Why are we waiting so long to order appraisals??


Why are we waiting so long to order appraisals??
By Scott Rogers • May 2, 2012
I have had five transactions thus far this year where this dynamic seems to be at play.... The diagrams above are not showing the new reality for all lenders --- it is just a reflection of my experience with many lenders recently. For whatever reason, (many) lenders (on many transactions) seem to be waiting to order an appraisal until they have completely finalized the approval of the borrower. This is problematic for several reasons: Sure, if a borrower can't be approved the deal won't close, but if the appraisal is not satisfactory, the deal also won't close. Why, then, must we wait so long to order the appraisal? Sometimes the final approval of the borrower can drag on (and on and on) --- which delays (and delays and delays) the ordering of and completion of the appraisal. If you're buying a house, make sure your lender orders your appraisal as soon as you have made loan application --- especially since the fee that you pay at application is at least partially for the appraisal. If you're selling a house, don't assume that the appraisal has been ordered as soon as the buyer makes loan application. Follow up and make sure that the appraisal is ordered ASAP. If any lenders can explain why this is happening, or provide any good reasons for it happening this way, I'm all ears. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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