Home Buying in 07307>Question Details

Bpc0131, Home Buyer in Bridgewater, NJ

how long will it take for a bank to close after the appraisal has been done?

Asked by Bpc0131, Bridgewater, NJ Thu Jan 14, 2010

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Both Jeanne and Mary are on the point! Not too much more to say then that!

But, to reiterate.....It can take anywhere from 1 week to 4 weeks depending upon the apprasier and te bank that is doing the loan!
2 votes Thank Flag Link Thu Jan 14, 2010
Hi there, the bank appraisal is a critical step for the bank to issue a final mortgage commitment. Your offer/contract, if in standard form, likely includes a mortgage commitment date. A bank ususally needs a minimum of 30 days to issue a final commitment. There are two things that the bank is evaluating to issue this final commitment:

1. Property Value: This is what the appraisal accomplishes. The appraisal doesn't just need to be completed, it needs to be received by the bank and the value has to be acceptable.
2. Creditworthiness of Borrower/Buyer: This is the piece that you directly influence. Be sure that you are responding promptly to any/all requests for information from your lender.

I sense from the question that you are unclear or concerned on the status/timing. Call your mortgage rep and ask him/her specifically whether the appraisal came back satisfactorily to support your purchase and whether there is anything that the bank needs from you to move the loan file to closing.

Incidentally, know that you can request a copy of your appraisal - ask your lender about that as well.

Good luck on closing your purchase. I see Bridgewater - great community. Somerset County is my stomping ground, good choice!

Best,
Jeanne Feenick
Unwavering Commitment to Service
Find success at http://www.feenick.com
Web Reference: http://www.feenick.com
2 votes Thank Flag Link Thu Jan 14, 2010
BPC,

It's been my experience that depending on the loan, (eg: FHA vs conventional), it can be at least two weeks.

It can take the appraiser up to 3 days to even get the appraisal to the underwriters. Once the underwriters have it, it can take from 3 to 10 days (or more in a minority of the cases) to get everything approved and the "closing packet" with all nesessary and pertinent paperwork prepared for the closing, (and that's assuming the house appraises at or above sale price.)

Stay on top of it by speaking to your broker/ lender/ loan officer to find out where they are in the process so there are no surprises.

Good luck and let us know when you close !!
2 votes Thank Flag Link Thu Jan 14, 2010
Difficult to render an opinion your mortgage broker would have information

All depends on underwriter and any conditions need be cleared.

Also seller if a bank foreclosure could take longer

Most closing take approx. 45 days

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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0 votes Thank Flag Link Thu Jan 14, 2010
Hi Bpc,

A good mortgage company can close within 2 weeks of the appraisal if you as them to expedite. No reason for it to take a month. It acan even be a week if you are dealing with a strong lender. Good luck!

-Marc
Marc Paolella
Relocation Director
Member: Worldwide ERC
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Licensed Realtor NJ
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Century 21 Joe Tekula Realtors
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Agent of the Year 2009
Owner: Sands Appraisal Service, Inc.
Phone (direct): (973) 584-4235
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0 votes Thank Flag Link Thu Jan 14, 2010
It varies based on the type of loan, the lender you are using, whether your loan is banked or brokered, too many things to mention. New guidelines require you to receive your truth-in-lending statement a certain amount of time any money is collected from you, and most lenders or brokers want to get paid for an appraisal upfront because they have to pay the appraiser. Some lenders will give a subject to commitment, but others do not. Some lenders have an appraisal review process before a loan is submitted to underwriting.
So, the bottom line is, there is no correct answer here. Especially if the appraisal is done, your loan is cleared to close, and there is some title issue that holds everything up.
0 votes Thank Flag Link Thu Jan 14, 2010
It really depends on the bank, but usually within a week or two at most.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Jan 14, 2010
Hi,

If the property is not a short sale, then it usually takes about a month from appraisal to closing. It could be sooner or later depending on the lender, but roughly one month.

Feel free to contact with any other questions...

Best Regards,

Chris Amberg
Weichert Realtors
Exchange Place Office
251 Washington Street
Jersey City, NJ 07302
Cell: 917-428-8317
Efax: 201-221-8129
http://www.6thBoroughRealEstate.com
0 votes Thank Flag Link Thu Jan 14, 2010
Typically in NJ my experience has been 7-10 days min. Obviouslyp depends on lender. Also the fed has change banking and mgt guidelines daily. Lastly, your lender may be stalling to shop your loan around I they aren't the direct lender.

You might consider calling my friend James Chu at bank of America. 201 725 2800 he is one of the best in the industry.

Good luck

Sean T Shallis

Weichert Realtors
Sean@theshallisgroup.com
0 votes Thank Flag Link Thu Jan 14, 2010
Hello,

The appraisal is one of the last items the bank needs, normally. If the appraisal is acceptable, the termite inspection has been done and all items resolved there, the bank should have everything it needs to close, as long as the title has cleared. All of these items have to go through underwriting as well, so it may take about a week. It depends on what type of loan you are getting and how fast the underwriting department can get to everything. If you have an RD, FHA or some other type of governmental loan, there may be other items that have to be cleared from the governmental appraisal. The RD,FHA, etc. type loans have an appraisal on the condition of the property. The property has to meet certain standard for those loans to be cleared, hence items may have to be repaired before you can close on the property. Once these items are taken care of, the appaiser has to go back and look at the repairs, hence it may take more time.

Shelley Rogers
0 votes Thank Flag Link Thu Jan 14, 2010
It depends on your lender, some loan officer will not order the appraisal until they have collected all the documentation that they need from you. If the loan officer (LO) have all the documentation need it, the appraisal will be sent to the lender underwriter and it may take 48 hours (depending on how busy they are), after that it will be sent to the closing department and that may take another 48 hours.
In short it may take 3 to 5 days to be ready to close. (if not other documentation or requirement is need it)
0 votes Thank Flag Link Thu Jan 14, 2010
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