Paid for the appraisal yesterday. What's next?

Asked by daviessafi, Los Angeles, CA Tue Aug 6, 2013

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Douglas Lagos, Agent, Los Angeles, CA
Wed Aug 7, 2013

After the appraisal is done, it is sent to the lender.
The lender will contact you and provide you with a copy.

If the appraisal is at or above the offer price, and you qualify for the loan, you're pretty much all set. Lenders will tell you what is needed if you do not qualify for a loan.

After that, supposing the loan is underwritten, the property goes into closing, and you get the keys after recording is done. This is what some refer to as close of escrow.
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carlos parra…, Other Pro, Monrovia, CA
Wed Aug 7, 2013
Are you not working with an Agent?
You made a significant financial investment blind?
Since apparently you did, you now have to hope that the appraisal comes in at the appropriate amount for your loan. If it does not, you will have to come up with more cash!
Did you have an appraisal contingency in your purchase contract? Hope so!
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J, Agent, Greensboro, NC
Wed Aug 7, 2013
The short of it: If all is good and you are financing the file moves to underwriting or to the next phase of underwriting. If the value is not there either the deal is dead, or, another round of negotiations begin. Depending on the loan product (if financing) inspections and appraisals are the main culprits as to why deals do not make it to closing. If a buyer moves funds around during the entire financing process it will delay or halt a closing as well. Best of luck to you.
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Tony Grech, Mortgage Broker Or Lender, Southfield, MI
Wed Aug 7, 2013
While you're waiting for the appraisal to be completed and the report recieved, your lender is underwriting the rest of the file behind the scenes.

As Marine said, after this you should receive a "conditional" loan approval. The lender will provide you with a list of any outstanding conditions that the underwriter would like to see before issuing a clear to close for the loan.

Common conditions are: proof from your bank that any earnest money deposits have cleared your account, verification of your employment from your HR department, proof of adequate homeowner's insurance, etc. If the underwriter sees anything that seems unclear or fishy, then they are going to add a condition to address it.

Depending on the lender you are working with, conditional approval can take anywhere from a couple days to several weeks. Some are better than others at turning this around quicker, and some won't even review things until the appraisal is back and they have a complete file.

Bottom line, make sure your loan officer is keeping in touch with you, communicating, and providing regular updates whether or not they have any new news to report.

Good luck!
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