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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
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Super Mom
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home apprisal time frame
OK so we went into contract on our home a little over 2 weeks ago and the couple buying the home still have not had the appraisal done... I thought that would take place within the 1st week that contracts were signed no?
Is this a sign that they may be having trouble getting a mortgage?
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Posted 9/2/13 5:04 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: home apprisal time frame
Appraisal is ordered by the bank, not the buyer. Buyer may still be working on the financing or shopping for the best rate.
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| Posted 9/2/13 6:05 PM |
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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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Re: home apprisal time frame
Posted by ave1024
Appraisal is ordered by the bank, not the buyer. Buyer may still be working on the financing or shopping for the best rate.
thanks. I remember now my attorney saying that bank makes the apt for the appraisal.. I think its odd that it hasn't happen yet since the buyers said they want to close by September 20th yet we are now at September 2nd and nothing has been done since signing.. (that I know of atleast) I hate not having control of what is going on lol. I just would like to know if everything on there end is going like planned and if we should start packing haha..
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| Posted 9/2/13 6:07 PM |
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Re: home apprisal time frame
Well, the bank has to order it, and some banks like to wait until the buyer has the commitment before doing the appraisal (most do the appraisal first). The buyer doesn't have much control over when the appraisal is ordered, assuming all of their paperwork is in and they aren't dragging their feet.
But the bank has to order the appraisal via a management company, who then assigns it to an individual appraiser, who then has to contact the buyer's agent to set up the appraisal. So sometimes it takes awhile for that to happen. I know that the loan officers that I work with frequently will often tell me that an appraisal's been ordered, but then it takes another week before the appraiser actually contacts me.
I wouldn't assume there's anything wrong. On average, I would say the appraisal usually happens 2-3 weeks after we are in full contract.
But have your listing agent stay on top of the process to make sure things are moving along as they should!
Also, keep in mind that an on or about date of September 20 contemplates a closing in the range of Sept. 20-Oct. 20, so unless the buyer said they want to close exactly on Sept. 20, it's unlikely the closing will be on that date.
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| Posted 9/3/13 1:04 PM |
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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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Re: home apprisal time frame
Posted by Century 21 Dallow - Christine Braun
Well, the bank has to order it, and some banks like to wait until the buyer has the commitment before doing the appraisal (most do the appraisal first). The buyer doesn't have much control over when the appraisal is ordered, assuming all of their paperwork is in and they aren't dragging their feet.
But the bank has to order the appraisal via a management company, who then assigns it to an individual appraiser, who then has to contact the buyer's agent to set up the appraisal. So sometimes it takes awhile for that to happen. I know that the loan officers that I work with frequently will often tell me that an appraisal's been ordered, but then it takes another week before the appraiser actually contacts me.
I wouldn't assume there's anything wrong. On average, I would say the appraisal usually happens 2-3 weeks after we are in full contract.
But have your listing agent stay on top of the process to make sure things are moving along as they should!
Also, keep in mind that an on or about date of September 20 contemplates a closing in the range of Sept. 20-Oct. 20, so unless the buyer said they want to close exactly on Sept. 20, it's unlikely the closing will be on that date.
Thanks for the responds :) I talked to my realitor middle of last week and she said there realitor told her they were hopping to hear about the appraisal at the end of the week so with a holiday weekend now im hoping they here by end of today or tomorrow guess we will see. ANd yes I know they have from sep 20-oct 20 to close but they said they wanted to be in ASAP so I just figured it might move quicker lol guess not.. ;)
Again thanks for the info I greatly appreciate it.
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| Posted 9/3/13 2:34 PM |
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