Home Buying in 08520>Question Details

Sara, Home Buyer in Mercer County, NJ

Appraisal was ordered last week in March - when appraiser accepted, stated it would be done by Apr 1st. STILL NOTHING.

Asked by Sara, Mercer County, NJ Fri Apr 12, 2013

Appraisal was ultimately scheduled April 3rd, have yet to receive results and appraisal contingency expires on Monday. How long does an appraiser have to get his act together and send the appraisal to the lender? Should I be expected to find it reasonable that it takes 3 weeks for an appraisal and 10 days after it's done without even having the results? Can I lose out on my property or the contingency due to this? I've had the mortgage commitment for weeks now too.

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4
Mcoenrealtor’s answer
Typically an Appraiser does not send an Appraisal report directly to the Lender. There is a Middleman involved. The report is sent into a Appraisal Management Company approximately 48 hours after the inspection, The Appraisal Management Company takes sometime 1-4 days to review the report and may go back to the Appraiser requesting added info and perhaps added comps. After the Appraisal Management Company approves the Report, the company sends the report to the Mortgage Lenders Appraisal Review Department who reviews the report and may go back to the Appraisal Management Company with Questions, who then goes back to the appraiser. In addition to the Appraiser who did an interior and exterior inspection, Lenders often have another appraiser review the appraiser's work and complete an Appraisal Review Report or have another Appraiser Complete a Drive-By inspection Appraisal Report to obtain another appraiser's opinion of market value. Thus you can see that the process is a long and draw out process.
0 votes Thank Flag Link Tue Aug 27, 2013
Why did they wait so long to order it of you had committment. It is unreasonable to take longer than 14 days but 10-14 days is common,. You need the loan officer to send a RUSH and press the company they hired or reassign it.
0 votes Thank Flag Link Wed Apr 17, 2013
Three weeks to do an appraisal is very unreasonable and ten days to write it up is equally unreasonable.

As Jeanne mentioned-your lender does have indirect access to the appraiser and should be pushing for the process to keep moving. Keep calling your lender so nobody falls asleep on you.

Your attorney should be answering questions regarding your mortgage contingency.

All the best.
0 votes Thank Flag Link Wed Apr 17, 2013
Call you lender and push. While they do not have direct access to the appraiser, they ordered it and should be able to go back into the flow and give it a push....and they should.

You have agreed to provide a mortgage commitment by a certain date - that should be include the satisfactory completion of the appraisal. Push on the bank, losing over a week is losing valuable time.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes Thank Flag Link Fri Apr 12, 2013
Typically an Appraiser does not send an Appraisal report directly to the Lender. There is a Middleman involved. The report is sent into a Appraisal Management Company approximately 48 hours after the inspection, The Appraisal Management Company takes sometime 1-4 days to review the report and may go back to the Appraiser requesting added info and perhaps added comps. After the Appraisal Management Company approves the Report, the company sends the report to the Mortgage Lenders Appraisal Review Department who reviews the report and may go back to the Appraisal Management Company with Questions, who then goes back to the appraiser. In addition to the Appraiser who did an interior and exterior inspection, Lenders often have another appraiser review the appraiser's work and complete an Appraisal Review Report or have another Appraiser Complete a Drive-By inspection Appraisal Report to obtain another appraiser's opinion of market value. Thus you can see that the process is a long and draw out process
Flag Tue Aug 27, 2013
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