Appraisal- Getting Nervous

Anonymous · ‎10-29-2009

Okay here is my story hope some can give me some advice............Got pre-approved for martgage at the end of September, found a Bank owned home in beginning of October and after some back and forth of couter-offers with other buyer's I won Okay the house was listed for $99,900 my bid I placed was for $104K and I had to put $1K earnest money down! My realtor said he noticed minimal 3 pieces of siding on the house he wanted the bank to fix at their cost, the bank came back and said maybe or we can negotiate on the price depending on the appraisal! So went to mortgage broker and signed my loan documents, locked in my rate, and submitted all paperwork last Monday along with a check for $325 for appraisal. Mortgage broker stated he ordered the appraisal on Monday morning right before I came in to sign my documents and he said we would have the appraisal by this Monday and if all goes well and he would send me a copy by email, THEN I can order for my inspection to be done.............well I am getting nervous because myself nor my realtor has heard from the mortgage broker as of today (Thursday) about the appraisal and per my contract my closing date is scheduled for Nov. 5! Any opinions or advice would be greatly apreciated!

Has anyone else had their apparaisal done before their inspection?

Should I be getting nervous now or could their be another hold up or problem?

Anonymous · ‎10-29-2009

I can't comment on whether it matters to get the appraisal before the inspection. Only thing i can think of is if it fails inspection and you decide its not worth it instead of just being out the inspection money you will also be out the appraisal money.

I just went through an agonizing long, delayed appraisal. I started a thread and asked if it was normal for appraisals to take so long and for my LO to not have any idea when she will get the appraisal back. In a nutshell, I found out it is illegal for loan officers to contact the appraiser directly and so they have to rely on an "intermediary". So basically your mortgage broker may not really know exactly when the appraisal will come back. Here's the thread if your interested, some very informative posts in there:

http://ficoforums.myfico.com/fico/board/message?board.id=loans&thread.id=57416

Anonymous · ‎10-30-2009

Thank you for your advice and the information on the post! I guess I Will continue to wait patiently

Anonymous · ‎11-02-2009

Okay have questions. I get a call from my realtor on Friday afternoon (around 4pm) and he said the appraisal I had been waiting on had been completed over a week and a half ago which does not make me happy because you would think the person who paid for it which was me, would be let in the loop so I dont lose my mind. Then he said the bank wants to close (11/6/2009 which is this Friday) So anyways the realtor stated I had to get utilities turned on (electric, gas, and water) for inspection to be completed and we need to have this done by Wednesday at the latest. With it being Friday late afternoon I was unable to get in touch with the companies I needed to because most places were closed by the time I got home from work. I took care of everything this morning, everything will be shut on as of tomorrow.

My question is am I finished worrying about everything now? Is it over? Is there enough time to get the inspection done by Wednesday and still be able to close on Friday? Do I still need to go to underwriting? I am still really nervous about everything

rockymtngrl · ‎11-02-2009

You really need to talk with your LO. They are the one who can tell you if your loan has been to UW and if its possible to close Friday. Once you get the "clear to close" you will be 99% of the way there. Although its not unusual to get that the day before closing or even the day of. Personlly I have never relaxed until the papers were signed, loan was funded, keys in my hand and I was out of the closing office!