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
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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!!
Thank you everyone. Was told on Friday that it DID appraise. That hurdle is over now! :)
Lauren
As the buyer, you will be entitled to a copy of the appraisal.
No, the agent won't know anything until the lender gets the appraisal. You;ll probably know first.