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And I disagree with your statement. I think you are missing the point.
The second appraisal was just asked for by the lender. It takes about 10 days to get one if it is pushed thru. For all it's worth, the buyer might have not yet even contacted an appraiser for it. I know loans can be funded in 3 days but that would be only after the second appraisal is submitted.
You are in over your head. A lot of that around here.
Appraisals are routinely done in 3 days. An expedited appraisal can easily be done the same day.
The only rational for a second appraisal is the underwriter is suspicious. 95% of the time it goes away when the new appraisal comes up close to the first appraisal.
i just did closing with a client and he wasn't happy with his mortgage broker so he went to another bank hence another appraiser, or like they said their was a problem with the comps..CALL YOUR AGENT that is what you pay them for.........Good luck
And I disagree with your statement. I think you are missing the point.
The second appraisal was just asked for by the lender. It takes about 10 days to get one if it is pushed thru. For all it's worth, the buyer might have not yet even contacted an appraiser for it. I know loans can be funded in 3 days but that would be only after the second appraisal is submitted.
I have had appraisals ordered and turned in within 48 hours of an accepted contract. It takes longer on VA or short sale appraisals. They normally get 3 weeks. An appraisal can be done in a day.
Did the second appraisal get done and submitted to the lender? Do you have any news on it? It's been more than 48 hours now. Just wanted to know how wrong I was.
The second appraisal was just asked for by the lender. It takes about 10 days to get one if it is pushed thru.
You're the kind that goes to the New Gun Owners thread and advises people that the best way to check if a gun is loaded is to look down the barrel and pull the trigger, aren't you?
Whether this particular appraisal is completed quickly or not will not change the fact that your uninformed, blanket statement about appraisal turnaround times is false and stupid.
Unfortunately, no one can stop you from making statements on subjects in which you clearly have no expertise, but readers can be warned when your statements and advice pose a danger to them.
You're the kind that goes to the New Gun Owners thread and advises people that the best way to check if a gun is loaded is to look down the barrel and pull the trigger, aren't you?
Whether this particular appraisal is completed quickly or not will not change the fact that your uninformed, blanket statement about appraisal turnaround times is false and stupid.
Unfortunately, no one can stop you from making statements on subjects in which you clearly have no expertise, but readers can be warned when your statements and advice pose a danger to them.
Or you? I was just doing a fact check on reality. At least I acknowledge that I could be wrong. While you can't even entertain that possibility. What does that say about you?
And I can tell you one thing for sure that you are wrong on,, I have ordered more appraisals than you have.
And my response was specific to the OP situation. I took into consideration that the lender asked for a second appraisal, which tends to be more thorough (and so takes longer) than the first one which probably got influenced by the sale price or by a real estate agent like you.
Settlement was supposed to be yesterday - 12/27. We got a call from our realtor on 12/26 to stop packing. The second appraisal came through low. He said the first appraial came in over $200k and the first came in at $176k. We sold for $193k. He said he compared both appraisals and the second appraiser totally missed my back lot (which is a pretty good size and I told the guy which yard was ours!) and he had some other specs wrong. So as of right now I have heard nothing else. Our realtor said he is filing an appeal. This is a nightmare. How long do you think this will take to get settled? I have kids that are supposed to start a new school 2 1/2 hrs. away on 1/2. I'm also curious why I got the call one day prior to settlement!
Settlement was supposed to be yesterday - 12/27. We got a call from our realtor on 12/26 to stop packing. The second appraisal came through low. He said the first appraial came in over $200k and the first came in at $176k. We sold for $193k. He said he compared both appraisals and the second appraiser totally missed my back lot (which is a pretty good size and I told the guy which yard was ours!) and he had some other specs wrong. So as of right now I have heard nothing else. Our realtor said he is filing an appeal. This is a nightmare. How long do you think this will take to get settled? I have kids that are supposed to start a new school 2 1/2 hrs. away on 1/2. I'm also curious why I got the call one day prior to settlement!
Sorry to hear as I suspected this might be the case. If it makes you feel any better, you are not alone as this is becoming more common (house appraises at an inflated value, second appraisal done at a later date coming in much lower. The buyer then renegs on agreed price and wants to pay per the lower appraisal value...)
Hopefully the appeal will get you a higher appraisal value...gl
But the reason the second appraisal came in so much lower is because the second appraiser totally missed my backyard which is a good size. I would think they would get someone else out here quickly to get a "correct" second appraisal. Wouldn't you think? I'm trying to get in touch with my realtor - left a few voice mails and e-mails - no call backs.
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their could be lots of reasons
