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gtprevost
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 Posted: Tue Sep 29, 2009 7:10 am Post subject: fha appraisal |
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Bank of America has just rejected my FHA loan, because they find the appraisal inadequate. The appraiser had seven comps. Bank of America claims the appraiser is not providing adequate FHA documents. The licensed FHA appraiser was chosen by Bank of America. Bank of America will not allow another appraiser. Also Bank of America owns the property. What can I do?
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 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Tue Sep 29, 2009 7:50 am Post subject: |
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find another lender - the appraisal done for bofa will still be appropriate for use by another fha lender.
this seems all too bizarre...bofa has its hands all over this transaction, from beginning to end, and yet won't budge. the inadequacy of the documents ought to be a simple thing to rectify. was the appraised value less than the selling price?
i don't have any clue as to what your remedy might be...do you have a lawyer working on your behalf...a realtor?
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George M. Akerley
Loan Consultant
860-221-5044 |
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gtprevost
Guest
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| Posted: Tue Sep 29, 2009 9:11 am Post subject: followup |
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| Thanks for your feedback. The appraisal was for more than the value of the contract. |
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JKennedySLG
Community Experts
Joined: 01 Apr 2009
Posts: 335
Location: New Jersey/New York
9.13 Dollars($)
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| Posted: Tue Sep 29, 2009 11:00 am Post subject: |
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It seems as if BofA is too involved in this transaction and you're limiting yourself. They have their hands on literally every part of this deal and it doesn't seem too promising based on the information you've given thus far. Seek another lender opinion and proceed. I hope this helps...
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RBI Home Loans
Bellmore, NY - Matawan, NJ
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