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The Home Appraisal Process is painful right now...

By
Real Estate Agent with SAMSON PROPERTIES 0225018862

As a busy real estate agents. On any given day we can be meeting an appraiser or waiting for appraisal results on the way to helping a home buyer or home owner complete a real estate transaction.

As with everything in life, there are times when you just have to learn to "go with the flow".

Currently the process of getting an appraiser out to a property in a timely manor and then the lender getting the Notice of Value from the appraiser is a Slow Process. 

 

Here are a few examples:

Example 1: Refinance a customer is doing. Appraiser was out to the property on July 22nd, and the homeowner sends me a text that says. The appraiser just called and asked me to send him a few photos becuase his were blurry. Gosh we thought we closing on our refinance next week, but the appraiser has not finished his report yet. 

Example 2: Appraiser was ordered 15 days prior and no appraiser has been to the property yet, appraisal contingency is for 21 days. Lender calls and it turns out the appraisal order has expired in the system. Say what? Real Estates  monitor the contingencies constantly to make sure we keep the process moving forward. 

Example 3: Appraiser was out to a home eleven days ago to do a physical inspection.  Buyers financing and appraisal contingencies are about to expire and this is the response from the lender. Read the frustration of the buyers lender. You can just feel the angst for his clients and the fact he has to deliver such a message to the agents. Nothing is easy anymore.

vacation

 

"We have absolutely no control over this, and as much as we push, harass and scream to NAN about delay, the fact remains unchanged: The appraiser is out of the office till August the 1st!   Indeed, it has been 11 days since the appraiser visited the property, yet here we are on the 29th  without an appraisal…Why? Because a Final revision request is pending and appraiser will be available to revise on Monday the 1st  . We are literally depending upon the availability of the appraiser….

It is excruciatingly frustrating for us as well."

 

 

 

So if you are in the process of buying a home, selling a home or in the process of a refinance of your current mortgage. Expect delays in the process. The current refinance boom is due to the low, low mortgage rates right now that has doubled if not tripled the appraisers work loads. 

 

As always if you have a real estate question or need help selling a home or

buying a home, don't hesitate to call us 703-851-3085.

                                  It will be our pleasure to help and guide you through the process. 
                   Look us up socially #TwinsSellingRealEstate on Google, Facebook, Instagram

 

Chrissi Chapman Topoleski
Coldwell Banker Realty - Woodbridge, VA
Helping agents live an exceptional life!

Waiting on an appraiser is one of the most frustrating things that can go wrong in a transaction. Earlier this year one caused my transaction to go more than 4 weeks over initial closing date, and only went through when my client called him and told him she was reporting him to the VA!

Jul 29, 2016 11:54 PM
Peggy James
SAMSON PROPERTIES - Woodbridge, VA
Woodbridge Virginia Area Real Estate Specialist

Chrissi we are fortunate to be able to say that in most cases this situation is just a "Speed Bump" on the way to a successful, home purchase, sale or refinance. But the clock is ticking and everyone is on edge waiting. Praying deadlines won't be missed causing undue hardship.

the clock is ticking

Jul 30, 2016 12:33 AM
Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital

Peggy, my most important criteria when recommending a lender is ensuring they do not use an appraisal management company.  One single appraisal screw up, at least the type of screw up you are talking about, and the lender is off our list.  

Jul 30, 2016 12:35 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Hi Peggy James!

Thanks for a great series of posts featuring exceptionally well presented information for Buyers, Sellers and Homeowners in the Woodbridge, VA area!

We like your writing style!

We wish you great success with your blog posts and networking with other members of Active Rain!

We clicked the “Follow” button on your profile so that we will be alerted to your future blog posts and can read and comment on them, and we invite you to "follow us" - should you be interested. There is no requirement or obligation for you to do so, but we would be honored if you choose to do so!

Aug 24, 2016 11:28 PM