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Jeff, Real Estate Pro in Livonia, MI

How long do FHA appraisals take to get the results back?

Asked by Jeff, Livonia, MI Fri Jun 19, 2009

I accepted an offer on my house, and the FHA appraisal was last Friday, so it's been a week now. How long do these things typically take before the results are in?

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10
...except in Michigan where many lenders have no control over their appraiser. Maybe you're different in AZ.
I've noticed some lenders (wholesale brokers mostly) with the ability to still order their own FHA appraisal, but banks and many brokers no longer have the ability. Not sure if this is a underwriting or end loan selling restriction, but it's here as such.

I've had three deals in recent weeks fall subject to abnormally long timelines and exceptionally low values due to out of market appraisers being called in to an unfamiliar area as due to protocol and being "next on the list" for the service.

It is what it is.
1 vote Thank Flag Link Sat Jun 20, 2009
I was charged April 27 for my appraisal and didn't receive the report back until May 7. Now a follow-up inspection is needed after we made the required improvements, but the appraisor has gone on vacation and won't be able to help me until next week. The appraiser appointed to me has dragged this process along and I sense no urgency or prompt delivery of service from her. It has been beyond frustrating and has led to a host of schematic issues for me and my wife.
0 votes Thank Flag Link Tue May 14, 2013
try one done on May 23rd and results 18 days later! (that was 15k under what we sold it for) He didn't use any comps given to him, and picked his own random less comparable comps...We submitted a rebuttal and he has taken another week! 25 days total now on this appraisal. In the meantime, we turned away other potential buyers, since we had accepted another bid! This guy is a piece of work and 4 home sales are at risk...
Flag Tue Jun 18, 2013
Jeff, I don't think there is a solid answer on this. I did one last year that it took the appraiser 3 weeks to get out to the house and then he took another 3 weeks before he handed the appraisal into the bank. Therefore it threw our closing date way off! It seems because of newer rules that banks do not have any control over the appraiser that comes out and many times it seems like they are going through appraisal management companies. Then again I had one that was ordered and done in two days and the appraisal back to the bank in 24 hours. It is just impossible to know. I would just keep babysitting the lender and seeing what information they can give you. If you happen to know who the appraiser is I would try calling them too. I hope this information helps! Best wishes!
Web Reference: http://www.GoMelinda.com
0 votes Thank Flag Link Mon Aug 9, 2010
Sure hope you have it by now! Anyway, how long did it end up taking. it would be good for buyers to know the answer to this, because they are always on pins and needles until it is done. I find that it can easily take up to a week after the inspection. What realtors and buyers often don't realize is what goes into an appraisal. Finding comps, checking property taxes, figuring out the sq footage and condition of each comp, taking pictures of each comp. Sometimes the lender asks for a house in contract as well. Not as easy as it seems.
0 votes Thank Flag Link Mon Aug 9, 2010
hi...our turnaround is typically about a week or less...depending on the appraiser's workload....it could take a bit longer...
best regards.
bob mcclure
mortgage one
brighton, michigan
0 votes Thank Flag Link Mon Aug 9, 2010
We have seen FHA take up to 10 days on getting the results back. I have met with a few appraisers at my listings, and have been told they are doing up to 8 appraisals in one day!

Increase has caused some delays.

Tibbles Team, Tom & Rose (734) 812-6745
0 votes Thank Flag Link Sun Aug 8, 2010
Andy - I have heard a few comments in AZ about some of that. It sounds like the big banks are trying to push/force the HVCC code onto FHA/HUD transactions for more profit and total control of the industry. Too bad no entity in the real estate (sales) and loan origination fields (brokers) have the b**ls to file complaints and/or stand up to them.
0 votes Thank Flag Link Sat Jun 20, 2009
The new lending rules pertaining to the selection of appraisers (HVCC) does not apply to FHA insured transactions. Any FHA approved lender or mortgage broker can request an appraisal directly from their choice of FHA approved appraiser.

The only rule that may delay the borrower (or their agent) from receiving a copy of the appraisal once completed is the requirement of the lender to provide a copy at least 3 days before closing. Which doesn't give the borrower, or their agent, much time to dispute the appraised value, re-negotiate, or adjust their action and/or options.

It is also becomming more common for LOs and MBs to shop lenders for higher YSP of FHA transactions and hold onto the report until the highest YSP is found. Many are also shopping appraisers for FHA appraisals that hit the value needed using the same case # assigned, or by telling the appraiser they will provide the case number later when recieved.
0 votes Thank Flag Link Fri Jun 19, 2009
These are all great questions you should be asking your broker during your training sessions.

With the new lending rules preventing most lenders from selecting their own appraisers, I expect we'll see some appraisals following VA timelines -- up to two weeks.
0 votes Thank Flag Link Fri Jun 19, 2009
If the appraiser inspected the property last Friday, the lender typically should have received the report by Tuesday, depending on the appraiser and barring no problems with the inspection. General turn time is 48 to 72 hours (2 to 3 days) after inspection for most residential FHA appraisals. The type, size, and location of the property may also have an affect on the completion/delivery date.
0 votes Thank Flag Link Fri Jun 19, 2009
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