we have been approved by bank 2 weeks and all necessary paperwork has been completed by us including buying lot and builder has completed his

Asked by Fi3478shy, Texarkana, TX Sun Sep 13, 2009

estimate to bank and plans . the bank stated that a appraisal would be oredered on new home construction and that was 2 weeks this monday. i guess my question is how long befroe we actually sign paperwork to start builing.

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Teresa Liepman’s answer
Teresa Liepm…, Agent, Texarkana, TX
Sun Sep 13, 2009
Well depending on which lender: they will have a list of appraisers that they use to do inhouse loans. The new construction plans, and the building process, has to have a very specialized person to project the expenses of building. In this particular Residential Marketplace, Lenders are taking additional time and being very selective concerning loans for new construction. I am not able to give you a time frame, because there is no way to predict how these banks are processing these construction loans. Many banks are not even considering construction loans at this time. I would just remain positive, and check with your bank for further instructions as to what you may expect.
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Landon Huffer, Agent, Texarkana, TX
Sun Sep 13, 2009
If everything goes smooth it should not take more than a couple of weeks. Congratulations!! Let me know if I can help in any way.
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Chris Tesch, Agent, College Station, TX
Sun Sep 13, 2009
You might want to ask the bank when the appraisal is due or was finished, and how long their typical underwriting time is. The builder may know as well.

Good luck with your new home!
Web Reference:  http://www.ChrisTesch.com
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Larry Tew, , Houston, TX
Sun Sep 13, 2009
After the appraisal comes back at an amount acceptable to the bank then it should be set for closing. This usually doesn't take more than a week. Hopefully, there is not a problem with the appraisal.
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