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/u/Sharlenethegreat
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Our contract on a condo is executed and ten days out from commitment letter deadline and 40 days from closing date. we have been working with big bank A, who’s been very slow to respond, to tell us if we arr willing to price match another bank, etc. I just have little idea what is going on. We are supposedly in underwriting but who knows. Submitted all docs promptly weeks ago. The process has been a shit show. We signed with this bank locked a rate and did an appraisal
Side note no agents involved (ugh), seller had been micromanaging the process and pressuring us to close almost a month early, intervening in many ways, talking to our lender (!!) and pressuring us to go with this bank bc they’re good. All so stressful
We are about 10 days out from commitment letter deadline, and my partner decided to talk to another local bank who seems willing to move things along quickly with a better rate. They want to do another appraisal and the seller (who’s in direct comm with us) seems seems very upset at the idea of doing another one
There se some complications with our building bc of litigation and this lender has dealt with the building before so is a logical choice; not totally sure bank 2 can navigate these in time as a local bank in another city
Question; what are the ethics of our situation here?
1)Can we be in process with two banks when we feel uneasy about ones interaction with us and long “rate match” process but feel they’re too far long to abandon outright because of the weird issues with our building they’re working our? I’d offer to pay loan officer 2 for his time if we don’t end up using him because I don’t want to be a jerk
2) is it a dick move to ask our seller to attend another appraisal when she is pressuring me every day to move things along (honestly she’s giving me an ulcer, I’m never doing this without an agent again)
3) f we end up abandoning the first lender is it possible to pay the loan officer some money for their wasted time? What’s the etiquette here?
TIA. FWIW our lawyer didn’t think it was a big deal to order appraisal with bank two
submitted by /u/Sharlenethegreat
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Dilemma - Appraisal from second bank
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Side note no agents involved (ugh), seller had been micromanaging the process and pressuring us to close almost a month early, intervening in many ways, talking to our lender (!!) and pressuring us to go with this bank bc they’re good. All so stressful
We are about 10 days out from commitment letter deadline, and my partner decided to talk to another local bank who seems willing to move things along quickly with a better rate. They want to do another appraisal and the seller (who’s in direct comm with us) seems seems very upset at the idea of doing another one
There se some complications with our building bc of litigation and this lender has dealt with the building before so is a logical choice; not totally sure bank 2 can navigate these in time as a local bank in another city
Question; what are the ethics of our situation here?
1)Can we be in process with two banks when we feel uneasy about ones interaction with us and long “rate match” process but feel they’re too far long to abandon outright because of the weird issues with our building they’re working our? I’d offer to pay loan officer 2 for his time if we don’t end up using him because I don’t want to be a jerk
2) is it a dick move to ask our seller to attend another appraisal when she is pressuring me every day to move things along (honestly she’s giving me an ulcer, I’m never doing this without an agent again)
3) f we end up abandoning the first lender is it possible to pay the loan officer some money for their wasted time? What’s the etiquette here?
TIA. FWIW our lawyer didn’t think it was a big deal to order appraisal with bank two
submitted by /u/Sharlenethegreat
[link] [comments]
Dilemma - Appraisal from second bank
Continue reading...