“Subject to” vs “as is” appraisals

What is the difference between “subject to “ and “as is” in an appraisal? And is it the underwriter or appraiser who determines this and whether repairs are required? I ask because I’m confused about a situation I’m in. I was supposed to close today, but I received a message from my agent that the buyers contacted him with an issue. (This is days after we were told the appraisal was in and we were “good to go.”)

I was told the appraiser originally said a repair was “as is”, but the buyer’s agent said the underwriter “called it out.” The agent said she tried to reach out to appraisal management company to get it removed, but now the appraiser is changing it to “subject to.” (This is a conventional loan, in case it matters.)

I don’t understand any of this and my agent seems confused as well. He said he was reaching out to his broker for more information, but it’s been awhile and I haven’t heard anything. Just freaking out and wondering what is going on? And how are we just learning about this on closing day? That’s not normal, right?

submitted by /u/disgruntledpailican
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What is the difference between “subject to “ and “as is” in an appraisal? And is it the underwriter or appraiser who determines this and whether repairs are required? I ask because I’m confused about a situation I’m in. I was supposed to close today, but I received a message from my agent that the buyers contacted him with an issue. (This is days after we were told the appraisal was in and we were “good to go.”) I was told the appraiser originally said a repair was “as is”, but the buyer’s agent said the underwriter “called it out.” The agent said she tried to reach out to appraisal management company to get it removed, but now the appraiser is changing it to “subject to.” (This is a conventional loan, in case it matters.) I don’t understand any of this and my agent seems confused as well. He said he was reaching out to his broker for more information, but it’s been awhile and I haven’t heard anything. Just freaking out and wondering what is going on? And how are we just learning about this on closing day? That’s not normal, right? submitted by /u/disgruntledpailican [link] [comments]

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