Second Appraisal

I am the buyer of a SS and I am not sure where I am in the process.  BofA doesn't seem to follow their "Quick Reference Guide" very well.  The 1st of March the offer was submitted and BPO was completed by March 14th.  We received one counter from BofA that adjusted closing cost and then a few weeks later another that added a sewer tax that was missed.  Months went by and finally on May 24th we were told it was going to the investor for final review.  Now the beginning of June my Realtor (buyer and seller agent) said a new negotiator has been in touch with him.  Today he got a call and someone is having a new appraisal done.  Where do I stand?  Did we just start over?  There is one loan with BofA and no MI.

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Replies to This Discussion

Permalink Reply by Pattilynn Guilford on June 19, 2012 at 11:13am

The banks lately are operating on a 60 day cycle. Docs have to be updated every 60 days, and most times the appraisal too.

Permalink Reply by joe beauchamp on June 19, 2012 at 2:42pm

Most important to timing is your investor followed by the quality of the negotiator. BPO's/appraisals generally last 90 days and the servicer (BofA) will make sure that one is current - they only do them at extra times if they've been challenged for the price and believe it.

FHA is horribly slow. HAFA at BofA can be real slow, too. Timing can be all over the map based on these issues.

Permalink Reply by Rick Maron on June 20, 2012 at 7:44am

Thanks for the info.  My agent forwarded me an email today from BofA that told him an appraiser will be contacting him soon because the investor wanted and updated BPO.  They were just a little late as the BPO was done before the email was even sent... seems to be pretty standard with them.

Thanks again!

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