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Stone Teran
  • Investor
  • Cincinnati, OH
120
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374
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Frequent appraisal delays

Stone Teran
  • Investor
  • Cincinnati, OH
Posted Apr 27 2017, 07:13

I am perpetually frustrated with the appraisal process.  It's the same each time:  A sign a purchase contract for an apt building and my lender pre-approves me.  They get bids for an appraisal and select the one with the lowest cost and earliest due date.  The appraisal is always late.

For my current purchase, the appraisal was due April 15 and we have nothing 2 weeks later.  The loan officer is annoyed but isn't willing to do anything about it.  I'm pretty sure the appraisal company knows this.  Other than calling the appraiser and annoying them, is there anything I can do now or in the future to avoid this problem?  It has put a few deals of mine in serious jeopardy.

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