15 days to close, a little worried (feedback, appraiser, sale, property)

[chet everett]

We'll be counting down with ya!

Good Luck!

[DowntownVentura]

You're going to be fine JK. everything will be great.

[JKDorsey]

Ok...

We are SEVEN days until closing now and STILL have yet to hear anything about the appraisal!

I talked to my agent a few hours ago and she said when she last talked to the buyers agent (this past Friday) she was told that the appraiser work with/for the bank and it will not be a "normal" type of a appraisal where it take a few days, they will have the results very quickly.

I know little about all this, but is this possible?

I am not sure what all this means. They have until this Friday to prove they have funding. And we are supposed to close on the 25th. I don't see how this is going to happen if they don't come out for the appraisal by tomorrow at the latest...

I mean, if we close at a later date, thats not really a big deal and might actually work out better because of the Thanksgiving holidays.

BUT I WANT TO KNOW! I have vacation time set up, moving truck,etc... I am not moving all my stuff out until I know for sure.

I guess my real question is, how late can the do the appraisal before closing?

[DMenscha]

The appraisal usually comes at the end of the process. The buyer should have been qualified by now and the appraisal happens at the end so they don't send them out if the buyer isn't worthy. You should be fine. worst case is you have to extend the escrow a couple of days.

[chet everett]

The schedule for the appraisal is up to the lender -- technically if the lender got the results they needed the morning of close they could still move forward to funding.

I suspect that your home may qualify for an electronic valuation and no physical visit will be required. Some lenders were doing basically all their loans without physical appraisals and then everything melted down and the switched everything back to traditional appraisals but the volume swamped the appraisers and the quality was no better.

Now a large percentage of loans are again getting done with the electronic appraisals again.

As the seller you have very little leverage and you have to just rely on your agent and the buyer's agent to lean on the lender to make sure that everything is on track...

[JKDorsey]

Thanks for your responses... You've made me feel a lot better. I'll keep you updated. Been a hard month for me, not sleeping much

[adolpho]

Hopefully, there are some penalties if they don't close on time.

[Silverfall]

Originally Posted by JKDorsey

Thanks for your responses... You've made me feel a lot better. I'll keep you updated. Been a hard month for me, not sleeping much

Okay I would find out if the buyer has been underwriter approved and the only condition remaining is the appraiser.

Selling a house is very stressful.

[JKDorsey]

Well, they did the appraisal last night - at 6:30pm. Went pretty good I thought, he made a lot of comments about how nice the house was. He said he needed to come back and take some pictures of the exterior when it was day light and will not need to come in again.

I talked to my agent and she spoke with the buyers agent yesterday and everything is on track to close the 25th.

Looks like it's all going to work out, but I think this past month has taken a year or two off my life!

Thanks for all your comments, you have helped me a lot. I 'll keep you all updated.

[Forsalebyownerguy]

I believe in your purchase contract right before the closing date, look for the words " on or about". Which means your closing, can go past the targeted closing date.