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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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How long after contracts
How long after contracts are signed by both buyers and sellers dose it usually take for them to get the appraisal and survey done???
Our were signed weds by both parties and I was wondering when the appraisal would be..
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Posted 8/26/13 8:56 AM  |
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Prudential Douglas Elliman Real Estate
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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How long after contracts
Contracts were fully executed on 5/23. Appraisal was done 5/29, and we got the appraised value on 5/31.
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| Posted 8/26/13 9:32 AM |
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Re: How long after contracts
The lender you are using for your mortgage orders the appraisal, so how fast that is done really depends on the particular bank/credit union and their procedures, as well as how fast you get them everything you need for the mortgage application. It can be days after the contract is fully executed, or it can take a few weeks. Also, some lenders will give buyers a mortgage commitment (conditioned on the appraisal) and do the appraisal after. But most do the appraisal before issuing the commitment. You can always ask your loan officer if the appraisal has been ordered, or if not, when it will be.
The title should be ordered by your attorney asap after contracts are signed. So you can follow up with him or her and ask if that's been done. If a new survey is required, your attorney should also order that sooner rather than later. The worst thing is being ready to close, and then realizing that last minute issues have cropped up re: title, or have to delay closing while you wait for a new survey to be done.
ETA - I am assuming you are the buyer. If you are the seller, the buyer's attorney will order title/survey.
Message edited 8/26/2013 10:29:35 AM.
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| Posted 8/26/13 10:29 AM |
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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: How long after contracts
Posted by Century 21 Dallow - Christine Braun
The lender you are using for your mortgage orders the appraisal, so how fast that is done really depends on the particular bank/credit union and their procedures, as well as how fast you get them everything you need for the mortgage application. It can be days after the contract is fully executed, or it can take a few weeks. Also, some lenders will give buyers a mortgage commitment (conditioned on the appraisal) and do the appraisal after. But most do the appraisal before issuing the commitment. You can always ask your loan officer if the appraisal has been ordered, or if not, when it will be.
The title should be ordered by your attorney asap after contracts are signed. So you can follow up with him or her and ask if that's been done. If a new survey is required, your attorney should also order that sooner rather than later. The worst thing is being ready to close, and then realizing that last minute issues have cropped up re: title, or have to delay closing while you wait for a new survey to be done.
ETA - I am assuming you are the buyer. If you are the seller, the buyer's attorney will order title/survey.
IM the seller... Just trying to figure out how long till things start rolling since there is nothing left for us to do but wait now .. I hate not having control of everything .. lol :(
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| Posted 8/26/13 10:45 AM |
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