Upcoming Foreclosures

Real Estate Appraiser - Verify Repairs?

This is not a new construction nor a FHA-insured loan. I am trying to purchase a foreclosure in Florida and my bank required repairs made that were noted on a home inspection report. I had 5 licensed contractors come in and do the required repairs (electrical, AC, windows and doors, etc.) ... all minor, maintenance, per the contractors (none noted that any impaired the safety, sanitation or structural soundness of the dwelling). I even had an architect look for structural integrity issues for my own peace of mind (architect opinion allowed under Florida Law). I had each licensed contractor sign the home inspection report next to each repair that applied to them and I have their itemized bills / invoices which state repairs made per inspection report or inspector. Last week the appraiser came out to the property without anyone's knowledge; and therefore, did not go over the inspection report. He said he would only look at what he noted on his original appraisal (items which were not required to be repaired by the bank). The bank order the appraiser again to came back to the house and again specifically order the re-inspection according to the home inspection report. Now another week has gone by. Time is of the essence and I am paying 100.00 per day to the seller for this delay up until the day of closing because I have asked for 3 extensions, so far it has cost me 700.00 for this delay and will cost me another 1,400.00. I also had to sign an extension including that my 2,000 earnest money is now be non-refundable. If do not close in 1 week, I will lose the house and the money I have paid for the repairs (all contractors came in less than 24-hours notice and finished in 4 days). How is the appraiser to verify that the repairs have been done? He will do a walk-through I assume. Some things are visual, but others are not. Can he use my copy of the home inspection report signed off by the contractors and their itemized invoices? Crazy, I know. But the banks are making it extremely had to purchase a REO / Foreclosure. I know you are saying, just get another house. I really want this house, I am getting it for a great price and it is a great investment. I looked at 22 other houses and this one is in great condition for a foreclosure. I agreed to do the repairs because I would have done them anyway. Besides I was 6 weeks into the deal when the bank made the demand for the repairs. This appraiser took 3 weeks to come out and do the first initial appraisal. Thanks for your time in answering my question!! Thanks kemperk. I do have a buyer's broker and he is working hard to fight these people, especially the appraiser. And I do now have an attorney to file suit if I do not close. This is in part "the principal" ... big banks beating up the hard working little girl or guy. I am not the only one this is happening to.

Public Comments

1. i have a nickel bet that your agent is not a buyer's agent but instead, a dual agent. Plz find out. A buyer's agent represents you while a dual agent does NOT. YOU are a customer to a dual agent. bad thing in RE. YOU are being taken for a ride and you need to inform the parties that be "while I was accommodating originally, this has gotten out of hand. If the house does not close as agreed, I will initiate suit against all applicable parties. I would rather not but I will if I must. send that to all parties. that should capture some attention. YOU have no reason not to be 100% represented and I am sure your real estate agent is not rep'ing YOU.
2. This has absolutely NOTHING to do with your Realtor. It is a crappy bank that is playing games with you because they're scared to lend money these days. I suggest you get a reputable bank instead of some fly-by-night mortgage company. If you have had all of these things done then there should be no problem in closing this deal. Slimey mortgage people have not disappeared because the economy has taken a nosedive but are still out there playing with people's lives and their pocketbooks.