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Old 09-14-2009, 02:12 PM
 
19 posts, read 77,889 times
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We are under contract to sell our condo and have a scheduled closing date for the 28th this month. The appraiser came through last Tuesday and we still haven't heard anything back. Our concern is that it is going to be really close on the appraisal becasue of all the recent sales of bank owned properties/ foreclosures in our neighborhood which are now considered comps.

I'm hoping that no news is good news but still we have a couple of items that need to be addressed on our inspection list and were advised by our attorney not to move forward with them until the appraisal comes back.

Is it normal for a week turn around time on an appraisal? The buyer is a first time buyer so maybe FHA loans take a little longer? I'm hoping.....
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Old 09-14-2009, 02:23 PM
 
Location: Barrington
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How do you know it's not complete?

Does your sales contract specify a date for appraisal and/or the buyer's financing commitment?

Attempting to close in less than 30 days when buyer financing is required, is optimistic in this credit market.
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Old 09-14-2009, 02:51 PM
 
Location: Fuquay Varina
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We ordered the appraisal on a Tuesday, we got an email from the LO that he had it in hand, emailed it to us the next day, so 1 week back in our hands.
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Old 09-14-2009, 02:53 PM
 
19 posts, read 77,889 times
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You're right, I don't know that it is not complete. We keep asking our attorney and his office responds that they haven't heard anything but that his financing contingency is up on the 24th. Please forgive my ignorance but this is the first time I have sold a home.
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Old 09-14-2009, 03:21 PM
 
Location: OK
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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.
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Old 09-14-2009, 03:30 PM
 
Location: Pawnee Nation
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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.
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Old 09-14-2009, 03:51 PM
 
2,118 posts, read 2,020,699 times
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Quote:
Originally Posted by Goodpasture View Post
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.
Correct. In our case we just told the sellers that the appraisal was good. Period. I was very worried the seller might break the contract if they know that the appraisal came in really high (11.5% above our net agreed purchase price)
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Old 09-14-2009, 03:51 PM
 
19 posts, read 77,889 times
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Thanks Goodpasture! That's exactly the information I needed, we'll move forward with attacking the items on our inspection list.

I really appreciate the wealth of knowledge you all have.
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Old 09-14-2009, 03:57 PM
 
19 posts, read 77,889 times
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Quote:
Originally Posted by MeInDenudinFL View Post
Correct. In our case we just told the sellers that the appraisal was good. Period. I was very worried the seller might break the contract if they know that the appraisal came in really high (11.5% above our net agreed purchase price)

oh no... i was worried about the opposite. I'm worried the contract will be broken becuase it doesn't appraise out. I would love a situation like you described
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Old 09-15-2009, 10:06 AM
 
2,855 posts, read 3,961,919 times
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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.
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