Can I lose my earnest money waiting for an appraiser to re-visit a home to verify repairs?

Question by Andrew Z: Can I lose my earnest money waiting for an appraiser to re-visit a home to verify repairs?
I have completed every part of the loan process, including the appraisal. The appraiser appraised the home “pending repairs” All of the repairs have been made, and now the bank has ordered a rush re-visit from the appraiser.

She does not answer her phone, and it took us a week to get in touch with her the first time, and our closing date is 2 days from now, so we are guaranteed to not close on time. The bank (BofA) insists that it has to be her, not a new appraiser. The loan is FHA and needs to have an FHA approved appraiser, and apparently local appraisers are backlogged.

My fear is that if the next two days go by and we don’t hear from her, can we lose the earnest money?

Since we had no control over any of this, is there any way to hold the bank responsible for hiring such a total flake? Or the appraiser herself?

Thanks
I am asking because there is a chance that the seller is unwilling to extend the closing date.
AltanK – the earnest money is all I am worried about, yes, that is what I meant.

Best answer:

Answer by knowitall
Just get an addendum to the contract to extend the closing date. This is not at all unusual.

Know better? Leave your own answer in the comments!

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