Citizens Mortgage problem week before closing

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Old 05-09-2013, 07:17 AM
Bonnevie Bonnevie is offline
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Default Citizens Mortgage problem week before closing

So, I went with Citizens Mortgage for the basic reason that "they can be sure to get it done on time" "they are experts in the Villages" etc. Well, it's 8 days before closing and I had not signed the waiver that I don't need the appraisal 3 days before closing. I want to see the appraisal beforehand. They have just informed me that "for one reason or another" the appraiser can't get in to do it until May 13 and I either have to waive the 3 day and receive the appraisal at closing or move the closing date.

Has anyone else been thru this and had this done? I told them I won't close without an appraisal.

Any thoughts from people with more experience in these things than I have?
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Old 05-09-2013, 07:39 AM
JB in TV JB in TV is offline
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Two points, and they may not be popular points, but I will make them anyway.

1. You probably don't have much choice. Moving the closing date WILL cost you money.

2. Do you REALLY need the appraisal 3 days prior? It will most likely come in at, or slightly above your purchase price, and it only takes a few minutes to read it anyway. Just read it at closing is my suggestion.

EDIT: Is this a new house or resale?
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Old 05-09-2013, 07:44 AM
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Quote:
Originally Posted by hope2soon View Post
So, I went with Citizens Mortgage for the basic reason that "they can be sure to get it done on time" "they are experts in the Villages" etc. Well, it's 8 days before closing and I had not signed the waiver that I don't need the appraisal 3 days before closing. I want to see the appraisal beforehand. They have just informed me that "for one reason or another" the appraiser can't get in to do it until May 13 and I either have to waive the 3 day and receive the appraisal at closing or move the closing date.

Has anyone else been thru this and had this done? I told them I won't close without an appraisal.

Any thoughts from people with more experience in these things than I have?
What good is seeing it 3 days before? The bank is the one who will say if the appraisal is low you need to put up more money, not likely though.

Bottom line is they can get it done but you won't let them.

I bought two houses in the villages and did not use citizens and each time I had no problems. Citizen's rates were higher than the competition.

Funny thing is they don't care if you won't close, they'll take your deposit and sell the place to someone else, so you have no leverage, accept it and move on.
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Old 05-09-2013, 08:41 AM
784caroline 784caroline is offline
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New or resale, if its a home listed by The Villages, the Appraisal requested by Citizens Mortgage will come in at or slightly above the sales price.

If you were using a bank for financing other than Citizens, then the appraisal would possibly mean something. I was involved with a situation with a Village listed resale, person made an offer on the house, but was financing it through another lender. The other lender sent out its appraisal and it was $10,000 below sales (not asking) price.....The Villages RE tried to get the buyer to use Citizens but the buyer balked. Seller offer to split the difference (Sale would still be $5k over appraised price), buyer said no and the deal eventually fell through.The VIllage RE people will try and use a clause in the resale contract that states any RE Appraiser MUST be based in Sumter County Florida....otherwise you need to the another appraisal. It does get potentially confrontational at the end.

Appraisals are only necessary for bank financing, and if you are dealing with VIllage RE, they are hand in hand with Citizens Mortgage.....any appraisal from Citizens would not be an objective appraisal accepted buy other banking institutions.

Read your contract. If its a new house delaying closing date will cost you money. NOt certain how it would effect a resale. IMO, based on your senario, The appraisal will not matter, if you want the house settle....too late to change anything. If you were that concerned about what the appraisal said before you closed, you should have used a different mortgage lender.
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Old 05-09-2013, 08:42 AM
ilovetv ilovetv is offline
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If--by some remote possibility--the appraisal comes in too low, they're going to tell you as soon as they see the appraisal.

One really can't compare market value retention and appraisals here to other parts of FL or the nation. TV is a uniquely healthy market.

I'd be concerned only if the place you're buying is dilapidated and in need of serious repairs, which would be odd in TV.
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Old 05-09-2013, 08:48 AM
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thanks, I have to admit after dealing with Citizens I'm very leary of anything they do or say. It seems like it's the sellers who are not allowing access. I never considered that the Citizens appraisal is probably worthless anyway.
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Old 05-09-2013, 09:48 AM
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Quote:
Originally Posted by hope2soon View Post
thanks, I have to admit after dealing with Citizens I'm very leary of anything they do or say. It seems like it's the sellers who are not allowing access. I never considered that the Citizens appraisal is probably worthless anyway.


