Today I received notice from the buyer’s agent on one of my listings that the lender was requiring repairs in order to approve the buyer’s mortgage.
While lender required repairs are not common, we do see them from time-to-time if the appraiser feels there may be a foundation problem, the roof needs repair, the HVAC is not working, and a host of other things that they look at while they are appraising a property.
This time the appraiser wanted a drippy faucet repaired! The good news is that this is an easy item to take care of and we will close on-time.
That said, I can only imagine how bad this could get with appraisers acting like inspectors and the lenders happily asking for everything to be repaired or they will refuse to approve the mortgage essentially holding sellers hostage.
I’m hoping this was a case of a single “appraiser gone wild” rather than a sign of things to come.
Photo Licensed from iStockPhoto
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