The appraisal should normally be ordered within a few days of opening escrow, and should normally be completed within the due diligence period.
Ask your agent to find out what the due diligence period is on the buyers sale, and this should give you an idea of when the appraisal should be completed.
Hope this helps.
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Mark Fleysher, 702-291-8186
MBA, Realtor, Broker
Sellstate Deluxe Realty
Apparently not, or you wouldn't be asking......
next question I have is.....do you have an agent (who would be the right person to ask )...........apparently not, or you wouldn't be asking strangers on trulia!
So.........you accepted an offer subject to the sale of another home (I'd ask you WHY?).......did you put a set period of time for that to take place? How long do they have to get their home "sold".
And.............by "sold", do you mean "under contract" with an offer in place and contingencies met..............or closed??
How long do they have to obtain a mortgage commitment?
Lots of questions here..........answers are needed in order to really answer your question.
In my opinion, as a listing agent, I would expect the buyer's mortgage process to move along at the same time as the other contingency (the home sale).
In other words, I see no reason why they shouldn't process their mortgage application in the normal manner, and not put it on hold until their home is sold - that includes having the appraisal done.........why wait for weeks for their home to sell if there is a chance the house won't appraise out or they might be turned down for their loan?
Are they following through with the home inspection, or is everything on hold until their house sells?
No idea who advised you , but it wouldn't have been my advice.
I see these two contingencies as parallel but separate. Their mortgage commitment will most likely be subject to their home selling, but at least you'll know they are approved and the house appraised out.
I think the best person to answer this question is your
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just curious - are they allowing you to keep your home active, on the market, (ie: keep showing it) while they are attempting to sell their home??
If the answer to that is "no", seems to me the buyers have all the power in this transaction, and you're going to be dangling until they tell you they sold their home.
I suggest you review all of this with your adviser - if you don't have one.....find one !
Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Typically the inspection is 10 days but that does not constitute when the appraisal and loan are finalized-
As the agent representing the seller I would stay vin the lender to get them to confirm the actual date of completion of appraisal as well as all conditions being met- but typically final loan approval is at the end subject to an underwriters final approval-
To make a long response short the answer is - it depends-