Updated over 5 years ago on .
Appraisal Late Question
We're purchasing a owner-occupied home with an unpermitted ADU unit over the garage. We had 45 days to close the loan.
The appraiser has not given us a report and it's been over 30 days. The lender is in contact with him, and basically said the appraiser contacted the city to ask questions about the legality of the ADU. However, the city hasn't responded, so he couldn't do his report. I called the city myself and got all the answers within a day, forwarded that info to my lender, who forwarded it to the appraiser. The appraiser was able to use the info I provided to write the report.
Many days went by - I emailed the lender to ask what's going on. Turns out the appraiser hasn't pulled comps yet, and says "this is a difficult area for comps, I need some more time..."
The seller has given us a Notice to Perform, which means I have 3 days to drop all contingencies if I want to move forward with the house. The lender is assuring me everything will be approved once the appraisal comes in, which at this point, I'm not sure if it ever will. If the appraisal comes in low, I don't mind as I'll just put more money down to cover the cost.
Questions:
1. Lender hasn't given me appraiser's contact info despite multiple requests - how do I get appraiser's contact info?
2. What can I do about the appraiser - file a complaint, lawsuit? Do he have any liability? I already paid and I am so frustrated that he can just delay without repercussion.
3. I have 0 debt, high income, and high savings. I don't mind dropping contingencies as long as the loan gets approved - from the info I provided, do you see any other "snags" in the loan approval process that would indicate I should NOT drop contingencies. (Note: the seller has many back-up offers way above our offer, we got the deal at a really good time so we definitely want to move forward with the deal - we already did inspections and everything's fine from our end)
Thank you