problem with mortgage company

i am having a problem with the mortgage company financing my home. we are three days from closng. appraisal was done 3 weeks ago, repairs were required by appaiser. work was completed reinspection was done and approved. mortgage company now wants pictures of completed work. appraiser was never told. he will not come back out. mortgage company wants another appraisal. mortgage company and appraiser are also at disagreement regarding comp houses in area. very small rural community. appariser says there are no comp houses. mortgage company is trying to compare my modest 1100 sq ft home to 2000 sq ft home that sold with 90 acres. this is in tn....any advice would extremely appreciated.

[HomeGuru]

Originally posted by rscmt
i am having a problem with the mortgage company financing my home. we are three days from closng. appraisal was done 3 weeks ago, repairs were required by appaiser. work was completed reinspection was done and approved. mortgage company now wants pictures of completed work.
appraiser was never told.
**A: what do you mean pictures of completed work?
The appraisal report is the completed work product and a standard appraisal report must include photos. If photos of the completed repair work was required, pay the appraiser to go back out and take the photos.
And pay for an additional rush fee. Did he even get paid for the initial appraisal report?
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he will not come back out.
**A: that's because he doesn't want to work for free or for this particular mortgage company.
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mortgage company wants another appraisal. mortgage company and appraiser are also at disagreement regarding comp houses in area. very small rural community. appariser says there are no comp houses. mortgage company is trying to compare my modest 1100 sq ft home to 2000 sq ft home that sold with 90 acres. this is in tn....any advice would extremely appreciated.

**A: both mortgage company and appraiser are State licensed. Therefore they are under State regulation. You could file a complaint with the State.

the apparaisal company required repairs to be made before the home would pass for the appraised price. he came back inspected repairs,said everything looked good. mrtgage came back said they wanted pics of completed work. appraiser is ok wth pics now but mortgage company wants pics of comp homes in the town the home is in. there are no comp homes in this town. appraiser used comps in next closest town 7 miles away. the best comp in this town is about 4 grand higher and sold with 8 acres. this is very small rural comunity. if they use comp in this town it will make the home appraise for 4 grand lower than original apparaisal, which is below what the mortgage company will lend.are they not bound by the original appraisal?

[HomeGuru]

Originally posted by rscmt
the apparaisal company required repairs to be made before the home would pass for the appraised price. he came back inspected repairs,said everything looked good. mrtgage came back said they wanted pics of completed work.
**A: you already stated this in your intial post.
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appraiser is ok wth pics now but mortgage company wants pics of comp homes in the town the home is in. there are no comp homes in this town. appraiser used comps in next closest town 7 miles away. the best comp in this town is about 4 grand higher and sold with 8 acres. this is very small rural comunity. if they use comp in this town it will make the home appraise for 4 grand lower than original apparaisal, which is below what the mortgage company will lend.
**A: you need to understand that if the mortgage directed comp is used and the appraised value is adjusted downward due to this comp, that final market value is the real value of the property. The loan to value is affected by this decrease in appraised value.
A $4K decrease in the appraised value does not decrease your loan amount by $4K. In addition, wouldn't you want to buy this property at the real fair market value rather than on an inflated value based on comps in the next town?
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are they not bound by the original appraisal?

**A: the mortgage lender is not required to accept the appraisal. They can ask for new comps, photos of 10 comps, a review appraisal etc. They can even reject the appraiser and force you to pay for a whole new appraisal using a different appraiser. Put yourself in the lender's position. They are lending thousands and even hundreds of thousands of dollars and need to be sure that their secured collateral is the true and correct value. The property is the only security for them.
The lender has total control.