How long after appraisal?

MaLove07

Long story short, the appraiser they sent out to the condo we are buying was totally wacky according to the seller's REA and so they sent another appraiser out.  The second appraiser just finished the appraisal a couple days ago and now we have to wait for all the underwriting stuff.  We were set to close on July 12th but our attorney said he's not sure that we will be able to do that anymore.  How long did it take for everything to wrap up after our appraisal was submitted?

doglove

Our appraisal was completed May 20th or so and we are supposed to close tomorrow. Have you done the inspection and request for repairs?

MaLove07

Yep, that's been done for weeks.  The first appraiser came out three weeks ago I think.  The second one came out this week and just submitted his report this morning.

sharonskye

I believe our appraisal was done about a week prior. Is this a short sale though? Those are notorious for not closing on schedule. 

LoveKiss

First you have to see what the house appraises for. I am assuming that, since you needed a 2nd appraisal, your first appraisal came in very low. There is no guarantee that the second appraisal will come in much higher. If the house appraises for your contract amount, then you should be okay to close in 2-3 weeks (provided your is a conventional, you haven't opened any new lines of credit or increased the balances on current lines, can explain all deposits into your account, etc.) If it doesn't appraise, you'll need to factor in time to negotiate a revised price with the sellers. If you've done anything hinky, add a week or so to the underwrting process in order to get things sorted out. And if you need VA or FHA approcal because it's a government backed lona, add a few weeks on for that process.

MaLove07

LoveKiss:

First you have to see what the house appraises for. I am assuming that, since you needed a 2nd appraisal, your first appraisal came in very low. There is no guarantee that the second appraisal will come in much higher. If the house appraises for your contract amount, then you should be okay to close in 2-3 weeks (provided your is a conventional, you haven't opened any new lines of credit or increased the balances on current lines, can explain all deposits into your account, etc.) If it doesn't appraise, you'll need to factor in time to negotiate a revised price with the sellers. If you've done anything hinky, add a week or so to the underwrting process in order to get things sorted out. And if you need VA or FHA approcal because it's a government backed lona, add a few weeks on for that process.

Thanks!  It turns out that the first appraiser never turned in the appraisal which is why nothing happened for a few weeks and then they had to rush out a second apprasier.  I talked to the bank yesterday and it looks like everything is being rushed and should be done in time.