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.
"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.
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