Got a question for the Texans:
I am working on closing on a property with conventional financing here in Houston. The appraisal was done Monday 6/8 and the lender said they requested it with 'rush' status. I asked about how it went and they said the appraiser wouldn't give his report until "by Friday next week" (6/19). This seems a little excessive and considering I'm trying to close by the Friday after, that doesn't give the title co and lender long to work everything else out.
Both the lender and agents are not allowed to be in contact with the appraiser for legal reasons I understand. But I'm allowed to be there for the appraisal aren't I? So I should be allowed to contact him, no? I wanted to just see if I could request that the report be submitted to the lender by THIS friday, not next.
I've asked both the lender and agents for contact information and nobody will give it to me... any ideas on how to speed this along?
I've always had the appraiser contact me to schedule? Did you not coordinate with them then? That would be the time to talk to them and ask questions. Sorry I'm not much help.
No, I was told by my agent that the lender would request it (somehow, I don't know) and I believe the appraiser contacted the sellers directly, again I don't know how.
Unfortunately, a week and a half to two weeks seems pretty typical from what we've seen. About the only thing you can do to speed things along at this point is just to make sure the lender and title company aren't waiting on you for anything once the appraisal does comes back and turn around any requests for further documentation from you as fast as you can.
Unfortunate part of the mortgage reform act is that appraisers are now on an island. 10-14 days is standard and they are not going to deal with you
Actually had a USDA Buyer last year. We waited and waited and the lender kept emailing the appraiser. After almost a month, they found out he died a couple a couple of months earlier
Appraisers are randomly assigned and you need to remember your closing is not personal to them.
@Andy H. Yeah I have confirmed multiple times to make sure neither one needs anything else from my end (or the sellers for that matter).
@Greg H. Thanks for the insight. I guess it's normal. How does anybody complete quick closings in texas then? Or is everybody subject to waiting for the appraisal regardless of payment type?
Just wondering what your concern is with the title company? The appraisal should impact the speed at which they work. I would presume that the bank is the only wild card and I would assume that even getting an appraisal wouldn't slow down their work stream too badly as long as you had gotten through the financial part of underwriting (although in Texas, lenders often send the loan to a Texas specialist).
I got a rental property financed a few month back (wells fargo) and after we got everything back, they sent the file to a Texas specialist (as our laws add a level of complexity) and I recall that adding a couple days.
Quick closing ? Is that when the they tell you closing will be in 2 weeks and it takes 6 ?
FNMA,FHA,VA,USDA are all on the slow boat now. Portfolio bank loans do not have the same restrictions
@Tom C. I have no concerns with the title co. I mentioned I was staying on contact with them to assure they needed no further information from me, making sure the only thing they were waiting on was the bank. Which is the case.
@Greg H. Okay so my suspicions were correct - they just aren't using gov. backed loans to purchase. Thank you
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