My husband and I accepted a counter offer of a house that is FSBO. How long will it take for the mortgage company to have an appraisal done?

Asked by Lisa B, Carriere, MS Mon Jul 4, 2011

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Richard Teag…, Agent, Picayune, MS
Tue Jul 5, 2011
Typically after the application fee the lender orders the appraisal. However, unlike pre teh 2008 collapse of the financil market, the lender does not order the appraisal from the appraiser. Rather from an 3rd party who then assigns the appraisal. This last step is completely out of the control of the lender as is the selection of the appraiser. Long story, 1 to 2 weeks.
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Phil Rotondo, Agent, Melbourne, FL
Mon Jul 4, 2011
In normal situations, the mortgage company will need about 30-40 days to fund the property. The mortgage company will order an appraisal shortly after they receive the executed contract.
Web Reference:  http://www.321property.com
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