Appraisal Timeline

Mere7706 · September 2011

We're in the process of buying a house. I came on here this morning to just see what this board is about, never been on before.
I'm wondering if any of you can share how long it took for you to get your appraisal back from the bank (or whoever does it). Our house was appraised on Saturday and we still haven't gotten anything back. We called earlier in the week to see when it would happen and were told that it was done of the weekend and we'd have results on Tuesday. Thursday came and no results. We called again yesterday and they told us last night or this morning. I'm just wondering if it's possible that this means it's not good news, or if it's just simply that the appraiser is busy or slow.

I know it's not that big of a deal but we're anxious to get the resuts. Our realtor worried us that most of the properties selling these days are not appraising high enough and buyers are having to back out. We don't want to have to do that.

annieu613 · September 2011

I think ours took a couple of weeks. It was so frustrating, but I wouldn't worry about it too much.

halfpin21 · September 2011

I don't know if we're the norm or not. Our house was appraised on Sat. (17th) and the lender sent me a copy of the appraisal on Wed. (21st). I don't know when the lenders received it but I requested it since our insurance company needed it to quote the homeowners insurance.

breaness · September 2011

It took about a week for us to get the report back. And it was bad news. The house appraised almost $20k under. We tried to appeal it since the comps were hardly comps and they didn't give proper credit for the garage, etc. It ended up being about a three week process and when all was said and done the sellers still had to drop the price $11k.

breaness · September 2011

Mere7706:
Our realtor worried us that most of the properties selling these days are not appraising high enough and buyers are having to back out. We don't want to have to do that.

You don't have to do anything you don't want to. We were NOT going to lose our house even though it appraised for almost a full $20k lower than the offer. We had the cash to do it if we had to, but we tried to get the appraisal raised, and then we tried to get the sellers to lower the price. They did, we met in the middle.

You don't need to walk unless you don't have the cash to do it. We ended up having a smaller down payment, but we still got the house we wanted.

sratsey · September 2011

We got our appraisal back in 3 days, but I know that's not the norm. I think 1-2 weeks is normal.

curlylocks3 · September 2011

I think it took about 10 days?

curlylocks3 · September 2011

Oh and ours was rushed, I know they said that due to our tight deadline to close (doing a SS almost in foreclosure) that the report came back faster than the norm was at that time in our area.

Justinlove · September 2011

On the two we have done this year, our refi came back in 3 days, our new purchase took 7 (done with different companies).

Mere7706 · September 2011

Thanks ladies. It came back this morning! We're good to go. It came in higher than our price, thankfully.

Appraisal Timeline

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