I'm a seller. We accepted Conv PSA, Appraisal has Work Orders BUT the Lender accessed the Lock Box, let the Buyer & Contractor In w/out Buyers agent present (we have cams), and the Buy Agent sent us the Informal Contractors Conditions on a Form 22AWO with a Bid. We have not received anything formal with appraisal documentation backing this up. Appears to be Buyers wishlist. Who gives us the proper Work Orders.
I am sorry I am not completely following you. The appraisal is subject to repairs? I am not sure what state you are in but in Nebraska the lender allowing Buyer and Contractor in would be against the law without sellers permission. I am not sure what form you are referring to of the contractors. Maybe you can elaborate
@MortgageSpecialistsLLCOmaha correct. Appraisal is subject to repairs and will need to be reviewed once completed. HOWEVER, the Lender took it upon herself to bring the Buyer and Contractor in (bc she also has a Realtors license for box access) and without permission allowed them in. (Vacant prop) This is now resulting in the Lender sending us (sellers) what appear to be erroneous estimates, when they haven't even shared the scope of the appraisers recommendations.
@@ElementalDivinity yes this would be a big no no if she didn't get permission. The lender has the right to the appraisal, but if repairs are needed they should list them out before sending out contractor. But there is no law that requires that. Also I can attest that many times the appraiser is vague on what needs to be done and it could open up the door to a more elaborate repair. First I would agree with you that the lender, unless is acting in dual capacity on the transactions and got seller approval, should not be in anyones home without authorization
I'm a seller. We accepted Conv PSA, Appraisal has Work Orders BUT the Lender accessed the Lock Box, let the Buyer & Contractor In w/out Buyers agent present (we have cams), and the Buy Agent sent us the Informal Contractors Conditions on a Form 22AWO with a Bid. We have not received anything formal with appraisal documentation backing this up. Appears to be Buyers wishlist. Who gives us the proper Work Orders.
I am sorry I am not completely following you. The appraisal is subject to repairs? I am not sure what state you are in but in Nebraska the lender allowing Buyer and Contractor in would be against the law without sellers permission. I am not sure what form you are referring to of the contractors. Maybe you can elaborate
@MortgageSpecialistsLLCOmaha correct. Appraisal is subject to repairs and will need to be reviewed once completed. HOWEVER, the Lender took it upon herself to bring the Buyer and Contractor in (bc she also has a Realtors license for box access) and without permission allowed them in. (Vacant prop) This is now resulting in the Lender sending us (sellers) what appear to be erroneous estimates, when they haven't even shared the scope of the appraisers recommendations.
@@ElementalDivinity yes this would be a big no no if she didn't get permission. The lender has the right to the appraisal, but if repairs are needed they should list them out before sending out contractor. But there is no law that requires that. Also I can attest that many times the appraiser is vague on what needs to be done and it could open up the door to a more elaborate repair. First I would agree with you that the lender, unless is acting in dual capacity on the transactions and got seller approval, should not be in anyones home without authorization
I would speak with the loan officers manager about this