Increased Appraisal Times
Increases in Appraisal Times
If your client is buying or selling a home, the appraisal is an essential step in the transaction. So it’s important to set realistic timeline expectations. With the recent boom in the housing industry, the sheer number of appraisals being ordered is making it increasingly difficult to obtain an appraisal in a timely manner.
Mortgage banks set the due date for the appraisal but this doesn’t mean the date will necessarily be met. Often, the original date must be modified, which in turn, will delay the actual closing date. This can sometimes be the unintentional fault of the real estate agent and homeowner if they do not return the appraiser’s request for an appointment in a timely manner. Appraisers are so busy that if that one opportunity is missed to schedule an appraisal, they will fill that slot with other appointments. This will cause a delay in when the appraiser is available to complete the appraisal.
In the past, appraisers could perform as many as four inspections in a day. Add an additional day for writing the report and the appraisal could be completed within two or three days. Unfortunately, with today’s complex regulations and requests for additional information, this time has been stretched to up to a week or more from the time of inspection to the completed report. For commercial properties, this time frame can extend to a month or more.
All lenders are experiencing the same delays. It’s extremely important to set realistic expectations with your client. Ensure they understand how important it is to accommodate the appraiser’s schedule in order to close their financial transaction. Timely communication is essential to a smooth loan application process.
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