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Eddie, Renter in

Appraisal question

Asked by Eddie, Thu Jul 11, 2013

My contract requires me to get an appraisal within 15 days of the date the contract was executed. The appraisal was ordered yesterday but the appraisal company has not contacted the sellers agent. I only have tomorrow, Monday and Tuesday to get the appraisal complete before the 15 days are up. The delay was pretty much because of the July 4th holiday. I've contacted my lender already and informed her of the urgency. Any suggestions or ideas?

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The answers below are true. An appraisal within 15 days is an odd requirement. How many days did you have for your option period, during which you had your inspections? Lenders rarely order an appraisal before the option period has expired. With the busy summer season, appraisals completed before 7-14 days could be rare in your area. More information would help us with our opinions.
You definitely need an extension.

Barbara Coker
NMLS#228545
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Thu Jul 11, 2013
Talk with your Realtor and NOT us.
0 votes Thank Flag Link Fri Jul 12, 2013
The request was put in under special provisions. Thank you everyone for the replies. We are going to ask for an extension at this point. I don't think there is any way it will get done in time just because I'm told there can be no charges within 3 days of loan approval (which was Tuesday) so the appraisal company can not charge me but I'm told it was ordered by my lender. My realtor is involved.
0 votes Thank Flag Link Fri Jul 12, 2013
Eddie,

Where is your agent? You absolutely have to communicate this to your agent and she should be able to give you advice.

I have to agree with my colleague below as of why the appraisal has to be ordered within 15 days and why contact the sellers agent. Ask for extension.

Good luck,
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
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United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Fri Jul 12, 2013
Hi Eddie,

I agree with the other agents that requiring the appraisal to be done in 15 days is not the norm. I'm guessing that the request for the appraisal was written in "Special Provisions." I'm just curious as to why it was written that way. Are you working with an agent? Or is the listing agent acting as an intermediary with you and the seller? You should request from your agent an extension.

Make it a Great Day!

Tamika A. Goree
Broker | Owner
The DFW Property Shop
Direct: 972.697.1178
Fax: 972.665.7148
Email: tgoree@thedfwpropertyshop.com
0 votes Thank Flag Link Fri Jul 12, 2013
Are you working with a Realtor?
More information is needed......15 days is somewhat understandable for a loan approval period, however not an appraisal. An extension is needed. The holiday lag should have been considered before the time period was established.
0 votes Thank Flag Link Thu Jul 11, 2013
As a mortgage broker and a Realtor I have never seen this before. It seems quite odd. Yor are required to have the loan in place and ready to close upon the stated contract closing date but I see no reason why they would care when the appraisal was ordered. Curious as to how this was insterted into the contract and for what purpose.

Appraisals are ordered through third party companies and sometimes lenders do not have control as to when they actually take place. while it usually does not take very long once an order is placed a holiday can definitely delay things.

Definitely see about getting that requirement extended and honestly ask your agent why that was put into the contract and why it was agreed to in the first place. That is very, very strange.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Thu Jul 11, 2013
Your Agent should be working these details out for you. Confer all your questions the Realtor

Lynn911 Dallas Realtor & Consultant
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0 votes Thank Flag Link Thu Jul 11, 2013
Monkey Broker is right - you need to have the dated extended by amendment. I'm curious about why the seller would require you to have the appraisal completed in 15 days if you are open to sharing the info. That isn't a condition of sale that we see very often, it's not unheard of, but I would be interested in the seller's reasoning there.
0 votes Thank Flag Link Thu Jul 11, 2013
It could still get done in time, but have your agent request an extension from the seller.

Good luck!
0 votes Thank Flag Link Thu Jul 11, 2013
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