(Closed) Home Owners… How Long Did It Take For Your Appraisal To Come Back?

posted 5 years ago in Home
Post # 3
Member
5784 posts
Bee Keeper
  • Wedding: May 2011

Two 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.

Post # 4
Member
6701 posts
Bee Keeper
  • Wedding: September 2011 - Baby boy 12/2015

I 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.

Post # 5
Member
2196 posts
Buzzing bee
  • Wedding: June 2011

We 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!

Post # 6
Member
418 posts
Helper bee
  • Wedding: November 1999

@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.

Post # 7
Member
7652 posts
Bumble Beekeeper
  • Wedding: July 2012

OMG 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).

Post # 8
Member
2116 posts
Buzzing bee
  • Wedding: October 2013

About a week I think.

Post # 9
Member
6701 posts
Bee Keeper
  • Wedding: September 2011 - Baby boy 12/2015

Luckily, 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!

Post # 10
Member
13099 posts
Honey Beekeeper
  • Wedding: July 2010

I 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!

Post # 12
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

We 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.

Post # 14
Member
1278 posts
Bumble bee
  • Wedding: March 2013

I 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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