Appraisal

[Anonymous]

I got prequalified back in November.   I got preapproved in December and I received my preapproval letter in December.  I just found the home that I really like.  It took me almost three months to find a home that I was completly satisfied with and have everything that I wanted in a home.  On next week my LO is going to begin the appraisal process, how long does that process take and how far away am I from closing or getting a closing date.  Buying a home is a very stressful and nerve racking process.

[TheGardner]

Depends on the bank, generally 30-45 days. Also depends on type of loan, conventional is faster than VA etc.

Edit: I forgot to say congrats on finding your house!

[rbtextreme]

Congrats on finding a home! Appraisers in FL have 10 days from the order date to complete and submit the appraisal back to the lender. I'd bank on a 45 day closing timeframe from the executed date (date you and the seller both signed the offer).

I'd strongly recommend getting an inspection completed ASAP. This will give you some extra peace of mind after closing. If you need help with anything please let me know!

[ezdriver]

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@Anonymous wrote:

I got prequalified back in November.   I got preapproved in December and I received my preapproval letter in December.  I just found the home that I really like.  It took me almost three months to find a home that I was completly satisfied with and have everything that I wanted in a home.  On next week my LO is going to begin the appraisal process, how long does that process take and how far away am I from closing or getting a closing date.  Buying a home is a very stressful and nerve racking process.

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Congratulations on the home deal. Appraisal should not take more than a week or so. Your closing date will be established when the lender complete it's process.

[StartingOver10]

I agree with EZ except for the closing date information he provided.

Closing date in my area for a resale (not new construction) is established by contract. I don't have problems with lenders meeting closing dates - because we have realistic dates in the contract (for example 30 days from acceptance).

In new construction it is different because the house has to be built so unless it is already c/o'ed the time frame is uncertain.