Late Appraisals

[leasedfee]

The buyer, seller, mortgage broker, realtor...all dependent on the close for their own desired outcomes.

We are not a party to their contract. Simple contract law 101.

 

[The Warrior Monk]

My point is, as the consumer I have to pay for an appraisal, yet I cannot choose the appraiser. The appraiser is not affected by the close, but everyone else is. The buyer, seller, mortgage broker, realtor...all dependent on the close for their own desired outcomes.

That's not quite true. Surveyors, title companies, etc. are also not dependent on the closing.

As far as the appraisal is concerned, the appraiser by law is independent of the outcome. Appraisers value property, independent of the others that have a biased interest in the deal.

It's not like if the appraisal is late, the appraiser doesn't get paid right?

It depends on the client's (lender or lender's representative) terms of engagement with the appraiser.

 

[Gregory Beck]

Hello and thanks to all in advance for any input.

We're purchasing a home in Oregon, and were attempting to close on the 29th of this month prior to Labor day. Everything is riding now on the appraiser to complete the report. She had 7 days to complete it by yesterday, and submitting nothing therefore it is late.

Now the close will likely get pushed off a week. I have two buddies here in Austin who are appraisers. One gets his reports back within 48 hours (so he tells me though I do believe him based on his word ethic), the other smokes pot all day, golfs 5 days a week, is lazy and late often.

My point is, as the consumer I have to pay for an appraisal, yet I cannot choose the appraiser. The appraiser is not affected by the close, but everyone else is. The buyer, seller, mortgage broker, realtor...all dependent on the close for their own desired outcomes. It's not like if the appraisal is late, the appraiser doesn't get paid right? And from what I've been told there really isn't any recourse either.

Yet the appraiser can easily be like my second buddy, slacks off all week (by no means am I saying all appraisers are like this BTW) and turns a report in late, and that is acceptable and we all just have to "deal with it"? The appraiser gets paid either way, but I can't fire them if they don't meet their contractual obligations and meet the due date.

That leaves a very wide open door for those who typically wait until the last minute to do things. And being self-employed I know that discipline and motivation some days are hard to come by.

Am I wrong in assuming the deck is completely stacked against the consumer on these deals? Now I know why I read stories of people living in hotels while waiting for appraisal.

Any input is greatly appreciated!

 

[Gregory Beck]

Hello and thanks to all in advance for any input.

We're purchasing a home in Oregon, and were attempting to close on the 29th of this month prior to Labor day. Everything is riding now on the appraiser to complete the report. She had 7 days to complete it by yesterday, and submitting nothing therefore it is late.

Now the close will likely get pushed off a week. I have two buddies here in Austin who are appraisers. One gets his reports back within 48 hours (so he tells me though I do believe him based on his word ethic), the other smokes pot all day, golfs 5 days a week, is lazy and late often.

My point is, as the consumer I have to pay for an appraisal, yet I cannot choose the appraiser. The appraiser is not affected by the close, but everyone else is. The buyer, seller, mortgage broker, realtor...all dependent on the close for their own desired outcomes. It's not like if the appraisal is late, the appraiser doesn't get paid right? And from what I've been told there really isn't any recourse either.

Yet the appraiser can easily be like my second buddy, slacks off all week (by no means am I saying all appraisers are like this BTW) and turns a report in late, and that is acceptable and we all just have to "deal with it"? The appraiser gets paid either way, but I can't fire them if they don't meet their contractual obligations and meet the due date.

That leaves a very wide open door for those who typically wait until the last minute to do things. And being self-employed I know that discipline and motivation some days are hard to come by.

Am I wrong in assuming the deck is completely stacked against the consumer on these deals? Now I know why I read stories of people living in hotels while waiting for appraisal.

Any input is greatly appreciated!

I have two buddies here in Austin who are appraisers. One gets his reports back within 48 hours (so he tells me though I do believe him based on his word ethic), the other smokes pot all day, golfs 5 days a week, is lazy and late often.

The 2nd buddy is not your buddy after you just totally disrespected him, you are a real a hole. Your no friend and you did it on a public forum