Home Buying in Ashburn>Question Details

Jeff, Home Buyer in Ashburn, VA

If the appraisal was done on the 25th of the month when can I expect to hear the results. Im in NOVA.

Asked by Jeff, Ashburn, VA Thu Sep 2, 2010

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The appraised value is "good" if it is at or above your contract price. The lender, who is usually taking most of the financial risk with a mortgage, wants to make sure that you are not overpaying for the property. So if the appraisal (official determination of market value) is lower than what you are paying, it is a problem and you'll have to renegotiate the price. The lender will lend based on no more than the market value.

Sometimes with FHA appraisals, the lender requires some repairs prior to closing, FHA appraisals are more strict about the condition of the property. They are trained to check for basic safety and sanitary issues.

Thanks,
Sonal
0 votes Thank Flag Link Thu Sep 2, 2010
HI Jeff,
Since the lender orders the appraisal, they receive it once completed. I would suggest you call your lender to inquire about the outcome of the appraisal. Since you havent yet heard, I would guess the value was good. (at or lower than your sales price). Give him/her a call and then you can rest.

Best of luck to you.
Warmly,
Janice Copeland, REALTOR
540-931-5050
0 votes Thank Flag Link Thu Sep 2, 2010
All good answers. If you have an FHA loan, things may be a little slower. One other issue is your loan "lock".
Some lenders will suggest you time your process to keep a 30 day lock.

Hang in there!

Jay
Web Reference: http://McLeanTownhouse.com
0 votes Thank Flag Link Thu Sep 2, 2010
Hi Jeff - I usually get the appraisal about two days after the appraiser visits the property. Your loan officer would have set a deadline for the appraisal and the appraiser will comply with that date to get it to the loan officer at the latest.

I think there's a possibility that your loan officer may already have received it and didn't say anything because it appraised?

Good luck and Congratulations on the Contract!
0 votes Thank Flag Link Thu Sep 2, 2010
Generally appraisals are delivered to lender 3-5 days after they are done. By now you can be asking the hard questions--where the h is my appraisal. I had this scenario to the extreme few years ago where appraiser literally went awol and was never heard from again by the company; he quit. We were left hanging. That's a 1 in a thousand type scenario so don't take this as alarmist. Just brings back memories.
0 votes Thank Flag Link Thu Sep 2, 2010
Your lender will be the one to answer that question for you. Call them directly and see if the report is back and whether there are any issues.
0 votes Thank Flag Link Thu Sep 2, 2010
Hey, Jeff... what did your lender tell you? I assume they ordered the appraisal? They can tell you when to expect it back.
0 votes Thank Flag Link Thu Sep 2, 2010
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