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Another...Building a home and the appraisal...

pombridepombride
in Buying A Home

If you have been through this process, when was the mortgage appraisal done in relationship to your closing?  I assume that the house must be near completion for the final appraisal. Also did your clear to close come after the appraisal or before? I am just trying to figure our a time line of when things will occur.  

-Docs are at underwriting, second set of conditions were requested and submitted back to underwriter.  He informs us the appraisal has been ordered and that the underwriter is reviewing our file and we should know if anything else is required on Monday.

-House is probably 20+ days from completion at this point.  Needs kitchen counters, appliances, and floors.  Outside is completed other than landscaping.

 

imageimage
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Re: Another...Building a home and the appraisal...

  • oneplusoneistwooneplusoneistwo member
    Fourth Anniversary 100 Comments Name Dropper
    We had an appraisal done and they basically said if everything is built to spec, then the appraised value is $X.  Then they did a final appraisal shortly before closing to make sure the house was done the way it was supposed to be.  Hope that helps! 
    TTC#1 since April 2011. BFP 6/1/12, mmc discovered 7/17, D&E 7/20/12
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  • pombridepombride

    imageoneplusoneistwo:
    We had an appraisal done and they basically said if everything is built to spec, then the appraised value is $X.  Then they did a final appraisal shortly before closing to make sure the house was done the way it was supposed to be.  Hope that helps! 

    Thanks for you response.

    imageimage
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  • sratseysratsey

    imageoneplusoneistwo:
    We had an appraisal done and they basically said if everything is built to spec, then the appraised value is $X.  Then they did a final appraisal shortly before closing to make sure the house was done the way it was supposed to be.  Hope that helps! 

    That was us too.

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  • TripleShotTripleShot
    We will be building soon and will have an FHA construction loan that's a one-time close.  The bank just ordered our appraisal today after they got the contract from the builder.  The way I understand it is that the appraiser will go out and look at our land, then look over the building plans and appraise it with that info only.
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  • hass2001hass2001
    The closing wont happen until the home is complete. Some loan programs will even require your appraiser to go back out and give a final inspection before closing.
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  • aokonaokon

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