Loan Approval Process!

I have a buyer whose loan application is under reviewed by a loan officer. We’ve been through various paper works such as house’s appraisal, title clearing, etc… and almost reach to close this contract.

However, the weird thing is that the buyer’s loan officer wants to get receipt of my orginal purchase for the house and how much I’ve spent for repair. Would it be part of the loan approval process? Isn’t the new appraisal document enough to justify the value of the house?

Note: I purchased the house in less than 6 months. And the loan Officer has sent his own appraiser to evaluate the house.


Have anyone ever seen this situation before? And How do you respond to that? I’ve dealt with many contracts, but never come across this.

Thank you,

The Loan Officer sending his own appraiser to evaluate is normal because appreciation can change dramatically in 6 months depending on market. He shouldn’t need an of the information that he’s asking for. Maybe their trying to figure out… well I don’t know what their trying to figure out. I’m a loan officer and there is no reason I would ask a seller for that information. It’s not needed for any loan approval. Hope that helps, you need to find out why it’s necessary for him to have these documents???

Hope this helps

Appraisals are only good for six months.

Thanks to rampant mortgage fraud…appraiser’s can no longer provide what’s known in the industry as a retype in another lenders name. It’s now considered a new assignment w/the appraiser required to reinspect (assuming an inspection was initially required). The appraiser will then charge accordingly.

Each lender has their own ‘preapproved appraisers list.’ Very few lenders will accept an appraisal from any licensed or certified appraiser (though a few do).

Additionally, some lenders are now hesitant to lend on a property that was purchased 9 months ago, or less. Those that will lend on such recent purchases want to make sure everything’s aboveboard. We’ve got real estate fraud (especially flip fraud) to thank for this.