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Old 05-18-2009, 12:19 PM
 
6 posts, read 27,870 times
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Default Appraisal time to complete?

After the lender has ordered the appraisal, how long should it take to get the appraisal back? I am at almost 3 weeks, and my closing is at the end of the month. I keep asking and told that it is right around the corner and we have plenty of time, but I feel like I am getting the run around. Any ideas?
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Old 05-18-2009, 12:39 PM
 
Location: Castle Hills
1,054 posts, read 1,474,884 times
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Quote:
Originally Posted by dhf1 View Post
After the lender has ordered the appraisal, how long should it take to get the appraisal back? I am at almost 3 weeks, and my closing is at the end of the month. I keep asking and told that it is right around the corner and we have plenty of time, but I feel like I am getting the run around. Any ideas?
After the appraisal has been done the lender gets the information pretty fast.
Call your lender and ask them for a copy of the appraisal.
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Old 05-18-2009, 02:32 PM
 
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I got my appraisal on Monday and received the report on Thursday. I followed up on Wednesday though. If it is FHA, they are very, very busy right now so a call can get things moving. I would talk to the supervisor. There are some LOs right now that are downright incompetent.
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Old 05-18-2009, 05:08 PM
 
Location: OK
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The time it takes to complete an appraisal report depends on several things, such as the type of property, its location, the availability of comparable sales, the availability of data, etc etc etc.
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Old 05-18-2009, 07:39 PM
 
Location: Plano, Texas
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Has the appraiser been to your home yet for the inspection? if yes, the lender should have the appraisal within 3 days.
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Old 05-18-2009, 09:12 PM
 
Location: OK
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Originally Posted by VictorBurek View Post
Has the appraiser been to your home yet for the inspection? if yes, the lender should have the appraisal within 3 days.
How do you figure that?
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Old 12-23-2009, 11:23 PM
 
Location: Nebuchadnezzar
968 posts, read 1,101,208 times
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Do i have any recourse for missing the closing due to late appraisal? The appraisal took 26 days and just arrived this past Monday late afternoon, with closing scheduled for next Monday (12/28/09). Since this is a Christmas week and the property is out of state, I doubt it will be able to be closed in time. It seems the appraisor should have to pay for the late closing. Any thoughts?
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Old 12-24-2009, 08:46 AM
 
Location: OK
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Originally Posted by Swigchow View Post
Do i have any recourse for missing the closing due to late appraisal?
No.

What needs to happen is 1) realtors need to stop pulling closing dates out of their hats and wait until they get a handle on what is taking place with the loan process and 2) lenders need to start ordering appraisals earlier in the process.

As an appraiser it is not my concern when the closing date is set for. It IS, however, my concern and obligation to ensure that I have done my due diligence and the appraisal report is solid and well supported.
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Old 12-24-2009, 05:44 PM
 
Location: Nebuchadnezzar
968 posts, read 1,101,208 times
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Originally Posted by Annemieke Roell View Post
No.

What needs to happen is 1) realtors need to stop pulling closing dates out of their hats and wait until they get a handle on what is taking place with the loan process and 2) lenders need to start ordering appraisals earlier in the process.

As an appraiser it is not my concern when the closing date is set for. It IS, however, my concern and obligation to ensure that I have done my due diligence and the appraisal report is solid and well supported.


Ok, then what would be the reasonable expectation for the appraisal completion?
The bank, and both the seller and buyer agents felt that the length of time was unreasonably long.
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Old 12-24-2009, 06:26 PM
 
Location: OK
2,482 posts, read 3,857,048 times
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Quote:
Originally Posted by Swigchow View Post
Ok, then what would be the reasonable expectation for the appraisal completion?
The bank, and both the seller and buyer agents felt that the length of time was unreasonably long.
Of course they did. That is because they most likely don't understand what the appraisal process entails.

It depends on how complex the assignment is. I can do a report on a cookie cutter in a subdivision in perhaps 3 days after inspection. A house in a small, rural town may take a week - or more.

It all depends on the location and the availability of the comparable sales. Of course, Oklahoma is a non-disclosure state so it is sometimes very difficult to obtain data verification.
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