Last minute problems

What is the name of your state? Ca
The day the loan was to be funded(signed all loan doc's previous week) we get a call stating the appraisal reviewer has determined the value is 25-35 thousand less than the loan amount. Our broker has shown the reviewer proporties in the area that have sold for same or more than our price. Without the this loan we cannot purchase the house. Since signing the load documents we were given the keys and had the utilities put into our name(thinking it was ours now). Now we have to cancel all this. Our we liable to the seller for this deal going bad? Can we get back any costs from this deal?

[HomeGuru]

[quote]Originally posted by jacinto
[b]What is the name of your state? Ca
The day the loan was to be funded(signed all loan doc's previous week) we get a call stating the appraisal reviewer has determined the value is 25-35 thousand less than the loan amount. Our broker has shown the reviewer proporties in the area that have sold for same or more than our price.

**A: there could be a different interpretation of the comps used or adjustments given.
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Without the this loan we cannot purchase the house. Since signing the load documents we were given the keys and had the utilities put into our name(thinking it was ours now).

**A: you should not have gotten the keys and contacted the utility companies until after recordation.
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Now we have to cancel all this. Our we liable to the seller for this deal going bad?

**A: it depends on the contingencies in your contract.
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Can we get back any costs from this deal?

**A: no.

Sorry for the multiple thread and thanks for the replies.

I still don't understand why lenders can change the rules after loan documents are signed? Being busy is no excuse or is it?

As a buyer, once i've signed i would be stuck with the terms. Why are lenders not held to the same rules?

I stand to lose at least $2000 on this deal. If my broker or real estate agent has failed here jobs, could i sue them for damages?

I was led to think the house was ours by both of them causing me lose money that I would not have spent if I knew there were problems in the funding?

[HomeGuru]

Talk to your mortgage person and real estate agent as they jumped the gun by telling you you can have the keys, move in etc. But you really have no claim because the lender has the final say in the loan matters.

We were trying to buy house at 175,000 and get a loan at 185,000(no money down loans). The lender did not accept the appraisal at 185,000. My broker was trying to rebut the lender on the appraisal. Now the seller is trying to cancel escrow and has the house listed on the market for 185,000(knowing it can get appraised that high). The house was listed last week and escrow was cancelled this Monday.

If the lender accepts the appraisal can I still get this house or is the seller allowed to cancel?

[HomeGuru]

[quote]Originally posted by jacinto
[b]We were trying to buy house at 175,000 and get a loan at 185,000(no money down loans).

**A; so that explains things. You are trying to get way over 100% financing.
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The lender did not accept the appraisal at 185,000.

**A: put yourself in the lender's shoes. The borrowers are not putting any cash into the deal, and want cash out of the deal, there is no equity in the property**************a very very high risk even if your credit score is high.
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My broker was trying to rebut the lender on the appraisal.

**A: your broker has no say in the matter because the direct lender underwriter's are in total control.
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Now the seller is trying to cancel escrow and has the house listed on the market for 185,000(knowing it can get appraised that high). The house was listed last week and escrow was cancelled this Monday.

If the lender accepts the appraisal can I still get this house or is the seller allowed to cancel?

**A: read your contract.