Our closing date was set for August 2008. During the application process we have disclosed everything requested by the lender. Two days prior to the closing date, we were notified that there was a porblem with getting a required six month appraisal from a previous lender. Our lender told us that the appraisal that they had was for February and a update one was needed, however the previous lender did not want to release the information due to another person who had put a contract on the same home back in February did not pay the fees for the appraisal and would not disclose any inforamtion until it was paid for. My question is why should this delay us from going further since this occur before our time. I feel that our lender should have before this time had an appraisal done since we will be paying for it anyway. It appears that they were stuck on using someone else's information for free but ended up paying for it anyway. Our lender apparently are still having problems getting the information needed for us to close. This is the second attempt that our closing date has been pushed back which has caused emotional stress and time off from work. Clearly it seems like someone was not doing thier job before too late on our lenders behalf. Tell us what are our options. We have spent money for inspection, earnest money and application fees. If we withdraw, we will lose all of this? Who is at fault here? We are not sure, was our lender responsible for getting an appraisal done on their own and not wait for the apprasial from the previous lender who is holding back information?
Tags: