In this new environment it is a reality that the appraisal is ordered near or at the end of the loan process which means "all we are waiting on is the appraisal" has never been so true. No deal is a done deal until it's closed and recorded.
So . . . how can you effect faster turn times without compromising the quality of your appraisal?
1. Provide complete and accurate information about the subject property. There is nothing like being one number off on the address to add unnecessary time to an appraisal. Provide your appraiser with as much information as you have, tax parcel number, subdivision name, PUD information or anything else that is relevant to the subject property. Your professional appraiser will even welcome lists of recent sales you used in setting your list or contract price - though the appraiser must always do their own due diligence on comparable sales and they may differ from yours. Provide the complete sales contract with the order and FHA case # if the order is FHA (the assignment letter is best to prevent any error in the number on the report which will unnecessarly delay the underwriting process).
2. What is unique about the property? Let the appraiser know upfront of any unique features, has it been recently remodeled or are the zoning restrictions, repairs needed (missing water heater? thermostate for CH&A missing?) these items will be apparent when the inspection is done but it will allow the appraiser to better prepare for the inspection and narrow down the comparable search for better comparables, knowing them as soon a possible allows for a quicker turn around time for your appraisal.
3. Are the occupants of the home aware of what to expect? Setting the appraisal appointment can be a time consuming part of the process. Some homeowner are uncomfortable with a stranger in their home looking around and making notes. Some think the home must be spotless before the appraiser arrives so they put off the appointment. Letting them know dusting and polishing will not make it more likely their loan will close can go a long way to trimming time it takes to inspect a home. Let them know it is in their interest to set the appointment as quickly as possible.
4. Putting any concessions in the financing comments of MLS will help everyone as we are required to ask on each closed sale and disclose concessions so having them in MLS means fewer phone calls to get the details.
A well written and supported report is extreamly important and getting it to you as quickly as possible without compromising the report is the Professional Appraiser's goal.
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