Appraisal comes back $11,000 to low, negotiator unwilling to renegotiate, what next?
Not surprising, the buyers appraisal came back lower than the BofA approval. When I emailed the negotiator he said "I would not be able to get it approved at $130K. Thank you. "
The approval is for $141,000 and the appraisal came in at $130,000.
After I received the negotiator's message, I emailed the report to the closing officer and, again, to the negotiator. The closing officer responded immediately and said I needed to do the last task, upload the final HUD and then I can start to renegotiate with the negotiator. Sounds crazy but I did it.
No response after 24 hours.
I am getting ready to resend the appraisal, new HUD with lower price and comps to "all" who are listed in equator for this file.
Does anyone have any ideas on how I should proceed? The coe is june 15.
Thanks!
Terrie
Replies to This Discussion
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Permalink Reply by Laura Forty-Garcia on
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On all emails, their is a number of the supervisor on the negotiators. I had that same issue and I ended cc: negotiator and her supervisor.. I did that for 3 days, morning and night..Is it an FHA appraisal.. If so let them know because FHA appraisal stays on file for 6 months.. So for 6 months they cannot get a higher value.. Who is the investor? Is it Fannie or Freddie or private investor. Is their a MI company involved? Those are extenuating circumstances.
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