How long does it take a appraisal to get to the bank once its in the computer after the appraiser had sent it in the computer?

Asked by Sheri, 08823 Thu Jan 5, 2012

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., , Princeton, NJ
Thu Jan 5, 2012
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Sheri,
Appraisers are very prompt with sending their opinions to banks for a couple of reasons - the bank requires timely submittals and the Appraiser wants to get paid. Any time lag usually occurs during the bank's review.

Gloria@Coldwell Banker
http://www.GloriaLaughtonAllstonHOMES.com
0 votes
Francesca Pa…, Agent, Manasquan, NJ
Fri Jan 6, 2012
Sherui,

My expereince, if there are no issues with the appraisal, then 24 to 48 hours is the norm. However, if the appraiser is having difficulty (and this happens often these days as the new system of seperating appraisers from \banks often leads to appraisers unfamiliar with an area to to the job - and we are all complaining that this system is faulty), then there is a good chane the bank wiill order another.

In short, reason for concern and/or renogotiations.

Francesca Patrizio, Broker Sales Associate,, ePro, SRES
Francesca@Patrizio.RE.com
732.606.2931 (Direct/Cell 24/7)
Web Reference:  http://www.PatrizioRE.com
0 votes
., , Princeton, NJ
Thu Jan 5, 2012
The good news is that you will not lose any down payment $$. Buying a home may be the most important (and expensive) purchase most people will make in their lives and I always advise my clients to hire an attorney to help them through the process. You didn't mention it but I assume you also paid to have a home inspection was performed.

Gloria@ Coldwell Banker
0 votes
Sheri, Home Buyer, 08823
Thu Jan 5, 2012
No, attorney and the house is for sale through owner and just the owner was there at the time of appraiser. And now we do not have any money down on it. Just paid the 400.00 for the appraiser. We are going through a USDA loan. And we had signed a sale's agreement that states from the owner to give us till the 21st. But on the other hand we the appraiser who had done it has screwed people in the past on them getting a house and then a month later that same real estate agent had the house on the market. And we have heard from others who the same appraiser done appraisals for them, they had commented that he is diffucult to work with and more or less a S.O.B. and he is not a good worker. I don't know but Im starting to believe that and well the bank had ordered the appraisal and they just ordered the appraisal not the person. So our banker is just waiting on this paper we probably won't get the house then. We have all the other paperwork done and sent to the underwriter, now we just need that last piece of information. Which is more fishy about it is that when the appraisal was done we got a text 2 days later from the owner says we only have 3 weeks left and it was before the holiday. But then I asked how would this give us enough time then considering the holdiay then he written a new letter of intention and gave us till the 21 st of jan and our banker said also that this will all be done bu the 15th but now its just a cat mouse game waiting for that last piece of paper from the appraiser.
0 votes
., , Princeton, NJ
Thu Jan 5, 2012
Sheri,

Your response prompts a number of questions: Do you have an Attorney? Do you have a real estate agent? Who ordered the Appraisal? Was your Agent there when the appraisal was done? Do you have a mortgage representative at the bank? Did you put any money down when you signed the contract?

All of these people have a function in the home buying process and they usually work as a team to make sure the deal goes smoothy.

Gloria@Coldwell Banker
0 votes
Sheri, Home Buyer, 08823
Thu Jan 5, 2012
Ok, the appraisal was order on the 3rd of dec. The deadline was the 20th which was done on the deadline. Then our bank has still not received the appraisal....And the owner of the house was there the day the appraiser was there. So we had been screwed over before when trying to buy a house. And the seller only gave us till the 21st to have his money and be done with the sell. If not he is backing out. We been given 60 days. We done everything on our part and our banker has done everything on his part. So now we are just waiting on this appraiser to his part and I had talked to him 2 days ago and he had said he was sending it that day well our banker never got it. So you guys are saying to if our banker don't get it that more or less the appraiser will not get paid? Please give me some feedback on this situation.
0 votes
Mary Petti, Agent, Edison, NJ
Thu Jan 5, 2012
varies but I think they have 2-4 days to prepare it and get it to the bank for review...
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