Average length of time to close

[BRCJR]

What I see on most contracts is a closing date of 30 to 45 days.

In my market there is an in-house lender in Iowa that uses an in-house non-licenced appraiser and advertises closing in 7 to 14 days.

The must be doing in-house Evaluations. The Fed allows a loan up to 400,000, for residential properties, to be done with an Evaluation.
Also, up to 500,000 for commercial properties.

 

[Terrel L. Shields]

The must be doing in-house Evaluations.

We have a local bank that changed hands and went to an AMC for evaluations. If the borrower wants a full appraisal, it costs them $800 or more. Absurd. I was doing appraisals for half that so the AMC is pocketing the rest. They charge $360 or so for an evaluation and a loan officer there said to me personally, "they aren't worth the paper they are written on."

 

[DTB]

Thanks all, moving into new digs 7/12 and closing my sale 7/14. Appreciate the help.