Updated over 13 years ago on . Most recent reply
Wells Fargo asking for 2nd appraisal b/c property not held longer then a year?
Has anyone heard of this? This is NOT a FHA loan but a conventional loan on a 2 family non owner occupied dwelling.
Had appraisal done comes in fine, all of a sudden WF says 2nd appraisal is required and now request 12 month chain of title, sellers operating agreement.
This is being done apparently b/c property has not been held for a year. Property has been held ~ 9 months so it's not like it is under the 90 day seasoning period.
I read some stuff on line and saw that FHA has these guidelines in place but I guess it is no FHA too? The funny thing it said was the buyer is NOT allowed to pay for this 2nd appraisal!??
has anyone come across similar situations?
Chris
Most Popular Reply
Yes, this happens pretty frequently inside of 180 days, and definitely inside of 90. For the non-government backed loans, its really at the banks discretion as to what they require. I just sold one yesterday where it was required (about 120 days between sales), and we ended up paying for the 2nd appraisal, but I think it was negotiable. I just consider it a cost of being successful and turning houses quickly.
Sometimes if the double appraisal wasn't included in the buyer's GFE, the bank has to eat the cost.