Question about buyer appraisals.
Hi everyone. I love this forum,a nd originally came here when I was involved in a short sale (buyer). After waiting for months, having the bank say yes TWICE, come to find out the deceased seller's family never did probate paperwork, therefore no court permission to sell. As much as it broke our hearts, we had to move on... That still remains the place we liked the most, BUT....
We found a second runner up, and I credit this forum with allowing me to keep my sanity while trying to go thru the short sale purchas,e and I learned a lot. We already had the inspection on the new place (good), today the appraisal was done, and frankly, I am scared. I know appraisals are coming in lower all over, but all my agent told me was that the appraisor was "real nice and we'd know something by Monday or possibly the end of this week". Not much for me to go on, so.....
Does my agent really not know if it didn't appraise, AND, why does the results of an appraisal take that many days? Thanks in advance.
Lauren
Replies to This Discussion
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Permalink Reply by Wayne Brooks on
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No, the agent won't know anything until the lender gets the appraisal. You;ll probably know first.
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No, the appraiser cannot give the Buyer a copy of the appraisal unless specifically instructed to do so by the appraiser's client, typically the AMC or Lender. The LENDER must give you a copy of the appraisal at least 3 days prior to closing. Due to legal changes in the past 6 yrs, most loan appraisals go through an AMC (Appraisal Management Company) or through Mercury (a randomized ordering system). It takes a day or so to get the lender's order qeued and accepted by an appraiser through those 3rd party channels. Also, AMCs have been adding more and more requirements to the reports than in the past, such as attic, crawl space inspections, photos inside every room & space, photos of all sides of the house, photos of the furnace CO detectors etc; plus Market Condition Report, plus criteria that 2+ listings or pendings are added to the 4 sales comps which must typically be within a few blocks & a few months of the today's date, and be within 15%/25% of size, everything bracketed etc... Therefore, it now typically takes 10-18 hours to complete each appraisal report, and they may have several orders ahead of yours.
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Permalink Reply by Rodney Mason on
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No one will know the actual appraised value until the report has been completed and submitted to the lender. Appraisals generally take a week to complete. While the appraiser will do most of the preliminary research upfront, some comps may not be appropriate once the property is viewed. This will require more research after the viewing.
As the buyer, you will be entitled to a copy of the appraisal.
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Permalink Reply by Kathleen Lordbock on
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The place with the probate issues will eventually be cleared up- it could take 6 months from start to finish. The bank will also need that straightened out if they end up taking possession via foreclosure. You may still be able to purchase your first choice but patience would be the key.
Appraisers are very busy right now in my area and an appraisal could take 2 weeks or a little more. There is a good deal of work that goes into an appraisal and they have many clients, not just you. I assume that the new property is not a short sale and that is why you are already into the appraisal process. You may just end up with your new home!!
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