Nervous...when will the appraisal be??? (mortgage, good credit, lenders)

[jamibit]

I'm under contract to sell my house and the buyers have 45 days to get a mortgage commitment. It's been exactly 4 weeks and the appraiser hasn't even come yet. Is this unusual? Should I be worried? And is it common for appraisals to be done after all of the financial information is reviewed and processed? I'm waiting for my lawyer to get back to me but in the meantime, I thought I'd post here.

Thanks.

[Elke Mariotti]

On the surface, this seems like a long time.
However, maybe the buyers' financial information was originally inadequate and they are still "getting it together"; in today's mortgage environment, underwriting is much more strict and everybody is crossing their T's, etc. Did you use a Realtor? If so, s/he should be assisting you with staying on top of the financing.
You were right in asking your lawyer to follow-up.
BTW, was this your only offer?

Originally Posted by jamibit

I'm under contract to sell my house and the buyers have 45 days to get a mortgage commitment. It's been exactly 4 weeks and the appraiser hasn't even come yet. Is this unusual? Should I be worried? And is it common for appraisals to be done after all of the financial information is reviewed and processed? I'm waiting for my lawyer to get back to me but in the meantime, I thought I'd post here.

Thanks.

[jamibit]

Actually, I had about 7 offers total but I'm also in contract to buy a new home so I'm not willing to start over unless I don't have a choice. I heard back from my lawyer and the buyer's lawyer said they're in the process of scheduling the appraisal but I'm waiting for the call.....still nervous because my lawyer shouldn't have had to follow up.

[TomMoser]

Don't worry. The appraisal is usually the last step. They do not want to spend the money on the appraisal unless everything else checks out. Usually, when I see the appraisor show up it means we'll have a closing within the next couple of weeks.

[jamibit]

Thanks TomMoser. I was hopeful that things would be fine since the buyers have good credit and are putting 20% down, but you never really know in this market, especially with all of the strict requirements from lenders these days.