Home Buying in 92688>Question Details

Jaji, Both Buyer and Seller in 92688

How long does it take to get a BPO and appraisal in CA.?

Asked by Jaji, 92688 Wed Nov 2, 2011

Help the community by answering this question:

Answers

5
HI Jaji,

For the BPO, it is when the asset manager orders it. That can be anywhere from 14 days after the paperwork has been submitted to the bank for the short sale and up to 3-4 months.. It is up to the asset manager and if they have a back log and is taking months...
For an appraisal to get your loan the lender can tell you exactly when it would be ordered and the bank would order this through a company that all the appraisers register through. you can not pick the appraiser you want as in the past. The laws have changed for this. Usually 7-17 days after you have an accepted offer you would have the appraisal done. Once ordered it takes 24-48 hours to have an appraiser schedule with the owner/agent. It cost about $500.00. So most buyers will wait til they are going to remove their contingencies as not to incurr expenses if they should decide to cancel the offer after they have done their inspection of the house.
For an appraisal that you want on your own home for REFI purposes, it can be done in the same time period with everyones schedules permitting...For this appraisal you can call any appraiser to have this done.
Where to find an appraiser. Lenders, mortgage brokers all can give you some names for appraisers to call..
If you have other questions I can help you with just call, or email me..

Ingrid Ski Realtor
949.874.0432 Cell & Text
IngridSki2@yahoo.com
http://www.IngridSki.com
2 votes Thank Flag Link Wed Nov 2, 2011
Once they are ordered it only takes a few days to get either one.
0 votes Thank Flag Link Fri Apr 13, 2012
It depends, I can complete BPOs within 48 hours. However if an asset manager has ordered it I would ask them for the turnaround times based on the company that was assigned to complete the BPO. Appraisals can take from 24 hours to 14 days, but again, the appraisal process is quicker if you ordered it directly. If an asset manager ordered the appraisal it would be best to ask them.
0 votes Thank Flag Link Wed Nov 2, 2011
Hi Jaji,

It depends for what purpose, and if you're ordering it on your own, or through a lender as a requirement for a refi or purchase loan. If you just want an appraisal for your personal reference, you can order it througn an appraiser and have it within a day or two.

However, if you're refinancing or getting a purchase loan, then the appraisal has to be ordered by the lender, and they have to follow the HVCC (Home Valuation Code of Conduct) guidelines. Lenders order the appraisal only after certain required disclosures are signed, and then the appraisal order has to go through an AMC (Appraisal Management Company). So in short, it can take a week or two to get an appraisal back, unless, as I mentioned before, you're just ordering one for your personal reference. Hope this helps!
Web Reference: http://www.HighcrestRE.com
0 votes Thank Flag Link Wed Nov 2, 2011
A BPO can be done in a day, an appraisal usually a little longer to get report back.
0 votes Thank Flag Link Wed Nov 2, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer