Home Selling in Boston>Question Details

Swtpi, Home Seller in Boston, MA

how long to get the Bank appraisal so we can go to closing?

Asked by Swtpi, Boston, MA Tue Feb 28, 2012

We have had the Fire Inspection and this is the last step so we can actually go into closing. Waiting for the buyers bank to send in their appraiser to do his thing. But we have heard nothing yet as to when this appraisal will be. Also how long after the appraisal before we go to closing? This "sale" has been going on since mid-Dec 2011. Is there an end in sight?

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It depends on the bank, loan program, etc. An appraisal can take several weeks sometimes because it may be going through a centralized processing service. It's not uncommon for an appraisal to take a few weeks from the time it's ordered. With all the bank regulations it's hard to for banks and mortgage professionals to speed up that process. I would ask your attorney or agent to follow up with the buyers as to where it stands. The appraisor will usually reach out to the list agent to enter the property and collect information. If it's a VA or FHA loan there could be some additional requirements that they are reviewing that could be holding it up as well.

My experience has been that the squeeky wheel gets the oil, so I'd definately follow up with your attorney and agent if you think it's taking excessively long.

-Joe Ready
Broker / Owner
Ready Real Estate
63 Middlesex Street
N. Chelmsford, MA 01863
978-256-3335
Web Reference: http://www.readyre.com
1 vote Thank Flag Link Tue Feb 28, 2012
Swtpi,

It seems your realtor or your attorney should be able to find out what is holding up the appraisal?

Good luck.

Tom Lynch
Associate Broker, Massachusetts, New York, and Connecticut
Berkshire Property Agents
12 Railroad Street
Great Barrington, Massachusetts 01230
1 vote Thank Flag Link Tue Feb 28, 2012
This is not a normal cituation that occurs in a normal transaction. is this a short sale? It there a listing agent involved? Is there a buyer's agent involved?

Fire inspection need not be done until all contingencies are resolved since the inspection document has expiration date and w/o appraisal report getting a mortgage is not a done deal! Have the buyer's agent contact mortgage company right away to inquire about appraiser service scheduling, otherwise check P&S contract for the closing date and contact your attorney to get proper legal advise on the next step.
0 votes Thank Flag Link Mon Apr 9, 2012
It is best to have your broker follow up with the Bank or Mortgage Broker to ensure an appraisal is scheduled soon after contract signing. A mortgage commitment letter can take up to 4 weeks after an appraisal is complete so it is very important to set an appraisal date. Also note that in this market appraisals do not always come in at or above your accepted offer and an appraisal lower than accepted offer will lead to a renegotiation or change of terms.
Michael Oliva
Licensed Real Estate Associate Broker-Rutenberg Realty NYC &
The Realty Exchange-Westchester County NY
moliva@rutenbergrealtyny.com
http://www.michaelolivanewyork.com
0 votes Thank Flag Link Tue Apr 3, 2012
This seems a little odd as normally there are contracts involved signed by all parties which outline the terms and dates of your sale. Not sure what to suggest other than if you do have those signed contracts, take a look at them, or call your attorney and/or real estate agent and ask what the agreed to dates are. Usually the appraisal happens within a week or 2 of signing the purchase and sale agreement and then it can take another 4 weeks for that buyer to get their commitment (depending on which lender they use)

Good luck!
http://territory.com
Web Reference: http://territory.com
0 votes Thank Flag Link Fri Mar 30, 2012
Buyer's agent has to work very close with buyer's mortgage broker to ffollow up with all the aspects of the transaction on the buyer's side when buyer is financing the purchase. Obviously to me somebody in that transaction is not doing his/her part in timely fashion no matter the excessiveness of banks's regulations and nowadays endless bureocracy.
0 votes Thank Flag Link Wed Mar 28, 2012
After signing the purchase and sale agreement, the buyer's finance person has to order the appraisal. If they don't order one, it will never happen. The cost of the appraisal is built into the buyer's closing costs. Typically, you should hear from an appraiser within a day or two after signing a purchase and sale agreement. Have your agent call the buyer's agent as soon as possible to find out what is causing the delay.
0 votes Thank Flag Link Wed Mar 28, 2012
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