MemberPretty self explanatory… but how long did it take for your appraisal to come back? I have heard everything from 1 day to 1 month! It is going on Day 4 for us, with closing next week, and the appraisal still hasn’t come back yet. They’re requesting more information, so I know it is in the works.
I have a terrible feeling that something is about to go wrong…
MemberTwo days? Our appraisal came in below our offer and we spent another 2 weeks negotiating. The sellers ended up coming down 60% of the way and we put the remaining difference down.
MemberI had the same question when we did it. Our appraisal was done one a Wednesday and by the following Tuesday they gave us the report. Total, I will say about a week.
Our closing is schedule for next week as well, so I am glad we did it early. Calm down, you will hear back in no time. Make sure everything else is running smoothly.
MemberWe purchased our home in April, with a close date of Sept 1st 2011. The bank was the one who had to set up our appraisal, which was fine. They had it done the DAY before our close, and it came back almost $20,000 under our purchase price… which means we had to find another $20,000 in 24 hours in order to close with our original mortgage prices. It was brutal. Our appraiser was a total moron – compared the house to an area in a FAR less superior neighbourhood and said it had a lesser value than our neighbours because we didn’t havea finished basement… which it did. To this day we believe he never even went in/near the house and picked an appraisal number out of a hat. We were pissed… borrowed the money from our parents and closed on time. It was a super stressful time.
If you can, make sure the get this done and back to you ASAP in case you run into this issue…. ! Good luck!
Member@StaceyA: My parents just sold their house and had an appraisal issue like this. You can always pay for another appraisal out of pocket. My parents did this. It cost them $500 but in the end it was better for the sale of the house beause they got a local person to do it and it came in very different than the bank’s appraisal. So don’t worry if it doesn’t come back like you want it, you might have other options.
MemberOMG you are on day four and closing next week?!
We were told by the bank that it can take anywhere from 2 weeks to a month. Luckily we got one with open availability and was able to complete it a week and a half after he was called and accepted the job.
If it comes back lower you are going to want to renegotiate (and may have to becuase some banks will only loan you up to the amount the house is appraised at).
MemberMemberLuckily, the seller kept extending our option period (total of 2 weeks) and right on the last day, our appraisal report came, so we were sure to proceed. I took the risk of going ahead and doing it before we came to the option period final agreement because I had a good feeling. I am glad I did!
MemberI don’t remember exactly but I think it was just a few days. It definitely wasn’t a major time concern with us and our closing.
Good luck with yours and I hope it is wrapped up soon!
Member@megz06: yeah it has all happened pretty fast!
@StaceyA: I am feeling like this will happen to us based on my gut feel :/
@candy11: I am trying to be as calm as possible lol. We will see if I hold it together if this falls through. I have tried to not get too emotionally attached just yet.
@Mrs.KMM: thank you! I hope it gets wrapped up quickly, too!
MemberWe only had a 5 day appraisal contingency, so it took about 3 days. We really lit a fire under the bank to get it in quickly!Here, it’s such a seller’s market that it’s standard to lower contingency timelines by a lot, which definitely puts a lot of pressure on everyone. The sellers most certainly would have gone to a backup offer (there were 10 on our townhome) had we exceeded our contingency timeline.
Member@crayfish: today hits day 5! We are going out of town this weekend and I would’ve loved to have this wrapped up prior to this trip, but it’s likely not going to happen. I’m pretty sure our close date will be pushed back now… at least that is what our realtor seems to think.
MemberI waz home when the appraiser was here. He made his comments and then asked me how much it needed to appraise for. I told him $120k and he said Good thats what I was going to appraise it for. So he did. Not sure thats “normally” how appraisals work though lol
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