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!
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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 !!
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
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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!
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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.
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...
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You might consider calling my friend James Chu at bank of America. 201 725 2800 he is one of the best in the industry.
Sean T Shallis
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.
In short it may take 3 to 5 days to be ready to close. (if not other documentation or requirement is need it)