How long between Signed contract and bank appraisal?

Hi,  we are selling our building and counter-sigend the contract over 2 weeks ago.  Our Real Estate Agent suggests that almost always, the banks are in touch within 2 weeks.  Our attorney’s office says its always 30 days and was a bit reluctant and patronizing when I asked them to follow up with the buyer’s attorney.  How long does it usually take from contract to appraisal?   Thank you. E

brevoort

in Appraisals 12 years and 10 months ago

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stayhomedad | 12 years and 10 months ago

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it’s all depend on the bank. some small banks from long island will send the appraiser on the following week, and will close a week later(!) big banks like chase and alike may take their time, so 2 weeks to a month is reasonable.

reader718 | 12 years and 10 months ago

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The answer is “it depends”.   I am assuming this is a 1-4 family house, not a commercial property, I am not familiar with rules for commerical deals.     I am a mortgage broker, when we get in a purchase package we immediately submit the basics  to the lender to start the issuance of compliance  docs such as the GFE and TIL, most lenders will accept an un-executed contract at this time.   There is a presumed 4 day period from the time the bank sends out the disclosures and the receipt by the borrower.   This is the date we can order an appraisal, using the borrower’s credit card.  It may take the lender’s appraisal management vendor a few days to make contact, but your real estate broker is correct that they should hear from an appraiser within 2 weeks.  Your attorney is wrong, and you should review your contract to see if he/she protected your interests by giving the buyers a date by which they should have applied for a mortgage, either through a broker or institutional lender.  There are one or two lenders in which we can order the appraisal before the bank sees the file, however, the same rules apply, we need to register the loan and send over some basic information for them to start the disclosure process and we then can order the appraisal.  You should ask your attorney to inquire in writing to the seller’s attorney when and how they applied for a mortgage, especially if you are using the proceeds of this transaction to go forward with another deal.  Hope this is helpful.