I locked in a loan at 4% over 30yrs. Price of the home was240,000. the 1st apprisal came back at something. when I called to check on this appraisal the secertary told me that the appraisal was marked complete in the computer but she could not open it. then the loan office got on the phone and said the appraisal was marked incomplete and they were ordering another one. I spoke with the appraiser and she said the appraisal was fine and she was paid for it no question. when the second appraisal came in it was 305,200.00 Someone held up the appraisal and it was not turned over to the tilte company in time to get the loan.
I feel that they held up the paperwork because they sold the house for 240,000 and it appraised for 305,200 and did not want to sell it after they had the apparisal
Has this happened to any one else?
should I get an attorney?
Any suggestions? I would still like the 30yr loan @4%.
Pat
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