Philadelphia Weekly

REAL ESTATE

Appraiser puts buyers' deposit at risk

REThink Real Estate

By Inman News Feed

Add Comment | Comments: 0 | Posted Feb. 24, 2011

As frustrating as it is, continuing to ratchet up the pressure on the appraiser has often worked for me in these situations, and I have even resorted to escalating the appraiser's nonresponsiveness to the underwriter/funder. The underwriter/funder can often get the required materials that a buyer, agent or broker cannot.

The other way I've seen this play out is that if a seller issues a notice to perform, or desires to urgently cancel the transaction because another buyer is standing by, the seller is sometimes willing to voluntarily release the deposit to get the buyer's agreement to cancel the transaction so that the seller can move forward with a new buyer.

Tara-Nicholle Nelson is author of "The Savvy Woman's Homebuying Handbook" and "Trillion Dollar Women: Use Your Power to Make Buying and Remodeling Decisions." Tara is also the Consumer Ambassador and Educator for real estate listings search site Trulia.com. Ask her a real estate question online or visit her website, www.rethinkrealestate.com.