For those of you keeping track, we were supposed to close on the land tomorrow. I just talked to the lender today. Although the appraisal has been approved, they aren't going to get the paperwork through on time. Hopefully we can close on Monday.
There are two possibilities for the delay.
The first is that they had trouble finding land to compare ours to for the appraisal. They normally go back 12 months to find similar sales, but the closest they could find was a year past. They had to go back 2 years to find enough properties for the appraisal. The lender wanted something more recent after the appraisal was originally completed, so the appraiser ended up pulling up two more properties that are listed now.
My other theory is that the company that did the appraisal is connected with a realtor in our town that is in a bit of a legal predicament right now, and they might just be buried deep with trying to dig their way out of a hole. If you haven't heard this story, you can read it here or here. Basically, a property was sold south of town that was zoned as residential. A family bought the 70+ acres for over a 1/4 of a million to build their dream home only to find out that they had just boughten our town's city landfill that was shut down in the 60's. The realtor knew that it was a landfill, but didn't disclose that information.
Whatever the case, we are hoping to close soon. We are also happy to know that we payed less per acre for our land than what the landfill sold for!