Hey everyone, I'm refinancing a rental condo in Denver. A couple weeks after submitting all my paperwork, the bank is only now ordering an appraisal and says it will take 4-6 weeks. Is that normal right now? Originally, the bank said they could close the refi in 30 days, but now it looks like closer to 60-70 days. Drawing out the refi might complicate another purchase I'm contemplating. Thanks in advance for your inputs.
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@Mike Warder yes that is what I have experienced and what others have told me as well. Took 5 weeks to get the appraiser out to the property but still don't have the actual appraisal yet. We are into week 2 since he was at the property. Patience and plan ahead.
@Mike Warder unfortunately that is real in this market with some lenders. Pay for a rush appraisal, might cost you $500 more but you should get it back in 2 weeks. If your lender doesn't offer it, shoot me a message, my guy can get in done a couple/few weeks and he is Fannie Mae direct.
@Mike Warder It's not just Denver, it's just big banks. I had a bank take 5 weeks on a property outside Houston not too long ago, and when I finally got it, it was such garbage I wondered if the appraiser had even left their office.
Had a VA appraiser drag his feet and nearly costs my clients a transaction. It took 7 weeks from ordering. I had to call him several times to get him to submit it after he had been out to the property. He knew the deal was waiting on him, but it didn't matter to him.
This is what happens when the appraisal management companies skim off the top and skimp on paying their appraisers. Who would want to be an appraiser???
@Mike Warder The first mistake for your bank was not ordering the appraisal for two weeks. I order my appraisals immediately after initial docs have been signed in this environment. The summer was tough on appraisal timelines but I've seen quite an improvement lately. The appraisals I've ordered over the past couple of weeks have been 2-3 week turn times. I think it is just going to depend on the AMC.
I'm buying a property right now where my lender paid for a rush appraisal and they're still dragging it out. We just had to push out a week on closing. I called the appraiser and she didn't care less. Said, "everyone has same problem", referring to everyone trying to rush her. Sounds like getting in the appraisal business could be a money maker if they have that much work.
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