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Old 04-25-2012, 12:37 PM
TNGirl2011 TNGirl2011 is offline
 
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State: Tennessee
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Default Honestly, how long do VA appraisals take to do?

Our family was working with another lender on a VA loan and we had to change lenders because the original lender kept losing documents, asking for the same conditions over and over again, etc.

So, we found this new lender, got the loan approved with the exception of the appraisal in 3 days. The VA appraiser has had this appraisal for 10 days (he went to inspect the subject property the day he got the order) and when a call was made to get an estimated time of delivery, the lender got a "you'll get it, when I get around to it" response from the appraiser.

Meanwhile, that has left us crippled as far as giving notice at our apartment, scheduling a mover, connecting utilities, etc.

I just don't understand....how long can a report possibly take?
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Old 04-25-2012, 12:44 PM
NORTON NORTON is offline
 
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Quote:
Originally Posted by TNGirl2011 View Post
Our family was working with another lender on a VA loan and we had to change lenders because the original lender kept losing documents, asking for the same conditions over and over again, etc.

So, we found this new lender, got the loan approved with the exception of the appraisal in 3 days. The VA appraiser has had this appraisal for 10 days (he went to inspect the subject property the day he got the order) and when a call was made to get an estimated time of delivery, the lender got a "you'll get it, when I get around to it" response from the appraiser.

Meanwhile, that has left us crippled as far as giving notice at our apartment, scheduling a mover, connecting utilities, etc.

I just don't understand....how long can a report possibly take?
I understand your concern but it seems like your entire problems relies on hear-say...so without actually hearing that's what the appraiser said, is it fair to conclude that it actually occurred? You are more than willing to agree that the first lender stalled and drug their feet for whatever reason, do u know with certainty the second lender isn't doing the same? People write here all the time with similar situations and very often, it's the lender who has provided the deception, not the appraiser. Good luck.
  #3  
Old 04-25-2012, 12:49 PM
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Michigan CG Michigan CG is offline
 
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At this point I am turning down work from lenders. Too much business. I quoted an estate property today at two weeks. Commercial is being quoted at one month. I know an office that is quoting six weeks.
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Old 04-25-2012, 12:55 PM
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Pittsburgh Pete Pittsburgh Pete is offline
 
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Quote:
Originally Posted by Michigan CG View Post
At this point I am turning down work from lenders. Too much business. I quoted an estate property today at two weeks. Commercial is being quoted at one month. I know an office that is quoting six weeks.
We are at 8 weeks on commercial--stressing me out something fierce!
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  #5  
Old 04-25-2012, 03:22 PM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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Depending on the area it is common for the appraisal process to take 5 to 10 working days. I am also turning down work because of the heavy VA work load. The VA also requires us to move liquidation assignments ahead of other assignments. Very few VA appraisers I know would respond as you stated.
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  #6  
Old 04-25-2012, 04:12 PM
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10 working days can easily be the time it takes depending on work needed. Add to that the fact that there may be a lot of work, and perhaps there aren't that many appraisers in the area. A good way to get an appraiser to take longer on an appraisal is to constantly take up his time with daily or twice-a-day calls regarding status. A lot of Appraisal Management Companies and some Lenders do this, then question why it takes so long to get a report.
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  #7  
Old 04-25-2012, 05:57 PM
TNGirl2011 TNGirl2011 is offline
 
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Quote:
Originally Posted by Mike Garrett, RAA View Post
Depending on the area it is common for the appraisal process to take 5 to 10 working days. I am also turning down work because of the heavy VA work load. The VA also requires us to move liquidation assignments ahead of other assignments. Very few VA appraisers I know would respond as you stated.
This actually makes sense to me, as I did not know this.

The lender hasn't been hounding the appraiser, because they were aware of about how long they have to get it back and wanted to wait the appropriate time before calling to check up on it.
  #8  
Old 04-25-2012, 06:11 PM
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When dealing with loan origination folks, be careful of the signs of lying. Inhalation, exhalation, and even the slightest movements of their lips are tell-tell signs of commission based pay lies.
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  #9  
Old 04-26-2012, 03:55 PM
TNGirl2011 TNGirl2011 is offline
 
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Well, we know when the appraiser got the order because the listing agent actually called our agent and told us that the appraiser made an appointment.

We actually found out that the appraiser dropped the ball and never did go out to the house...yet, got the order, or else he would not have known to call the listing agent.

That is a major flaw in the VA appraisal system...you can't follow-up with the appraiser to make sure he is doing his job in a timely manner.
  #10  
Old 04-26-2012, 04:19 PM
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Proactive Proactive is online now
 
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Quote:
Originally Posted by TNGirl2011 View Post
Well, we know when the appraiser got the order because the listing agent actually called our agent and told us that the appraiser made an appointment.

We actually found out that the appraiser dropped the ball and never did go out to the house...yet, got the order, or else he would not have known to call the listing agent.

That is a major flaw in the VA appraisal system...you can't follow-up with the appraiser to make sure he is doing his job in a timely manner.
The VA timeliness standard for TN is seven business days from receiving the appraisal request. That could be as many as eleven calendar days if the appraisal request was made near the end of the week, as the allowable time encompasses two weekends.

Good luck and I hope it all goes well!
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