How long should it take to write up an appraisal report on a co-op? Mine was done 2 weeks ago and the bank says no report yet! Frustrated.

Asked by mynylife, Bronx, NY Wed Jun 5, 2013

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8
Anna M Brocco, Agent, Williston Park, NY
Wed Jun 5, 2013
Your loan officer can better advise, consider a consultation...
1 vote
Tim Moore, Agent, Kitty Hawk, NC
Wed Jun 5, 2013
Appraisers do this often, they agree to a job and then drag their feet if they get busy with more important appraisals. You need your lender to add some pressure to get it done. 2 weeks is not uncommon but it is getting close to being too long.
1 vote
James Pinson, Agent, Oak Lawn, IL
Wed Jun 5, 2013
Two weeks is at that maximum timeline that I've dealt with. Not entirely unusual however when the appraiser is given the order they do also receive a due date. Maybe try finding out what that due date is or was. If they are past that date ask that they make a phone call to the appraiser.
1 vote
Thanks. Will this hold up my loan approval? Lender wants to do all at one shot. Sounds right? Reason for asking is a friend of mine got her commitment letter before the appraisal report from same lender. Her guy said one has nothing to do with the other, but I'm not sure.
Flag Wed Jun 5, 2013
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Fri Jun 28, 2013
Good morning mynylife,


There is no set time period for Appraisers to complete and submit an appraisal report to a Lender. That having been said, there are "reasonable" time-frames and your Loan Officer should be updating you as to specifics of the status of the report from the Appraisal Management Company (AMC).

The AMC sends frequent email updates to the loan processor at the Lender. If there is a delay, often it is because of technical issues on the report. In the case of a Co-Op, the Appraiser is probably waiting for important and relevant information to be provided by the Co-Op Managing Agent. This tends to be the most common reason for delay of Co-Op appraisals.

Again, your Loan Officer should be providing specific details on the progress of your loan application.


Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes
Michael Rich…, , New York, NY
Sun Jun 9, 2013
The amount of time for an appraisal to be fibalized depends on many factors. The field work is usuaully very short, a matter of minutes not hours for a typical residential property. Most of the work for any appaisal is done in the office, not at the property.
0 votes
Angelo Gonza…, Agent, Bronx, NY
Wed Jun 5, 2013
no more than 5 business days
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Jun 5, 2013
Melissa, there is no maximum. I've had appraisers take a month, month an a half sometimes. Not because us the bank is slow, or the appraiser is lazy, etc. what happens is that often, appraisers need info that doesn't appear on the lender's questionnaire in order to complete the appraisal report.

In the mean time, your lender should be able to submit the loan to underwriting and work towards an approval so that all this time isn't wasted in just waiting on an appraisal that an be reviewed later.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes
David Rodrig…, Agent, Bronx, NY
Wed Jun 5, 2013
Hi Melissa,

It's important to note that this isn't necessarily the appraisers fault. Many times, the appraiser will need documentation from the management and it is often their delays in providing said paperwork that slows the process. It shouldn't be too much longer.

David Rodriguez
david.rodriguez@pantigagroup.com
718.451.6859
0 votes
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