The circus show actually got worse, just to recap, the appraiser my lender sent out, phoned in the appraisal (that was already late in the game), there was missing information, inaccuracies, the whole shebang. My lender tried to convince me that it didn’t matter to send another appraiser out or question the report even though it was wrong. I asked for a revision, the appraiser said no and that was that. I asked for another appraisal to be done.
My lender said it wasn’t possible and it wouldn’t matter anyway because all the appraisers are buddies so we just had to deal with the appraisal gap that the incorrect report created.
I told him then that I didn’t plan on closing a gap for the property because the appraisal was not done correctly and that I would more than likely switch lenders. He tries to convince me it’s not a lender problem it’s an appraiser problem.
Luckily the sellers came down. Crisis averted.
Well a week before closing,, the appraisal came back from underwriting as a Level 5 and because of that, a new appraisal would have to be done.
The problem I had, was the reason it was determined to be a level 5 was because the appraiser could not access the crawl space. Not only did the appraiser no show on two previous confirmed appointments and just randomly pop up two days before the report was due but the house didn’t have a crawl space. It had a basement, which he couldn’t access because he wasn’t from the area and didn’t make an appointment.
So one week to close and the lender told me he sent another appraisal request out that would be able to go out on Wednesday and get the report back on Friday before close on Monday.
Well, She no shows.
Friday, he says he’s sending another appraiser, 10 minutes before the appointment she sends a message to my realtor saying she isn’t going to make it because her car has broken down. I even offer to go get her (despite her living 2 hours away) at this point because this is insane.
I’m pulling my hair out now.
Lender tells me, mid April is the next time any appraiser can come out.
Throughout all of this my lender is BSing me and overpromising saying that everything is fine and we are still set to close Monday.
My agent lets me know the buyers are antsy and don’t want to consider extending because there has been so much back and forth. They don’t want to extend without a confirm appraisal date, which the first lender can’t provide.
I reach out to two other lenders and send them everything I have, everything is done at this point except this new appraisal and ask when can they get an appraiser out. They are both extremely quick but one of them had an appraiser out the very next day, not only that, but the house appraised higher, they matched with better numbers and additional lender credits to match my original cash to close.
Meanwhile my first lender is still promising that that he MIGHT be able to get a CDA and we are still clear to close on Monday. Well Monday comes and the first lender says he’s still working on it but wont have an answer until after 5 the next day.
In order to extend, I am now covering a portion of the seller’s hotel costs and infuriated that I somehow seem to be the only one having to pay for this lender’s ball drops… so I switch.
I tell my first lender to rescind my application and he purposefully ignores me and keeps saying that “We ARE so CLOSE”, I’m over it at this point and continue asking for the cancellation procedure and schedule my new closing with the new lender. Two days before my new closing date he tries to send information to the title company who again inform him I am going to a new lender.
Needless to say he was pissed. Pikachu face. He proceeds to barrage me with real nice guy text messages , and has somehow convinced himself that he helped me with my credit (not true) and I never would have gotten a mortgage if it wasn’t for him (I did) , threatening to charge me for multiple appraisals despite only receiving the first one. Ok.
The stress of this market is one thing but the added stress of this company made my FHB experience so incredibly miserable.
Honestly, the way I see it. This was the dating phase, and it was filled with red flags that really made me not feel good about hopping into a 30 year relationship with this company. It truly makes me feel bad for people who aren’t able to leave.
I always thought that if a deal fell through it was the buyers fault. It blew my mind to realize that you could lose your house because of a lazy appraiser and ball dropping lender. I closed on my new property today with my new lender. I am so glad I was able to get the house and get away from SWBC.
Happy House hunting peeps.