Posted by Natalie-VA on September 17, 2009 at 10:40:35:
Hi IB,
I’m content to get them within a week. We are usually pretty aggressive on getting things closed, and the appraisal is what takes the longest. I don’t think that you can reasonably ask an appraiser to turn it in within 2-3 days without paying an extra rush fee.
There are a lot of new guidelines for Fannie and Freddie appraisals. I’m not sure if those guidelines give a timeframe for the appraiser to turn it in. We do a lot of VA loan loans here, and I think the appraisers have 14 days from the order date to do it. FHA might be similar.
I hope an appraiser or loan officer will add some input here.
Appraisal turn around time these days? - Posted by IB (NJ)
Posted by IB (NJ) on September 17, 2009 at 09:56:02:
Dealing with a little appraisal drama between my mortgage guy and appraisal lady (babysitting really). From the time the mortgage guy ORDERS the appraisal until the time he gets it in his hands is a week. Apparently thats not soon enough for the mortgage guy. But a week has been my experience in the 9 years we’ve been doing this.
The mortgage guy says that now that sometimes 2 appraisals are required, one week is not good enough for them and they need it sooner.
What are the experiences of you folks? Just curious.
Currently we are waiting 1-2 weeks. Be prepared for longer turn around times next year. My sources tell me the Feds will require among other things, an additional 500 hours of schooling and higher certification for appraisers.While nothing about the properties has changed, apparently these additional requirements will enable the appraiser to arrive at the same valuation as before. As a result, a number of appraisers that I’ve spoken to are considering getting out of the business. If this is a typical respone, that will mean fewer appraisers in the field, higher fees, and a longer wait.