Check out some similar questions!

Hummer30 · Apr 2, 2009, 06:48 PM

1st Thanks in advance to ALL for any advice/suggestions given in this question...

Currently I'm in a sales agreement as a BUYER to purchase land from a SELLER. Went through the lenders criteria and finally had the apprasier from the lender go out to the lot to be apprasied. FYI: This land is included for a construction loan to be a residential home on this lot. The appraiser comes back and tells the lender the home to be built on the property is priced right though the LAND selling price is a whopping $40,000 less than sellers asking price. Now I have a rejection from the lender due to the price discripency of the land and not the home to be built on it, as well nothing to do with my credit. I'm furious because I already have $$$$ wrapped up w/ the septic design and some prelimenary surveying fees... Can I possible recoupe these expenses if the Seller does not want to sell me the property at this lesser rate?? Would a good thing to do is have a lawyer look into this? Maybe my sales agreement? Or should I just walk away with $1,500 in fees given out for nothing to show?? PLEASE HELP:confused:

ScottGem · Apr 2, 2009, 06:53 PM

What I would do is hire an independent appraiser to appraise the land without telling him about the bank appraisal.

But you have no recourse against the bank or the appraiser. They are just making good business decisions.

Hummer30 · Apr 2, 2009, 06:55 PM

Have a problem with appraisals of land property in my area w/ lender... What can I do to make sure asking prices of the land will conicide with what the lenders appraiser will come back okay w/ no problems (negative equity I mean)?? Please Help... Thanx in Adavce

\:mad::confused:

ScottGem · Apr 2, 2009, 07:00 PM

Originally Posted by Hummer30

Have a problem with appraisals of land property in my area w/ lender....What can I do to make sure asking prices of the land will conicide with what the lenders appraiser will come back okay w/ no problems (negative equity i mean)??? Please Help...Thanx in Adavce

\:mad::confused:

Get your own appraisal before you go to the bank

Hummer30 · Apr 2, 2009, 07:01 PM

They (the lender) will not accept another appraisal even if the seller will pay for the costs? Do I have a case against the Seller that I fulfilled my end of the agreement though I can not get lending because of his asking price so I fees during this whole process before settlement can be possible paid for by him?? Whay do you think?

ScottGem · Apr 2, 2009, 07:05 PM

Sorry but YOU agreed to the price. You shouldn't have done so until you checked out the price. So you have no legal recourse.

Check back with the lender, see if they will underwrite the loan if you put down a larger downpayment.

Hummer30 · Apr 2, 2009, 07:07 PM

Thanks for your answers though I do not have that money to keep throwing down a larger downpayment I guess I'll take my losses. This is such Bullcrap!!

ScottGem · Apr 2, 2009, 07:28 PM

Originally Posted by Hummer30

Thanx for your answers though I do not have that money to keep throwing down a larger downpayment I guess I'll take my losses. This is such Bullcrap!!!

I'm sorry my answers are not want you want to hear. But I wonder if you had legal representation during the transaction. I'm afraid that you mostly have yourself to blame for not doing due dilgence.