Low Appraisal

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  • #32782
    Opti1913
    Member

    Hello, this is my first post, but I have been coming to this site for many months. I want to say thank you to all of you for sharing your stories and questions, they have been very helpful to me during my NACA journey and a special thank you to Tim for all of his knowledge and patience.

    Onto my question, I am supposed to close on 5/16, I just received my appraisal which came back low, the seller is willing to work with me and we are currently renegotiating. My question is for all of you that have been through this stage, is it possible to still close on time? I should mention I have cleared Hand and my counselor is really great and attentive, from underwriting to Credit Access and even now at bank application, I have no complaints, I would recommend her to anyone. Can I say her name?

    Any insight would be greatly appreciated.

    #32789
    TTrumble
    Member

    Hello Opti1913,

    It most likely going to depend on how quickly you and the seller come to terms regarding the renegotiated price. If you get the new P&S submitted in the next day or so, you can probably still make it. Every day you wait will seriously diminish your chances.

    With the inspection, HAND clearance and appraisal out of the way, it should be able to move fairly quickly. Just don’t wait any longer than you have to.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #32801
    Opti1913
    Member

    Thanks Tim, we have renegotiated and my MC has the new amendment as of last night.

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