Sellers: how long before closing

pombride · December 2011

did you hear back that your appraisal met the selling price?

We are really nervous that our house won't appraise since our buyers offered full asking price with us giving back 4% to closing costs. Our house (one story) was on the market 4 weeks when we got an offer but neighbor's house was on the market 2 years (two story) so we are nervous that his sale, at a reduced price, will hurt us.

We are scheduled to close December 20th, so we are having our stuff moved into storage next Friday (Dec 9th) but are fearful that it will fall through and then house is empty and we will be paying on storage when we could have left our stuff in the house. Ugh.

lil_jen051708 · December 2011

I'm not really sure how long it was before closing but our buyers closing was drawn out for about 5 weeks. Our realtor did tell us what day the appraiser was coming to the house we sold and we heard back a few days later. How long ago did your neighbors house sell? One of our immediate neighbors houses sold a few months before ours (it was a lot smaller, on a bad lot, no garage, etc) and the one next to it was a foreclosure that sold around the same time. We were also very nervous that those would bring down our appraisal but I don't think they used the foreclosure and somehow we came in at $10k over our sales price. It will work out - good luck!

pombride · December 2011

Neighbor's house sold maybe a month or a little more before we got our offer. Not for sure on that, I am guessing based on when new owners appeared next door and old owner moved out. Thanks for responding, that makes me feel better. Our realtor says it should be fine, but I know that it all depends on the appraiser and we could get a shock. Fingers crossed.

jengratz · December 2011

Do you have a clause in your contract indicating how long the sellers have to get the appraisal done? I believe we had 10 days (maybe less).

kenandlaura06 · December 2011

Our closing is 12/29 and appraisal was done 11/29 and we heard back that it was all set on 12/1.

pombride · December 2011

jengratz:
Do you have a clause in your contract indicating how long the sellers have to get the appraisal done? I believe we had 10 days (maybe less).

Not sure if there was a clause. The appraisal is done according to our REA, but we still haven't had communication from the appraiser/buyer's lender. Looking over my e-mails, it did take over a month for it to get done. Apparently there was a hold up for an FHA id # to give to the appraiser.

Chloe77 · December 2011

We are due to close on December 9th. We found out our house appraised on November 21st. So a little over 2 weeks.

Sellers: how long before closing

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