Home Buying in 55408>Question Details

Kate, Home Buyer in Minneapolis, MN

Appraisal help!!

Asked by Kate, Minneapolis, MN Thu Apr 30, 2009

Hi,

Has anyone ever heard of a home appraisal being done by the lender taking 15 days?!? It was appraised on the 19th. They said it would be 3-7 days, then I was told it would be ready on the 29th, 10 days after it was done, which seems long. Then when I called this morning to see if they had it, my lender told me they moved the date back to May 4th, which will be 15 days!!! Why would it take so long, they already did it! I am so frustrated, please help!

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Answers

4
Hi Kate,
Generally speaking it does not take 15 days for an appraisal to be done. Likely the required pre-appraisal events did not happen in a timely fashion. Once you're lender has received an executed (signed) purchase agreement, your lender can start the process. In any type of lender mediated transaction, it may take weeks for the fully executed signatures to occur. Most lenders won't risk ordering/paying for the appraisal up front. Some have the buyer pay for it upfront (non-refundable). When that happens... It's usually done in a couple of days... Money talks.. Likely there were still some issues in this agreement with respect to contingencies etc. Best of luck with your purchase.
0 votes Thank Flag Link Sat May 2, 2009
Hi Kate,

A few months ago I had an appraiser take 10 business days to get the appraisal to the bank. It was an FHA loan, and the appraiser had to go out to the house a second time because the bank wanted him to look at something. It really upset the buyer and pushed the closing back. Hang in there, the whole process is taking longer for some lenders and homes.
0 votes Thank Flag Link Thu Apr 30, 2009
The entire home buying process has slowed recently with all of the changes to the market. Sometimes it takes weeks or months just to get an answer on an offer to purchase a home. Is this delaying your closing? Work with your Realtor to better understand the process and what is happening. Your loan officer should also be able to explain the situation. Each time a home is bought or sold the price can change dramatically these days so that may make the home worth less than when you submitted the offer.

Joel Friday
Web Reference: http://JoelFridayHomes.com
0 votes Thank Flag Link Thu Apr 30, 2009
The appraisal process is going through a dramatic change right now (with the switch being flipped tomorrow on some of the previous appraisal practices). This may be the reason. Ask to talk with the underwriter (possible with more lenders than you might think) if your loan officer can't provide an explanation. Best of luck!
Web Reference: http://www.ShawnaGibson.com
0 votes Thank Flag Link Thu Apr 30, 2009
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