Home Buying in 08823>Question Details

Newhomebuyer, Home Buyer in 08823

what does getting appraisal items squared away mean? How long will that take?

Asked by Newhomebuyer, 08823 Thu Oct 6, 2011

Recently I was suppose to close on my house that i'm trying to buy about a week ago. However my mortgage lady told me we couldn't close on the planned day because she was getting some appraisal items squared away.

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Ron Shaffery’s answer
Sometimes we as agents forget that our clients don't "do" this everyday and that what may look like a small detail to us is very scary to the potential buyer or seller. I would call your agent and your attorney and ask them to be more specific on what caused the delay aand when it will be fixed. Most "closes" are not on the originally scheduled date, I am sure your agent and attorney are working on getting these issues taken care of. Congratulations on your soon purchase.
1 vote Thank Flag Link Thu Oct 6, 2011
First you should ask her to explain herself in great detail what is needed. Without seeing it it could be the appraisal is not ready yet, it could be it came in too low or if you are going fha there could be items in eed of repair. I would call her now and ask for mor edetails, if you dont understand, ask her for an easier explanation so you do understand. Your agent should be guiding you as well... Good luck with your mortgage
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Thu Oct 6, 2011
Items being squared away could mean many things. It could mean a valuation issue.There could be could mold or wood rot, for example. There could be zoning issues that need to be worked out, etc. It really is impossible to say how long it would take depending on the issues needed to be resolved. Ask your Realtor or Mortgage professional for the items that are in question. Hope this was helpful.
0 votes Thank Flag Link Wed Nov 2, 2011
Sounds to me as though your appraisal was not yet completed and received by the bank. Glad you came to this forum to ask the question --- don't be shy, when you hear anything you don't understand - from your agent, attorney, banker, inspector, ask for clarification. And know that we are always here to help as well.

Good luck getting your deal closed.

Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Oct 13, 2011
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