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Old 04-16-2008, 08:11 PM
 
186 posts, read 734,053 times
Reputation: 95
Default Appraisal time frame?

What is the general time frame to have an appraisal done? We are scheduled to close on May 15. The whole deal revolves around the appraisal coming out high enough. There is a very good chance it won't and the whole deal will be off. We signed the contract a week ago and already had the inspection. I asked our realtor tonight how long it would be for the appraisal. She said it could be 3 weeks, right before closing. Is this the normal time frame?? We were under the impresssion it would be done ASAP. I'm really not wanting to wait right up to closing to have it done and have the deal go bad. We are moving out of state so timing is a big issue. It's a VA appraisal if that makes any difference.

Thanks!!
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Old 04-16-2008, 09:21 PM
 
904 posts, read 2,329,272 times
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Ask your lender. In my case, my lender was trying to order the appraisal before the inspection/repair negotiation went through.
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Old 04-16-2008, 09:26 PM
 
186 posts, read 734,053 times
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We are the seller, the buyer's lender is setting everything up. We were under the impression the appraisal would be first but we had the inspection last week. I just don't want to think this is a done deal, have our house as pending for a month and then it not work out.
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Old 04-16-2008, 09:30 PM
 
Location: Stallings, NC
124 posts, read 360,841 times
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We are the seller...closing scheduled for 5/30. Appraiser was here last Friday, inspection was last Saturday.
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Old 04-16-2008, 09:33 PM
 
186 posts, read 734,053 times
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That is how I figured it was going to work. I emailed our realtor again and she doesn't even know if the appraisal has been ordered and said since it's a VA they are on their own schedule. I'm just anxious to see if this is a done deal or not.
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Old 04-17-2008, 04:34 AM
 
15,458 posts, read 20,242,535 times
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You should have put it in the contract. I made the same mistake with the first contract and not 1 realtor ever mentioned it ever. I had to ask all the time to put in the contract that appraisel should be done within 10 days and if not appraised high enough it should be told to us by the 10 days otherwise the contratc wasn't contignent on the appraisel. Lenders don't care when they do it and I find out that as soon as the contract is written realtors involved aren't on top of it since they try to sell the next home. I worte emails and called my realtor every day until I knew when the appraisel was done and I was present since in all 5 cases (1 didn't have an appraisel, was a cash deal) since in non of the cases the realtors weren't present. I find out my self that if you are there you can point out some positive things and things in the area and some appraisers are really open to it. To me it was very positive to meet the appraisers. Only 1 appraiser hated my realtors broker which he stated while me and the buyer were present and it showed in the appraisel and we had a hard time getting the bank listen to us but they ended up giving us time to find comps. and we did, so the closing could go forward. That was my fist experience and 1 day before closing I received the call that the appraisel came back a little lower and the buyer already had everything (utilities) in his name, was moved out of the rental place and was ready to move in. So I learned my lesson. After that not 1 lender had an issue with the 10 days appraisel and all were done within the time line.
Keep calling, that is my best advise. Good Luck.
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Old 04-17-2008, 06:26 AM
 
56,237 posts, read 28,057,614 times
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Quote:
Originally Posted by cjones15 View Post
What is the general time frame to have an appraisal done? We are scheduled to close on May 15. The whole deal revolves around the appraisal coming out high enough. There is a very good chance it won't and the whole deal will be off. We signed the contract a week ago and already had the inspection. I asked our realtor tonight how long it would be for the appraisal. She said it could be 3 weeks, right before closing. Is this the normal time frame?? We were under the impresssion it would be done ASAP. I'm really not wanting to wait right up to closing to have it done and have the deal go bad. We are moving out of state so timing is a big issue. It's a VA appraisal if that makes any difference.

Thanks!!
It takes about 4 days on average to get an appraisal back after ordered. I have done 4 of them recently, one took 10 days, one took 2 days, the other 2 took about 4 days to come back.
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Old 04-17-2008, 07:02 AM
 
186 posts, read 734,053 times
Reputation: 95
Quote:
Originally Posted by bentlebee View Post
You should have put it in the contract. I made the same mistake with the first contract and not 1 realtor ever mentioned it ever. I had to ask all the time to put in the contract that appraisel should be done within 10 days and if not appraised high enough it should be told to us by the 10 days otherwise the contratc wasn't contignent on the appraisel. Lenders don't care when they do it and I find out that as soon as the contract is written realtors involved aren't on top of it since they try to sell the next home. I worte emails and called my realtor every day until I knew when the appraisel was done and I was present since in all 5 cases (1 didn't have an appraisel, was a cash deal) since in non of the cases the realtors weren't present. I find out my self that if you are there you can point out some positive things and things in the area and some appraisers are really open to it. To me it was very positive to meet the appraisers. Only 1 appraiser hated my realtors broker which he stated while me and the buyer were present and it showed in the appraisel and we had a hard time getting the bank listen to us but they ended up giving us time to find comps. and we did, so the closing could go forward. That was my fist experience and 1 day before closing I received the call that the appraisel came back a little lower and the buyer already had everything (utilities) in his name, was moved out of the rental place and was ready to move in. So I learned my lesson. After that not 1 lender had an issue with the 10 days appraisel and all were done within the time line.
Keep calling, that is my best advise. Good Luck.
We were under the impression everyone was anxious to get the appraisal done but I'm kicking myself for not having it in the contract. Next time we will for sure.
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Old 04-17-2008, 07:03 AM
 
186 posts, read 734,053 times
Reputation: 95
Quote:
Originally Posted by pghquest View Post
It takes about 4 days on average to get an appraisal back after ordered. I have done 4 of them recently, one took 10 days, one took 2 days, the other 2 took about 4 days to come back.
Our realtor doesn't even know if it was ordered yet and also said with it being a VA appraisal it takes longer.
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Old 04-17-2008, 07:05 AM
 
15,458 posts, read 20,242,535 times
Reputation: 6506
The biggest issue is that they aren't oredered on time and sellers are left out there without knowing anything and at the mercy of the sellers realtor who should check on it and the buyers agent who should order it. So that is why I have it put in my contract, so I can move forward if nothing has been done, waiting cost money and to find out just before closing what could have known within 10 days, is horrible.
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