Mortgage Loans

[Tooliebell]

My appraisal was ordered on Friday early afternoon.  I was hoping to get an update on when the appraisal actually is, but I haven't heard anything from the LO.  My realtor said normally it is only 3 business days from the time they order the appraisal until the appraisal is done and reviewed.  I thought that sounded crazy fast.

What has been your experience with FHA appraisals  and how long they take?  Should I get a notification from the realtor or the LO when it is being done?

I asked LO how soon I need to have the homeowner's insurance quote set in stone and she said probably a couple weeks.  Does that mean we should close in a couple weeks?

[Holly1221]

Looks like we're still in this together!!  My appraisal was last Tues & no results yet.  "Supposed" to be back tomorrow afternoon (they said that last Thursday too)!!

[Tooliebell]

Holly, I hope you hear something really soon!

[Holly1221]

I hope you do too!!  My hair is turning gray!  lol!!

[Booner72]

Hi, Toolie - Mine was ordered Friday and I had the report the following Friday.  She did the appraisal that next Tuesday - pretty fast!

[incognitony]

Waiting on the appraiser for the THIRD time in this process. First time was about a week and then took her almost a week to check that the house was painted in one place to conform to FHA. Now waiting since Friday for her to sign off on a couple of closing conditions. This (person) is probably going to cost us having our Thanksgiving in the house. If she does I may be the Grinch that steals her Christmas. 

[VintageGal1011]

My LO ordered mine on last Tues. or Wed. and the appraiser did it on Fri.  We got unofficial word today on the repair he wants done.  No official report yet or what he appraised the house for.

I got an email from my LO telling me what repair the appraiser wants done. The appraiser was VERY lenient.

As far as home owners insur., my LO said he wants that info. when we close so yes, Id say you're probably going to close in a couple of weeks.

Im never going to close b/c my realtor and loan officer are totally NOT on the same page....

[Tooliebell]

*******CLOSING VIBES**********for VintageGal!

It is Tuesday, appraisal supposedly ordered on Friday, and haven't heard a word from my LO.  I talked to my realtor today and she said she hasn't heard anything or even been able to get in touch with my LO!  Great just my luck, they took my $$$ and ran! I am just kidding! 

Hopefully, they are gone for the holiday week and just aren't able to answer an email!  I was hoping it would be this week and we would have the appraisal report by next week.  Maybe that just wasn't in the cards.

[Holly1221]

What now??????   Just got our appraisal back............$20,500 LESS than contract price.  What happens now??  This is my 1st home purchase...any help???

[Tooliebell]

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Holly1221 wrote:

What now??????   Just got our appraisal back............$20,500 LESS than contract price.  What happens now??  This is my 1st home purchase...any help???

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OH NO Holly, that is your worst nightmare, I am sure.  I think that you have to either make up the difference with your own cash or try to renegotiate the price.  Hopefully your sellers are receptive.  Is your loan FHA?  I have read that an FHA appraisal gets logged into some system and is good for 6 months, so if another buyer tries to go FHA on the house, the appraisal would be available making it harder to get it financed.  I guess that is one way you can get the seller to negotiate.

I hope this doesn't happen with me, because my seller is not motivated at ALL! I know he won't lower his price and I definitely don't have anymore cash to put down.  My realtor told me FHA has a funny way of normally appraising the house for what your contract states because they want houses to sell and if you are willing to pay that much for the house then it makes good sense.  But from what I see on these boards, that might not be the case anymore.

Good luck and keep us posted.