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Old 10-05-2012, 08:32 AM
 
12 posts, read 22,554 times
Reputation: 12

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I'm a first-time home-buyer, so I am absolutely clueless here. The initial appraisal came in low, so my agent submitted an appeal. That was over two weeks ago. Our original mortgage commitment date was 9/28, it was extended to today, and if there is still no response today on the appeal it will be extended again.

My question is: how long does an appeal typically take to process? Is a 2+ week wait (or longer even) normal and should I chill the [bleep] out, or is it time to go shopping for a mortgage elsewhere because holy carp what is the holdup?

FWIW, I am not in any sort of rush. My current lease is month-to-month, and my apartment is falling apart but it's in a great neighborhood that I love. I'm just feeling impatient.
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Old 10-06-2012, 11:04 AM
 
Location: Austin
6,966 posts, read 16,402,789 times
Reputation: 9133
An appeal should take less than a week. I had to appeal an appraisal a couple of weeks ago. We submitted it on Wednesday, the management company "received" it on Thursday, we had our response on the next Wednesday, though they claim a 48 hour turn around. If it's been 2 weeks, someone dropped the ball on your appeal.
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Old 10-06-2012, 08:51 PM
 
Location: MID ATLANTIC
7,461 posts, read 17,082,204 times
Reputation: 7845
OP, is your loan at a big box? Heck, even little box, your lender sounds like they are on overload, which is by no means hard to do........think about it, rates at their lowest in history, everyone working at capacity, one or two key people resign to go elsewhere if the pay is right.......doesn't take much to throw a highly efficient place off kilter. Imagine if the place is only mildly adept. The key here is knowing the questions to ask and asking the right party.

Who found your lender? If it was your agent, you need to be insisting your agent get the answers you need. If your agent was not involved, start asking questions: how long will the review take? what is required for an increase? can you go to another lender for a 2nd opinion? Those are a few that come to mind.
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