, then said I had to get a new appraisal because the old one had expired. They then spent a month getting a new case number saying the old one could not be used for a new appraisal.
Appraisal was done on 11/3. Now today they want to pull my credit scores again, and now they are finding out the appraisal was done for a refinance and not a new purchase so they have to redo it. My contract is supposed to expire on 11/20.
I am wondering if I can just go with a new lender since it looks like Amerisave will take about the same time anyway? I spoke to a local lender GMFS who said this shouldnt take more than 30-40 days in total(if I can get an extension from seller).
Only thing attractive with Amerisave is the $3500 lender credit they are giving towards closing.
Seller has let me live in the home since september thinking it would be closed soon. He is asking for backdated rent for the 2 months.
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posted: Nov. 15, 2016 @ 4:56p
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posted: Nov. 15, 2016 @ 5:05p
With FHA, Amerisave is required to transfer the appraisal to another lender. However, the fact the appraisal is marked as a "refinance" can be an issue that the new lender may decide not to overlook. I assume Amerisave already requested the appraiser to check the "purchase" box on the appraisal; sometimes the appraiser will refuse to make the change. The new lender would have to decide if they can use the Amerisave appraisal or if they need a new one.
arunayar said: Can the new lender require the appraiser to update the appraisal? No. Amerisave would have to request the change. If the appraiser makes the change for the new lender, he/she would be violating USPAP (Uniform Standards of Professional Appraisal Practice) since the appraiser's client is not the new bank. His/her client was Amerisave.
arunayar said: Assuming the appraisal cannot be used, what all costs will I be liable for that I will have to pay Amerisave? That would be spelled out specifically in the documents you signed and charges you agreed to, so you're the best person to answer that question. The charges may vary from lender to lender to mortgage broker.
arunayar said: Assuming the appraisal cannot be used, what all costs will I be liable for that I will have to pay Amerisave? You are normally responsible for third-party fees, such as appraisal fees, credit report, and other fees on section B of page 2 on your loan estimate. Most lenders usually require a deposit when they pull your credit. If the costs exceed the deposit, I think the lender usually eats the costs.
arunayar said: They re-pulled my credit scores, then said I had to get a new appraisal because the old one had expired. They then spent a month getting a new case number saying the old one could not be used for a new appraisal.
Appraisal was done on 11/3. Now today they want to pull my credit scores again, and now they are finding out the appraisal was done for a refinance and not a new purchase so they have to redo it. My contract is supposed to expire on 11/20. .....
Seller has let me live in the home since september thinking it would be closed soon. He is asking for backdated rent for the 2 months. Not sure on the changing lender aspect, but just a few things if you stick with this lender. Who ordered the appraisal? My guess is lender ordered and you paid? If that's the case, it should have been the lender's responsibility to correctly order the appraisal and cover cost of the new one. If correct one was ordered, then appraisal should be covered by appraisal company.
As far as seller, I'd ask the lender for a credit or discount on rate due to their delay as it DOES seem rather excessive on their part. Yes they're giving a $3500 credit but would Amerisave possibly increase that credit to keep the business (or would GMFS match/beat it)? It's hit and miss given the increase in rates coming up, but can't hurt to check especially since you know the people working on your file aren't exactly on top of things.
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