Consumer complaint: Since XX/XX/XXXX, I have been in the process of purchasing a condominium located in XXXX, New Jersey. This property is a HUD foreclosure managed by XXXX XXXX XXXX. XXXX XXXX is the real estate agency for both buyer and seller. The mortgage lender for this purchase is Wells Fargo Home Mortgage. A XXXX renovation loan was required due to the condition of the property. Lender delay has necessitated XXXX fifteen day extensions, which have XXXX now expired. At this point, I will be fined {$25.00} per day in fifteen day intervals by XXXX XXXX ( {$370.00} total per extension ) for each additional extension going forward. After multiple inquiries and considerable delay, on XXXX XXXX, 2015, just one day prior to the expiration of my first extension, I was provided with the appraisal by a subcontractor of XXXX XXXX, a 49.9 % owned subsidiary of Wells Fargo. This appraisal significantly under-appraised the subject property. Consequently, my lender provided me with XXXX options at that time in order to continue with this transaction : 1 ) Request a reduction in the sales price ; 2 ) Pay the difference at closing ; 3 ) Reduce the renovation budget ; and 4 ) Appeal the appraisal. My realtor advised me that a reduction of the sales price by HUD/XXXX XXXX was not an option. Payment at closing of the nearly {$10000.00} difference resulting from this appraisal would be difficult, if not impossible, without burdening family and friends. However, in an effort to move forward with this transaction, I was able to reduce the renovation budget by approximately {$5000.00} without significantly affecting the property 's valuation, if at all. Additionally, I elected to appeal the appraisal due to it containing numerous errors and omissions. The renovation modification and appraisal appeal were both submitted to Wells Fargo on XXXX XXXX, 2015. While I have been assured by representatives of Wells Fargo that the renovation modification and appraisal appeal have been submitted to the appropriate departments/persons, there has been absolutely no discernible progress for more than three full weeks. I have made multiple telephone and email inquires each and every day for the last three weeks with regard to the status of the appraisal appeal and renovation modification but have received no meaningful responses. My XXXX extension has now expired and I have advised XXXX XXXX that I will not being extending any further unless fines are waived, as these delays are the result of lender delay. XXXX XXXX of Wells Fargo contacted me on XXXX XXXX, 2015, and advised that the appraisal appeal would be completed within approximately 24 hours. I asked him to reach out to XXXX XXXX and advise them of same in the hope that they would grant another free extension. I have not heard back from XXXX XXXX regarding an additional extension. I was advised by XXXX XXXX on XXXX XXXX, 2015, that there was some sort of miscommunication and that the status of the appraisal appeal is unknown at this time. The production of numerous outstanding documents, which are required to be submitted prior to my closing, are entirely reliant on the outcome of this renovation modification and appraisal appeal. These documents are required to be submitted at least ten business days in advance of my closing, which is simply not possible given that a XXXX extension, if granted, would only serve to extend the closing date until XXXX XXXX, 2015. Unfortunately, a XXXX extension, and the costs associated with same, is all but inevitable at this point. This was to be my XXXX home purchase. I have expended thousands of dollars and countless hours on what I currently perceive to be a costly and futile endeavor. The current situation has been caused solely by Wells Fargo but they have been completely unaccountable. 

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