Underwriter asked for a letter and more comps. Nervous
My husband and I are trying to purchase a short sale property. The property is a two flat that is three blocks from our kids school. I am sick of driving all day so we tried. The whole thing started in Early September. On January 12 we were told by Countrywide that our offer was accepted. They then sent us the final final letter on Janurary 26th saying that we had to close by February 26. Before we had the final letter we told our mortgage broker that we wanted to go ahead and lock in and we paid $475 for the appraisal. We got the package signed back to the mortgage broker by the 26th of January. We waited for awhile for the appraisor and he appraised the house for 5 thousand above what we agreed to pay. This property is a two flat. I believe the mortgage broker gave the package to the underwriter on Friday Feb 6th. On Friday the 13th the underwritter told the mortgage broker we needed to write a more convincing letter that we were moving into the two flat (We are renting our home) and more comps from the appraisor. We were sceduled to close this Thursday the 19th but that is not happening. The appraisor has not gotten the comps. As of today the MB told our attorney that they will be in by end of the day today. Oh our letter was finished and emailed to the MB and he forwarded it Monday (a band holiday). I know this is a long story but was wondering how long it will take the underwritter. I guess she knows we are under a time contraint. Should I be mad that the appraisor has taken his time from the beginning? We did complain about the appraisor and were told we could get our own. Any thoughts would be great.