Buying problems

What is the name of your state? WV

To make a long story short....My husband and myself have been trying to purchase a home since the beginning of Nov. The sellers wife has had serious remorse and has complicated the whole process. We were finally given a closing date of 1/9/2004 at 4p. All were at the closing, my agent, myself and my husband. The person doing the loan called to say that the paperwork sent in by the appraiser was on the incorrectlly dated forms and we could not close until he re-submitted. I am fearful that the sellers wife will try to find more ways to null this sale since we are waiting another 4 days. ( the contract expired due to her remorse, but was extended)

My question is: What recouse do we have as buyers, if the negligence of the appraisers causes us to lose our houes?

Any advice will be appericated.
Thanks

[Bigfoot]

Unfortunately I think you're being jerked around. Although WV may do things differently than other states, the appraiser's report does not go on any of the dated closing papers that I know of. Most of them generate their reports using their own software, not any specific forms provided by the closers.

What comments are you hearing from your real estate attorney?

[nextwife]

FRankly, I've never heard of a closing being scheduled prior to appraisal being recieved and accepted by lender.

Check your loan commitment letter from the lender. Is it a contingent approval? Is there any language making this loan approval contingent upon anything with the appraisal? If not, I'd have my attorney write a letter reminding them that they have already commited ti closing this loan. Sounds like it's really the lender, not the appraiser, that's the problem.

The lender has accetped the appraisal. The problem is, the loan was supposed to close in Dec 2003 and it is now Jan 2004 and the information was submitted to the lender prior to the end of the year. At the beginning of 2004, FHA changed the form that needed to be sent to the lender. The underwriter will not realease the lan till the appraiser gets her the correct forms. He has had a year to get the updated software and he he has not. That is why I am asking what I can do if the appraiser who has been in business for 40 years messes the deal up...

[nextwife]

Ok, I'm not sure you understood what I wrote. The lender evidentally approved the loan and did not make any conditions regarding appraisal. Thus, it is the lender who is holding this up by not making sure they had a proper appraisal before they approved ther loan and before they went ahead and set up a closing! I'd have my attorney write them a letter reminding them of THEIR loan approval and that they are now obligated to close in accordance with their approval.

Their failure to properly review the documents that they recieved BEFORE issuing a loan commitment should not be your problem. I don't care if they have to buy the loan back from their investor, their negligence should not be your problem. Let them work it out with their appraiser. I've been involved in many hundreds of RE closings since 1979 and not once did I ever hear of a lender pulling a closing after a loan is approved due to an appraisal issue on an appraisal they'd had in their hands prior to approval!

[HomeGuru]

Writer, what is the status?