The Denver market is putting a strain on local appraisers!
We are all experiencing the painful delays with appraisals in the Denver market. I thought I would give you some information that might help you and your current listings and or purchase contracts.
New American Funding has just added a 3rd AMC providing us with a larger pool of appraisers which helps with turn times and demand. With the huge demand on appraisers in the current Denver market, here is some great information to help set expectations coming from all three AMCs:
- Properties located in the North counties: Weld and Larimer are 3-4 weeks out.
- Mountain properties are 4 weeks out.
- Properties that are within the 5 metro counties are at 2 weeks. (Rush appraisal fees are NOT decreasing turn times by much.)
This is the busiest the AMCs have seen our market in 20 years and here is our suggestion:
If buyers want to hold off on ordering appraisals until after the property inspection deadline, they risk not meeting the appraisal deadline. The recommendation is to order all appraisals immediately, since in most cases the appraiser won’t be out to the property until after the property inspection is completed. In the event the property inspection is not satisfactory the appraisal can be cancelled. If the appraiser has already been out to the property and the appraisal is cancelled, there will be a small inspection fee due, but typically this is much less than any rush fee if needed.
We all need to work together and educate our clients to reduce the stress of the appraisal turn times.
Have a great day and remember that I would love the opportunity to earn your business!