Home Selling in 57701>Question Details

kartoonville…, Home Buyer in Rapid City, SD

so my parents are selling their home and are under contract. they are just waiting to have the appraisal done.

Asked by kartoonville96, Rapid City, SD Tue Aug 7, 2012

have been waiting 2 weeks now. and have been told it could take up to 4 weeks to get it done.is it a normal timeline? have heard/read it usually takes days not weeks to have it done. does it depend on the lender and appraiser? how long after appraisal before they get results?

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It can really depend on the appraiser that is selected. Some are very busy while others have a little more flexible schedule. We can easily wait 4 weeks in the Rapid City South Dakota area are our market is very busy. The interest rates are awesome making it a great time to purchase a home. It also helps that we live in an area that most people only get to visit. Once the appraisal is done it should just be a matter of a day or so before they hear the results. That also depends on the schedule of the lender. It is always a possibility that the appraiser will require certain repairs to be done. If so, they must be done by closing or an escrow account set up to cover any charges. Real estate is always an interesting job! Judy 605-209-1521
0 votes Thank Flag Link Tue Aug 7, 2012
so another question: if it takes 3-4 weeks to get it done, then will the buyer have to change the closing date? right now they want my parents out by end of month. but if it takes til 20th (4wks) to get appraisal done, then can they move date to be out of house? thanks for answering my question. really appreciate it.
Flag Tue Aug 7, 2012
Thank you for the question. The appraisers are tyically 3-4 weeks out on there examination of a property. I you call around for an independent apraisal you may find one that will do it within 2 weeks, but that may not be acceptable by the Bank.Then they have to finish the report and send it to the Bank that requested it. Once the appraisal is in the Banks hands cloisng could happen within days. So be patient you are close to having this deal done.
0 votes Thank Flag Link Tue Aug 7, 2012
so they had the appraisal done last friday, so has been a week now with no news. we are moving to wa state on sept 3 hopefully if it goes well. so my dad and i quit our jobs and now wondering if we should of waited for results of appraisal. what do you think? inspection was great. found nothing wrong. their realtor said shouldn't have any probs with appraisal. the people buying it really want it, my mom told me. so i guess wait longer? how long from appraisal results to closing? 'cause they want my parents out by aug 29th. walk thru on 30th and close on 31st. but if don't get appraisal soon is that realistic? thanks.
Flag Fri Aug 17, 2012
On average, it takes about 40-45 days for a lender to close on an FHA or VA loan. If it's a conventional loan, closer to 30 days.
0 votes Thank Flag Link Tue Aug 7, 2012
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