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Updated about 8 years ago on . Most recent reply

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Micheas Marroquin
  • Real Estate Investor
  • Chatsworth, GA
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Bank Wants me to waive my right to get a hard copy of apraisal

Micheas Marroquin
  • Real Estate Investor
  • Chatsworth, GA
Posted

Today I received a call from the bank. They want me to come to the bank in 2 hours to sign a document to waive my right to get a hard copy of the appraisal value of the property. I had received the letter 2 weeks ago and called the bank that I wanted a hard copy of the appraisal 3 days before closing. So, now he calls me and wants me to come and sign that document. He said the appraiser has not send him the document. They want me to sign it today so we can close on Friday, as planned. Should I tell them that I need the hard copy and postpone the closing another 3 days or should I come an sign it without knowing how much the property appraised for? What if the property appraised for less than the purchase price and we don't have time to negotiate with the seller? 

What should I do? What questions should I be asking? Thank you very much!

Most Popular Reply

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Jeff B.
  • Buy & Hold Owner
  • Redlands, CA
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Jeff B.
  • Buy & Hold Owner
  • Redlands, CA
Replied

Ask "Is the loan approved and how much?"  If it's approved, just sign the waiver as you got what you wanted in the first place - - the loan :)

If they can't answer that, then you respond with the "I'll have to moving the closing date until you can tell me it's accepted or denied"

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