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How long should an appraisal take?

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StartingOver10
Moderator Emerita

Re: How long should an appraisal take?

I have run into conditions on appraisals having to do with quite literally the conditon of the property. The condition cited is very specific and in each instance the condition needed to be corrected before closing.  For example:  i have seen cracked windows requiring replacement, wood rot, termites, Federal Pacific electrical panels (replacement thereof) etc.

 

What type of condition is the appraiser calling for on your appraisal - do you have it in writing from the lender?

Message 11 of 15
Phitor
Contributor

Re: How long should an appraisal take?


@StartingOver10 wrote:

I have run into conditions on appraisals having to do with quite literally the condition of the property. The condition cited is very specific and in each instance the condition needed to be corrected before closing.  For example:  i have seen cracked windows requiring replacement, wood rot, termites, Federal Pacific electrical panels (replacement thereof) etc.

 

What type of condition is the appraiser calling for on your appraisal - do you have it in writing from the lender?


It's very vague and general:

 

------------------------

 

Conditions To Be Satisfied for Closing:

 

The Credit Union will order or prepare the following documents:

 

1) Typed application to be signed at closing

2) Satisfactory appraisal with a minimum value of $X. (incidentally, $X was what it just officially appraised for last week)

3) All outstanding mortgages must be paid off unless otherwise approved by the Credit Union in writing (I don't have any other mortgages)

 

Additional conditions continued on next page

 

Satisfactory verification of employment will be required within 10 days of closing

This loan is subject to FNMA price adjustments for added risk

 

-----------------------------------

 

That's it. The appraisal condition is very high level and vague, and slightly confusing, since the appraisal just happened last week valuing the property at $X, and this amount is actually present in the condition itself! Weird....

 

 

Message 12 of 15
beb86
Valued Contributor

Re: How long should an appraisal take?

mine was only a week from when it was ordered...I received a big stack of papers in the mail one day.

Message 13 of 15
StartingOver10
Moderator Emerita

Re: How long should an appraisal take?


@Phitor wrote:

It's very vague and general:

 

------------------------

 

Conditions To Be Satisfied for Closing:

 

The Credit Union will order or prepare the following documents:

 

1) Typed application to be signed at closing

2) Satisfactory appraisal with a minimum value of $X. (incidentally, $X was what it just officially appraised for last week)

3) All outstanding mortgages must be paid off unless otherwise approved by the Credit Union in writing (I don't have any other mortgages)

 

Additional conditions continued on next page

 

Satisfactory verification of employment will be required within 10 days of closing

This loan is subject to FNMA price adjustments for added risk

 

-----------------------------------

 

That's it. The appraisal condition is very high level and vague, and slightly confusing, since the appraisal just happened last week valuing the property at $X, and this amount is actually present in the condition itself! Weird....

 

 


 

Those conditions are normal, standard conditions. I see them all the time. Nothing to worry about at all. All the CU has to do is initial that the condition has been met (as in the case of the appraisal and other items). For the VOE, its perfectly standard for the lender to reverify just before closing - they want to make sure you still have your job. Don't worry at all.

 

Message 14 of 15
Phitor
Contributor

Re: How long should an appraisal take?


@StartingOver10 wrote:

@Phitor wrote:

It's very vague and general:

 

------------------------

 

Conditions To Be Satisfied for Closing:

 

The Credit Union will order or prepare the following documents:

 

1) Typed application to be signed at closing

2) Satisfactory appraisal with a minimum value of $X. (incidentally, $X was what it just officially appraised for last week)

3) All outstanding mortgages must be paid off unless otherwise approved by the Credit Union in writing (I don't have any other mortgages)

 

Additional conditions continued on next page

 

Satisfactory verification of employment will be required within 10 days of closing

This loan is subject to FNMA price adjustments for added risk

 

-----------------------------------

 

That's it. The appraisal condition is very high level and vague, and slightly confusing, since the appraisal just happened last week valuing the property at $X, and this amount is actually present in the condition itself! Weird....

 

 


 

Those conditions are normal, standard conditions. I see them all the time. Nothing to worry about at all. All the CU has to do is initial that the condition has been met (as in the case of the appraisal and other items). For the VOE, its perfectly standard for the lender to reverify just before closing - they want to make sure you still have your job. Don't worry at all.

 


Thanks for the piece of mind. I kind of agree with you that it is much ado about nothing, but my title attorney is concerned that I only have that the appraisal was approved in email, and that the lenders can claim the appraisal was actually unsatisfactory, if they really want to, voiding the commitment.
Message 15 of 15
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