Is my mortgage lender stalling me?
I put a contract on a house about a month ago. Well, it under-appraised the sales price by 20% ($45,000 under). I looked at the appraisal, and noticed that the appraiser made several mistakes when comparing comparables.I called him and he agreed, and bumped up the appraisal about $13,000. I told the bank I would make up the difference at closing, since they will only loan 80% of the appraised value.Well, the appraiser submitted the updated appraisal a week ago. Hearing nothing for a week, I got this email today:"I have reached out to XXXXX XXXXXXXXX our MS on your file and have not heard from her yet. I called OPUS again today and they have not reached a decision on the appraisal. I was told that we should here something soon. I will update you as soon as I hear something."After a full week, what the heck could they be "deciding" on? If they aren't happy with the appraisal, why don't they just order a new one? I'd be all over that since it would likely go way in my favor. Is the lender giving me the stall because they don't like the deal? Should I just call it off and go down the road?I contacted the appraiser because the appraisal was blatantly incorrect. When I called the lender, they said "there's nothing we can do or we will get in trouble; you'll have to contact the appraiser yourself if you think it's wrong."Also, I'm paying above appraised value because I know the property very well. The appraiser was straddled with "comps" that weren't really "comps". They were just comps on paper.
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