AMC Appraisals and Lima One Capital

[Salvatore Lentini]

Has anyone had problems with Lima One Capital withholding AMC appraisals? My buyer was not able to get approved by Lima because the per unit didn't meet there minimum ($50K per unit on a 6 unit property) even though Lima One knew this info when the buyer applied. Purchase agreement was for $285K on a 6 unit. It appraised for $290K and then Lima One Capital said "Sorry it's under our minimum". Buyer has a new lender that will do the loan but needs the appraisal. Since it's an AMC appraisal that was paid for by the buyer it's theirs. Lender requested it a week ago and Lima One has still not sent it. I can't even imagine why they would do this. Any ideas? Anyone else experience this?

[Kristen L Garner]

Hi, I work with many AMC's and as soon as the appraisal comes in it is immediately available to the loan officer, processor, and entire lending team. I've never had any AMC withhold an appraisal from my team. Sometimes revisions or rebuttals can be slow, but never a withhold. I would try to speak to someone else at your lender's company....processor, branch manager, etc. Or you could find out which AMC they used and give them a call yourself. AMC's are only a middle man for the sake of compliance. They have no motivation to withhold.

Best of luck.