Appraisal Appeal Timeline

[abad14]

Thank you everyone for your help on my appeal. I have submitted everything to my broker for the appeal and he said that he has sent it on. Do you have any idea what the timeline/procedure is from here on out?

Thank you.

 

[Lobo Fan]

You are going to hate this answer but it depends. If there was a mountain of data to review the appraiser could request additional money. It all depends upon the amount of work involved. It may be that the appraiser has to go out and shoot photos of any new comps.

I would guess that a week to 10 days might be expected. It depends upon how many layers there are in the process. If you are using a mortgage broker it has to go to the bank, then the underwriter, then the AMC, then the appraiser. It could take the appraiser a few days to address your new data, then the response will trickle back down through the layers. I would not hold my breath.

 

[Lost Cause]

Impossible To Say.

As there is no standard or typical appraisal appeal format amongst lenders, it will vary quite a bit from lender to lender.

 

[sputnam]

'It depends' is the correct answer. Different AMC/lenders have different service standards. The appraiser is the only person who can change the appraisal, so another factor is the appraiser's workload at the time the reconsideration is requested.

 

[Delta85]

If you did your homework and sent in quality data it could take a while to respond and update the report accordingly.

If you sent in fluff the appraiser may see through it and your response may be quick but disappointing.