CIT Bank National Association Mortgage Complaint

CIT Bank National Association Mortgage department,

Reverse mortgage Settlement process and costs California

On -/-/2016 I submitted a complete Short Sale packet to Financial Freedom for review. They requested a new Property Appraisal by a 3rd party Appraiser of their choosing. On -/-/2016 the value came back at $740000.00. Based on the terms of the contract provided by financial freedom the appraised value will determine the acceptable purchase offer price which is - % of that appraised value. An addendum with the new price of - % of the new Value was submitted for approval in the amount of $700000.00. The note holder CIT group inc. was to give the approval within 2 to 3 weeks of submitted offer. Instead i received an email on -/-/2016 with no return or contact information that the appraisal had some Flaws? no explanation as to why the appraisal was not to their liking as i believe they are misinformed of the actual value of the property. The reason for this was a prior appraisal from a former offer from over 8 months ago by an out of area appraiser who gave a value of $ -.with no consideration to the cost of repairs and its current dilapidated condition. That value was given as a hard number that was used and now that an actual and True value was given they cant accept the reality. I think this is acting in Bad Faith and should be reviewed by a second pair of eyes. This is the first time i have ever heard of the banks own appraisers value come into question. I feel this is not fair and they are acting in bad faith. I have informed the buyers to forward this complaint to their attorney as this is not a common occurrence and something definitely is amiss and should be investigated.