how long does it take to hear back on an appraisal (price, value)

[shellytc]

mattandme: have your RE agent contact the buyers agent and ask that it has been returned to the mortg and company and everything is good to go. You may not be privy to the numbers, but you are privy to the financing approval!! and it is prudent for the agents to stay involved. In fact, if your agent met the appraiser (like a good selling agent usually does) with good comps for the appraiser to look it, she/he may already know the appraisers phone number or email and can call themselves and just check on the STATUS (not the numbers, unless there is a problem).

Shelly

[Annemieke Roell]

Originally Posted by shellytc

mattandme: have your RE agent contact the buyers agent and ask that it has been returned to the mortg and company and everything is good to go. You may not be privy to the numbers, but you are privy to the financing approval!! and it is prudent for the agents to stay involved. In fact, if your agent met the appraiser (like a good selling agent usually does) with good comps for the appraiser to look it, she/he may already know the appraisers phone number or email and can call themselves and just check on the STATUS (not the numbers, unless there is a problem).

Shelly

As the Agent is not the Appraiser's client, the Appraiser cannot, by law, discuss the appraisal with anybody but his/her client and that includes the status.

[Annemieke Roell]

Originally Posted by ETex2

Asking how long it takes to hear back on an appraisal, is like asking "how long will it take the doctor to see me when I visit his office?"

That depends on patient load (appraisal load); difficulty of treating patients in his office (difficulty of appraising properties before yours), etc.. There is no set answer.

Nice analogy, S!

[shellytc]

wow annemieke roell, I was unaware the appraiser wasn't allowed to even discuss status. the appraiser calls me when i am the listing agent to set the app't to go and see the property, and I meet him/her at the property with comps, and then usually tell me they will call me if there is a problem (and have called me)....

shelly

[momof2dfw]

Originally Posted by Annemieke Roell

The turn around time of an appraisal depends on many things like how busy the appraiser is, the complexity of the property, the availability of comparable sales and the ease of data verification, just to name a few.

Originally Posted by Goodpasture

An appraisal takes time. A good one takes more than a sloppy one. With many lenders using AMC's you can count on a week or two longer than it would have this time last year.

I doubt you will be "kept in the loop" about it though. The lender orders it for their benefit, the buyer gets a copy because they pay for it, the seller has no "right to know" anything about it.

How long does it take to get the appraisal back? Mine just took a little over 2 weeks. Got in yesterday. URGH! But it came back good

We are doing a refi after we just finished a construction project so we were the ones paying for the appraisal. I've never had one take this long EVER! Just glad it came back with the "right" numbers

[Annemieke Roell]

Originally Posted by shellytc

wow annemieke roell, I was unaware the appraiser wasn't allowed to even discuss status. the appraiser calls me when i am the listing agent to set the app't to go and see the property, and I meet him/her at the property with comps, and then usually tell me they will call me if there is a problem (and have called me)....

shelly

Hey, I don't make the law ... just follow it.

When I call a realtor to set an appointment that is one thing. But discussing status is an entirely different one. It is a stupid law, but a law never the less.

[SVTLightning]

I don't see how revealing the fact that the appraisel is completed or not should be against the law, that sounds crazy! i fully understand not revealing the numbers, but to simply say, the Appraisel is complete and turned into the buyer/seller/whoever is paying for it should not be an issue at all.

[ETex2]

Originally Posted by Annemieke Roell

Nice analogy, S!

Thaks, D!

[Annemieke Roell]

Originally Posted by SVTLightning

I don't see how revealing the fact that the appraisel is completed or not should be against the law, that sounds crazy! i fully understand not revealing the numbers, but to simply say, the Appraisel is complete and turned into the buyer/seller/whoever is paying for it should not be an issue at all.

It is indeed a stupid law. I agree.

However, we can only discuss the assignment with the client, and the client is the person who orders the appraisal, regardless who pays for it.

So ..... if the appraisal is done for lending purposes, the loan officer orders the appraisal and the borrower pays for it. And the only person this can be discussed with is the loan officer who is the client.

[middle-aged mom]

Originally Posted by shellytc

wow annemieke roell, I was unaware the appraiser wasn't allowed to even discuss status. the appraiser calls me when i am the listing agent to set the app't to go and see the property, and I meet him/her at the property with comps, and then usually tell me they will call me if there is a problem (and have called me)....

shelly

Some appraisers have lock box access and some do not.

Some listing agents meet the appraiser and some do not.

Some appraisers take the comps and some do not.

We are cautioned, in my area, to respect the arm's length nature of the appraisal..i.e. do not call the appraiser and do not attempt to influence the outcome. There are established channels for review.