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How far after...
your appraisal did you go to closing?
We had our appraisal last week and was told we will get it back this Thursday. We are supposed to close on or about September 15th and I'm just wondering if that still seems like it will be on track to anyone. We're FTHB so I'm not sure what the process is.
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Posted 8/30/16 10:16 AM  |
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Prudential Douglas Elliman Real Estate
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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How far after...
Um I honestly think like over a month after. It took forever for us to close. Our bank had ridiculous review requirements and were extremely strict- which is good to ensure that the buyer is a qualified buyer but sucked waiting!!!
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| Posted 8/30/16 10:54 AM |
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Re: How far after...
Posted by MrsB12614
Um I honestly think like over a month after. It took forever for us to close. Our bank had ridiculous review requirements and were extremely strict- which is good to ensure that the buyer is a qualified buyer but sucked waiting!!!
Was that after you had your appraisal done? We already signed the contract, gave all paperwork requested (although I know they can continue asking for paystubs), appraisal done, etc. The contract has that it is on or about closing September 15th, we can only postpone up to 30 days past 09/15/16 so we don't have over a month. I was told once you have the appraisal, everything else should be fine. Am I being lied to? What else is there?
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| Posted 8/30/16 11:42 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: How far after...
We are in the middle of a refinance as the rates are lower and we decreased our term. It will be about a month between the appraisal and closing. We had all of our paperwork in before someone came by to do the appraisal. The entire process will take about 7 weeks from initial application to closing.
Message edited 8/30/2016 12:31:09 PM.
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| Posted 8/30/16 11:53 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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How far after...
Our whole mortgage process took about 6-7 weeks start to finish, so I'd say it was within 3 weeks of the appraisal that we closed.
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| Posted 9/1/16 8:41 AM |
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Re: How far after...
Posted by Kitten1929
Our whole mortgage process took about 6-7 weeks start to finish, so I'd say it was within 3 weeks of the appraisal that we closed.
Thank you! This seems to be where we are at right now. Appraisal came in yesterday and they are talking about mid September.
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| Posted 9/1/16 12:59 PM |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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Re: How far after...
Posted by ourlivesstartnow2012
Posted by MrsB12614
Um I honestly think like over a month after. It took forever for us to close. Our bank had ridiculous review requirements and were extremely strict- which is good to ensure that the buyer is a qualified buyer but sucked waiting!!!
Was that after you had your appraisal done? We already signed the contract, gave all paperwork requested (although I know they can continue asking for paystubs), appraisal done, etc. The contract has that it is on or about closing September 15th, we can only postpone up to 30 days past 09/15/16 so we don't have over a month. I was told once you have the appraisal, everything else should be fine. Am I being lied to? What else is there?
Yes- M&T has a very very strict underwriting department. We went with them because they gave us the best rate, however they do take a long time to close loans
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| Posted 9/1/16 2:21 PM |
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Re: How far after...
It really depends on so many factors other than the appraisal, and how your bank processes their loans.
Some banks order appraisals immediately, like as soon as you are under contract. Then, you have to wait for your mortgage commitment and get clearance to close. Other banks wait to order the appraisal until after the buyer has a loan commitment, so it's later in the process.
Then, you usually need to meet conditions that are set forth in your loan commitment letter (things like getting insurance, providing updated financial info, etc.) to get clearance to close. Your attorney needs to order a title report and sometimes a new survey before you can close (so you should check that those things are in the works - some attorneys wait until the last minute, which delays things). And of course, it depends on when the seller is ready, and attorney schedules, and that type of thing.
If there are no extenuating circumstances, like missing C/Os or violations or other title issues to be cleared, the average closings happen about 45 to 60 days after going to contract (some fast banks can do them within 30 days of contract). Most of the time, the banks order the appraisal early on (within first couple of weeks of being in contract), so you can probably expect closing to be about a month after the appraisal (give or take a week).
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| Posted 9/5/16 12:34 PM |
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