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Managing appraisal expectations in busy times

By
Services for Real Estate Pros with Appraisal Management Professional

Hey Rainers,

 

Crawling out of my hole to post a blog on a source of current frustration for everyone in the real estate process...how long it's taking appraisals to get done.   In my role as SVP at Triserv Appraisal Management ,  I deal with this everyday, and just had my own personal purchase loan appraisal come back 3 days late as well for various reasons both controllable and not - resulting in an extension of my earnest money period with the sellers - stressful to say the least.  

 

Across the country,  turntimes for appraisals have risen dramatically in the last 6 months, and they don't show signs of returning to "normal" levels anytime in the near future.  Compound that with TRID and you have a recipe for a permanently longer loan cycle and appraisal turntimes.   Our President wrote a great article about the state of the appraisal industry and what loan officers and Realtors can do to help set/guide expectations for their clients in these times.   Hope it's helpful!

 

https://www.linkedin.com/pulse/how-manage-appraisal-expectations-busy-times-joe-bryant