Most often, the reason there is a delay in ordering the appraisal is because the lender hasn't received needed documents. For example, verification of employment; and old divorce decree and the number one reason there is a delay is they don't have verification of insurance. I always caution my buyers to have homeowner insurance within 5 days of contract. That way there is no delay. There are people in the real estate process that are there to protect buyers from lots of angles, so when people show up at the 11th hour with paperwork, they put the lenders in the position of trying to jump through hoops at the last minute.
New regulations are in place now, that require certain deadlines be met, so if all the paperwork is not in and on time, then there will be a delay. If you work closely with your Realtor and Lender, these things can be avoided. Additionally, in new construction, a CO (certificate of occupance) must be received before the lender will order the appraisal. But if it was their fault, they will normally extend your lock in rate to cover the extension.
Karen Butler, Coldwell Banker United Realtors, FWB, Fl 850-830-8780
Military & Relocation Specialist 1st Time Home Buyer/Seller 20 Years - USAF Retired
2009 Fair Housing Chairman, ECAR Contract Negotiation Specialist, CNS
Senior Real Estate Specialist, SRES Accredited Buyer Specialist, ABR
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