Wells Fargo required 2nd appraisal and...
I have a buyer who is very excited to purchase my rehabbed property. We had 2 offers and she agreed to purchase the listing price and also agreed to pay difference if appraisal came in low. She was pre-approved and everything was going smoothly. So smoothly in fact the appraisal came at my listing price. Then Wells Fargo (buyer's lender) stated they needed a 2nd appraisal because this is a rehab property. The 2nd appraisal came in low and then they stated they will not approve the loan because of the 2nd appraisal and listing agent and buyer's agent are from same company.
Buyer literally cried because she was so excited about getting the property, now she has to find a new lender. But I've been informed that because she was pre-approved, she will be able to find and complete the process in 8 - 15 days.
My question is the reasoning of both agents from same company by Wells Fargo a common explanation or just an excuse?
Thanks.