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Contract Question
We are in contract on a house for about a month now...the appraiser assigned by the bank can't appraise the house until next week or the following week b/c they are busy...the sellers agent told out agent that the sellers are questioning why it is taking so long, and wondering if they should put the house back on the market...If we are IN CONTRACT, can they even do that??? I didn't think they could just put the house back up once they signed the contract...
And...it took them an extra week to sign the contract b/c their lawyer is in Nassau County, and the woman needed to find a ride! Now they are in some kind of rush!
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Posted 6/22/11 2:38 PM  |
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Mill188
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Member since 3/09 3073 total posts
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Re: Contract Question
no they cannot do that. You are in contract. They can only put the house back on the market if you fail to close.
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| Posted 6/22/11 3:41 PM |
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Re: Contract Question
Thank you, that is what I thought! Luckily, the bank is going to assign a different appraiser to get it done sooner...but I just can't believe the nerve of the seller all of a sudden!
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| Posted 6/22/11 3:55 PM |
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8ternity
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Member since 11/08 10586 total posts
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Formally NYPD-Wife
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Re: Contract Question
Posted by Mill188
no they cannot do that. You are in contract. They can only put the house back on the market if you fail to close.
ITA and if you can't get the mortgage.
I would be curious as too why it is taking long to get appraised.
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| Posted 6/22/11 3:58 PM |
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Re: Contract Question
They can't just put it back on the market once you are in contract, but there is probably a timeframe set forth in the contract by when you need to get a mortgage commitment (that's a standard provision, usually like 45 days), and you can't get the mortgage commitment without the appraisal.
That being said, lenders are all different and operate at different speeds. It is not in the buyer's or seller's control (or their agents' control!) how soon the lender sends out an appraiser.
It couldn't hurt for you as the buyer to call the bank to see if you can get an appraisal done sooner. But if the issue is with the individual appraiser's schedule, then I wouldn't press it. It's in no one's interest to irritate the appraiser, as they have a LOT of power to make or break your deal. Keep in mind that at least one, if not both of the agents, will be there to meet the appraiser, provide comps, so maybe it's a scheduling issue with them.
Personally, I don't think that being one month into contract is a ridiculously long time before having the appraisal done. A lot of times, it is done sooner, but again, really depends on the lender and how they operate.
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| Posted 6/22/11 4:07 PM |
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Re: Contract Question
Thank you!
The bank is going to assign a different appraiser b/c they want it done sooner, as this is the only thing holding us up!
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| Posted 6/22/11 6:12 PM |
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