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Old 05-14-2012, 12:53 PM
 
15 posts, read 30,132 times
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My appraisal was ordered April 15th, I was charged for the appraisal the 21st.

To date my bank has not received the appraisal. Closing is set for the 17th.

Seems it will get postponed at this point. What type of if any accountability can I hold against the appraisal company? They are costing me thousands of dollars with this delay. Not to mention the sellers are unsure if they want to give us an extension or put it back on the market.
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Old 05-14-2012, 01:07 PM
 
Location: OK
2,825 posts, read 7,526,416 times
Reputation: 2056
Quote:
Originally Posted by tskstorm View Post
My appraisal was ordered April 15th, I was charged for the appraisal the 21st.

To date my bank has not received the appraisal. Closing is set for the 17th.

Seems it will get postponed at this point. What type of if any accountability can I hold against the appraisal company? They are costing me thousands of dollars with this delay. Not to mention the sellers are unsure if they want to give us an extension or put it back on the market.
Please don't automatically assume it is the appraisal firm. More often than not I receive appraisal assignments for sales that are scheduled to close a week later. This is frequently not enough time to do a proper job on the appraisal report. It is not the appraisal firm's fault that the appraisal is ordered at the last moment.
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Old 05-14-2012, 01:15 PM
 
15 posts, read 30,132 times
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Originally Posted by Annemieke Roell View Post
Please don't automatically assume it is the appraisal firm. More often than not I receive appraisal assignments for sales that are scheduled to close a week later. This is frequently not enough time to do a proper job on the appraisal report. It is not the appraisal firm's fault that the appraisal is ordered at the last moment.

Ordered 4/15 to close on 5/17 ... Thats a month long period? We are not talking about a week.
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Old 05-14-2012, 01:19 PM
Status: "Open for work" (set 1 day ago)
 
Location: Just south of Denver since 1989
11,822 posts, read 34,329,911 times
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I am going to guess there is an Appraisal Management Company involved.
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Old 05-14-2012, 03:01 PM
 
143 posts, read 384,895 times
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For comparison, on our last purchase we got our appraisal report a week after it was ordered, three weeks before closing, and as far as I know it wasn't pushed through abnormally quickly...
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Old 05-14-2012, 03:12 PM
 
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Originally Posted by 2bindenver View Post
I am going to guess there is an Appraisal Management Company involved.
There is ... The whole process stinks!
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Old 05-14-2012, 07:07 PM
 
Location: OK
2,825 posts, read 7,526,416 times
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Quote:
Originally Posted by tskstorm View Post
Ordered 4/15 to close on 5/17 ... Thats a month long period? We are not talking about a week.
If your card wasn't charged until the 21st I can guarantee you that the appraisal was not ordered until after the payment was secured.
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Old 05-14-2012, 07:09 PM
 
Location: OK
2,825 posts, read 7,526,416 times
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Originally Posted by tskstorm View Post
There is ... The whole process stinks!
Do you know which AMC?
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Old 05-15-2012, 07:41 AM
 
3,020 posts, read 8,587,313 times
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Quote:
Originally Posted by tskstorm View Post
Ordered 4/15 to close on 5/17 ... Thats a month long period? We are not talking about a week.
Ordered by the lender; the order probably went to the appraisal management co.. Who knows when the AMC sent it to an appraiser. It could be the AMC is to blame for the delay, not the appraiser. This is quite common.
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Old 05-15-2012, 09:09 AM
 
15 posts, read 30,132 times
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Quote:
Originally Posted by Annemieke Roell View Post
Do you know which AMC?
no I have no idea.
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