Home Appraisal Advice

[Adey Bilewu]

Need some Home Appraisal Advice

Currently working through refinance of a home with the same lender that held the mortgage for 7+ years.

When I applied for the refinance, I reviewed the details of the estimates with the loan officer who said that they would require an AVM and not an appraisal. That was over 90days ago. The application finally made it to processing 2 weeks ago and 2 days ago I was informed they require an appraisal not an AVM and now have 30days to close.

Here's what I see as my options;

1. Spend the next two weeks getting the home appraisal ready so I can close in 30days.

2. Order the appraisal without doing anything to the home (as is) and hope for the best.

Do I have any other options here? If I go with option 1 what should I really focus on to get a good appraisal.

Thanks

[Daniel Hennek]

Or your best option, find a new lender!  One that can actually do the basics of their job.  Get a new lender now before you order an appraisal because that appraisal is tied to that lender and can't be moved so don't throw more money at these people who are incompetent.

What you're describing is gross incompetence...It doesn't take any lender that long to get your file to processing.  We go from application signed to processing in 24 hours, and often times get the initial underwrite back in 24-48 hours.  That means a client can submit an application on Monday and have approval by Friday of the same week.  The thing we wait on is getting the appraisal back, not simply knowing if we need one or not.  Whether or not we need an appraisal is a question answered at the outset of the process, before you even submit your file to underwriting.  You're dealing with someone or some people that are really bad at their jobs...