Home Buying in Minnesota>Question Details

D, Home Buyer in Minnetonka, MN

How long does it take to hear back from the underwriters after an appraisal? It's an REO home and the bank

Asked by D, Minnetonka, MN Thu Jun 11, 2009

It's an REO home and the bank is US Bank. It has now been 1 week since the appraisal.

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Timetables in these situations are highly unpredictable; the real estate "bundle of rights" calls for information to be available as swiftly as possible. These lender-servicer-owners are not looking at these transactions in the usual manner and it is often difficult to know how any underwriting decision is made by the selling institutions. If you wonder how swiftly your lender, the one who wants the appraisal to make a decision as to whether or not the property meets their lending requirements, how credit worthy you are, etc, they may act quite swiftly. Most of my investor partners in the lending world offer a 48 hour or less turn around. This is, however, related to your purchase. The other side is the requirements of the bank to accept the appraisal as "value" and agree to release and sign off on the property. Ask your lender or your realtor or both to tell you how the pieces of the transaction fit together. Liz, AscentHome Loans, 612-986-4105
0 votes Thank Flag Link Fri Jun 12, 2009
The appraiser can get the report back to the bank the same day. The problem with REO's and banks is when will they look at the appraisal. All depends on the underwriter, workload, how deep in the file pile, etc.
0 votes Thank Flag Link Fri Jun 12, 2009
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