I didn't get that from the good advice from other posts.

Appraisel is for the bank to approve the amount borrowed.

Like one poster said you can close if you want to. It will cost you $250. to change the closing date.

It is up to you.

Any change to your contract after you sign it, even the closing date moved will cost you $250. That is just how they do it.
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Old 05-09-2013, 10:10 AM
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I do understand the closing date. I am ready and able to close but I thought I had the right to see the appraisal beforehand and the sellers are not allowing access.

I understand the rules are different there, but that doesn't mean I can't question things, does it? Does wanting to make sure I'm protecting myself something I can't do to be able to live there?

I asked for advice. I got it. I appreciate it. One of the posters said "If you were using a bank for financing other than Citizens, then the appraisal would possibly mean something". That is what I was referring to and I think that's probably a fair statement.

As a matter of fact, they have found a way to do the appraisal today.

So, again, thank you for all that helped allay my fears.
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Old 05-09-2013, 10:44 AM
JB in TV JB in TV is offline
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You never said if this is a new or resale home, at least that I saw. Makes a difference. I suspect it is resale as you did say it seems like the seller wasn't allowing access. If it was new, the appraisor would have access already.
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Old 05-09-2013, 11:29 AM
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If the law requires the mortage company to provide documents for you within a specified period before closing and they do not meet the deadline, you will not be charged for delaying closing. It happened to us and CFM delayed the closing and picked up our closing cost for the inconvenience it cause us. Sales have been brisk and it appears they sometimes get overwhelmed with the paper flow.
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Old 05-09-2013, 11:32 AM
gocubsgo gocubsgo is offline
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We lost our house in Mira Mesa because Glenda Adams at Citizens Mortgage screwed up our mortgage. 1 week before closing, she overlooked an important detail. By that time it was too late. Not only did we lose the house we had our hearts set on but we also lost a substantial amount of money. Citizen's is all about quantity, not quality. It's about how many houses they can sell in a month vs personalized service and going over details so things aren't missed.
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Old 05-09-2013, 11:36 AM
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Once upon a time I did mortgages. I would call my appraiser and tell him the range I needed for the loan. Nine times out of ten, he would come in at my price via comparatives and improvements (usually had a pretty good idea of value ten minutes after I talked to him). Reality is appraisals are pretty worthless regardless if for a bank, a broker, an agent, a purchaser -- they just let the bank know that the value is there. The truly important document is the home inspection if pre-owned. That's the one that lets you know if there's anything wrong in the house.
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Old 05-09-2013, 12:34 PM
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Quote:
Originally Posted by hope2soon View Post
I do understand the closing date. I am ready and able to close but I thought I had the right to see the appraisal beforehand and the sellers are not allowing access.
The problem seems to be between you and the seller. Why are you slamming Citizens? If you are not happy with the deal or the sellers, cancel the deal. But, it seems to me, you are making a mountain out of a molehill.
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Old 05-09-2013, 01:13 PM
Bonnevie Bonnevie is offline
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You know, you are probably right. I should maybe have titled this "am I over-reacting". I can see by your picture you a mate so you are not alone trying to handle this often complicated process while still working full time. With trying to sell a house here with all the incumbent stresses, waking up and discovering this email from Citizens (who have had my paperwork in which I did not sign the waiver for several weeks) not being able to do what they were supposed to do. I subsequently found out it was the seller but I did not know that at first. Mea culpa.

Again, what I was looking for was advice as to whether I indeed was "making a mountain out of a molehill". I very much appreciated the non-judgemental responses I received because they made good points and put my mind to ease. They were the sounding board I needed and I very much appreciated it.

May I respectfully suggest, that unless you have constructive input to the question posed, that you not respond because it serves no good purpose.
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Old 10-23-2013, 03:01 AM
mixsonci mixsonci is offline
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Good for you and well said. I also am single and work full time, out of the Country no less, and had to deal with selling a Condo in Massachusetts and buying a house in TV. Both my sale and my purchase were done using a Power of Attorney. It's not easy and there is a LOT to figure out. It is very daunting and scary and new things keep popping up that I had no idea about. I did not use Citizens, I found my own and after reading this, I am very glad I did.
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