Your Loan Officer needs to do a better job of explaining the regulations and, more importantly, the process to you.
First, you cannot contact the Appraiser. Second, neither can your Loan Officer; she is correct that it is illegal for her to speak with the Appraiser. Third, there is no specific time "requirement" for when an appraiser should complete and return an appraisal report to the Lender. Fourth, and most importantly, the Appraiser's report must pass through Quality Control at the Appraisal Management Company (AMC) before the report is returned to your Lender. The AMC review might require the Appraiser to make corrections and/or adjustments to the report before the AMC is satisfied and then forwards the report to your Lender.
At this point all you can do is sit tight. The appraisal report will get to your Lender when it gets there.
I'm confused about your remark, "before the home inspection." Typically here in New York, you as Purchaser would have conducted the Home Inspection before you even signed the contract of sale. And you certainly would NEVER do an appraisal before the contract of sale is signed.
Could you illuminate that part of your process in more detail? Because it doesn't seem this transaction is going the way most "normal" transactions are going, especially with regards the home inspection and the "due diligent" date. In fact, I don't even kow what a "due diligent" date is. Could you please provide more detail about your transaction so we here in the Trulia Community can getter advise you?
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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All the best,
In my experience as a real estate agent for the past 20 years, I would estimate that it would take 3-5 days for the appraisal to get to the bank. I cannot say how long it will take the bank to acknowledge the receipt of the same and/or review it. Either way you are entitled to a copy of that appraisal. Stay in touch with your mortgage banker and tell them to make sure they forward it to you as soon as they receive it.
As they say... "the squeaky wheel gets the grease!" By the way, I have had deals where the appraisal was done, sent to the bank and reviewed by the bank in a day or two start to finish. The timeliness of the process also has to do with how busy the bank is and/or how big/good of a staff they have processing the paperwork.
If I can be of further assistance please contact me direct. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Now.. more importantly... it usually takes a few days and no more than week to get a report back when you have small list of vendors that truly treasure the opportunity to be associated with a lender operating that way. The largest of the lenders use AMC (Appraisal Management Companies) who order through a network of thousands of appraisers. You simply don't know what you can get but typically you sacrifice time and even quality of the appraisal because these appraisers make 50 to 75% of what an independent appraiser may make.
It typically takes 3-6 or so days. If it takes close to a week, it is not an indication of a problem, but rather the appraiser's backlog. Also, your Loan Officer can and is allowed to communicate with the appraiser. There is NOTHING illegal about following up with the appraisal management company who assigned this job to the appraiser to begin with.
If I were you I would use this time in making sure your Loan Officer has everything he/she needs so that your loan isn't held back. Finding out who the appraiser is and asking them to speed it up, isn't going to really be of any benefit to anyone.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797