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we are in 2nd position for a home, the 1st place buyers had a prior extention for the financing. well there deadline for getting the appraisal in to the bank and getting their loan commitment to the sellers is exactly six days away. it is tuesday the 14th of May the appraiser is coming today, and their loan commitment is due Monday the 20th. can it be done??? even with a rush and favor perhaps? we are hoping not, because we really want that house... please help! and advise
Don't start packing your bags, because we've been successful reaching out to appraisers to expedite when a contract is in danger.......loan approval and removing the appraisal contingency are two distinct issues, so yes, you can receive loan approval with the appraisal still out. We've been able to get VA appraisals back in 3 or 4 days and we rush process for approvals all the time.
More telling is where the other contract's loan is........the bigger the institution, the bigger the problem meeting the deadline.
As an appraiser I rarely accept "rush" orders when we are as busy as we are right now. Much like I don't accept orders for AMCs offering me $350 for full appraisals.(but that's another story) Accepting a rush order right now means something else that I accepted has to be delayed. The only way I accept a rush order is for and significant increase in fee. I don't do VA work however, but I assume most appraiser VA or not are in the same situation as I am as in reference to amount of work they currently have.
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