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How long to get report

Discussion in 'Ask an Appraiser' started by eliteconcept, Dec 1, 2010.

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  1. eliteconcept

    eliteconcept New Member

    0
    Dec 1, 2010
    Professional Status:
    General Public
    State:
    Indiana
    Hi folks,
    My wife and I are currently in the process of selling our home and buying a new one. Our current closing date is set for Dec 14. Last friday an appraiser came to our current home to do the appraisal, FHA type if it matters. We bought our house on the bubble and now or selling off the bubble so we know its going to be close and actually are prepared mentally if we hear that it doesn't appraise for what our sales contract is for. Which is exactly why we have been on pins and needles for the last 5 days.
    How long on average does it take for a report to be submitted to a mortgage company for a home sale.

    I do remember also our real estate agent only had like 3 or 4 comps for our house when we listed it, and I think the dates on those went back up to 8 -10 months. If that matters any.

    I know it varries from person to person but what is a reasonable time that I can expect to know what the appraisal results are. We'd like to just know and move forward with packing rather than sit and wait.

    Your estimates are welcomed and thanks in advance.
    :new_newbie:
    Ryan
     
  2. BOCK FOLKEN

    BOCK FOLKEN Member

    0
    Jun 22, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Typically an appraisal is done for a lender. If that is the case here, and it sounds like it is due the FHA status you mentioned, then the appraisal may actually have already been completed and is in the lender review process. if the appraiser found problems at your home, it might take longer to review.

    If comps are as few as you have mentioned, then the appraiser may have needed more time to complete the report. The lender may have requested extra information from the appraiser.

    Your realtor or you should be able to find out the progress of the appraisal by calling the lender. They may not tell you the value opinion as you are probably not their client. They can't ethically share that information with you.
     
  3. Smokey Bear

    Smokey Bear Elite Member

    0
    Dec 8, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    California
  4. eliteconcept

    eliteconcept New Member

    0
    Dec 1, 2010
    Professional Status:
    General Public
    State:
    Indiana
    Yes the appraisal is being done for the buyers lender, who just happens to be our lender as well. We live in a smaller town and discovered that we ended up using the same lender as our buyer. Anyways I requested from the lender that when the appraisal results come back from the house we are selling if they could just let me know asap if the sale can continue with the current sale contract price. I don't care what that specific appraisal value is just as long as we can continue our sale.

    The lender did inform us that the deadline for the appraisal was set for 12/1 but we heard nothing. My wife is 7 1/2 months pregnant and I don't want to pack baby stuff along with all our stuff if the move isn't going to go forward so we are probably more interested with each outcome of the sales process than your typical buyers and sellers. Along with a few other things we have to take care of before the new owners move in..

    The wait is starting to get excessive in my opinion with the given closing date. Again we could pack some stuff, but why waste time if the appraisal value isn't there and the sale falls though... Not bagging on the appraiser, i'm bagging on the entire selling process. May be my expectations were too high, but 6 days seems like more than enough time esp given the current closing date.

    Thanks for your replies.
     
  5. BOCK FOLKEN

    BOCK FOLKEN Member

    0
    Jun 22, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I understand your anticipation anxiety. Closing dates very often get delayed. As long as you are doing everything you can to make it and are not holding it up on your end, then you can relax. Sounds like it is in the hands of others right now.

    Hang in there.
     
  6. DMZwerg

    DMZwerg Senior Member

    0
    Mar 25, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Wisconsin
    After the appraisal is turned in to the lender then the lender processes it (underwriting, review, etc) and it may pass through a number of people before they make any decisions on it. In some areas the lender is required to provide a copy of the appraisal, if requested, at least 3 days prior to closing (sorry, I only know my area, not yours) so it may be prudent to make such a request and try not to sweat it too much until much closer to closing.


    Well, it really depends on the property. Some appraisals have taken me over 2 weeks to complete (aka, complex high-end on multiple acres or with water frontage) and my norm is closer to 3 days or so after inspection (I avoid the easy ones ... no fun). For that reason I do not consider 6 days to be all that unusual, and taking into account lender processing time I would think hearing back within 6 days to be extraordinary (two weeks or so sounds more correct to me, hence appraisal due on the 1st for a closing scheduled around the 14th).
     
  7. Scott R Marshall

    Scott R Marshall Senior Member

    0
    Dec 14, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Your answer lies in the complexity of the assignment. While it may be reasonable to assume an appraisal could be completed on an easier property within 1 to 2 business days from the time of inspection, it is also not unheard of for a difficult residential assignment taking in excess of 2 weeks to complete. Factor in the appraisers work ethic, work load and risk for unforeseen delays and you can see how your answer can greatly vary. Personally, for a standard, non-complex appraisal assignment (which seems to be fewer and fewer assignments these days) my normal turnaround is anywhere from 1 to 3 business days (no weekends or holidays unless I am slammed).
     
  8. eliteconcept

    eliteconcept New Member

    0
    Dec 1, 2010
    Professional Status:
    General Public
    State:
    Indiana
    thnx

    Thanks for your input folks.
    The waiting is the worst part..... I do have another question....Are seller paid closing costs taken into account when figuring the appraised value of the home for a lender?

    Ryan
     
  9. David Wimpelberg

    David Wimpelberg Moderator Staff Member Moderator

    29
    Mar 30, 2005
    Professional Status:
    Certified General Appraiser
    State:
    New York
    For the property being appraised, it is not relevant, so the answer is no. The market value of the subject property is what it is, regardless of how the financing of that property is handled.
     
  10. eliteconcept

    eliteconcept New Member

    0
    Dec 1, 2010
    Professional Status:
    General Public
    State:
    Indiana
    Well it came back about $4,000 low.
    What would be the definition of a "comp", or generally speaking what is considered a comp for an appraisal. Houses closed on in 90/180/360 days? Houses within 1/2 a mile /1 miles, the the same city? Or there not any general guidelines for a comp?

    As I stated before there was only like 4 or 5 homes in october when we listed the house that were comparable that our agent pulled and I do remember some of those being in the "bad" part of town. She had pulled them just to give us an idea even though they all were not truely comps.

    I'm going to see if I can't request the addresses that were used in the bank appraisal of our house and compare that with what our agent pulled as comps and see if they mesh. I'm not trying to be a prick to the appraiser or anything but before I shell our an extra $4,000 I want to make sure I understand what the value was based on.

    Any other suggestions or ideas you guys can provide that may help me make sure that we recieved a fair value. I'm not saying its fair or unfair. Chances are we will likely just end up sucking it up and paying the money but I think we'd be silly not to at least find out some basics on the appraisal. We can't delay the process too long because our locked in mortgage interest rate (at a great 4%) is only good until around dec 27 and rates have since rocketed so six of one half dozen the other I guess. Also like I said we are expecting our first child in mid to last jan so we really just want this to be done, but while we have the $4,000 if we don't have to take a greater loss than we are currently taking obviously we'd want that.

    *disgruntled and frustrated* :angry::(
    Ryan
     
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