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Why are we waiting so long to order appraisals?? |
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I have had five transactions thus far this year where this dynamic seems to be at play....  The diagrams above are not showing the new reality for all lenders --- it is just a reflection of my experience with many lenders recently. For whatever reason, (many) lenders (on many transactions) seem to be waiting to order an appraisal until they have completely finalized the approval of the borrower. This is problematic for several reasons:
If you're buying a house, make sure your lender orders your appraisal as soon as you have made loan application --- especially since the fee that you pay at application is at least partially for the appraisal. If you're selling a house, don't assume that the appraisal has been ordered as soon as the buyer makes loan application. Follow up and make sure that the appraisal is ordered ASAP. If any lenders can explain why this is happening, or provide any good reasons for it happening this way, I'm all ears. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
Harrisonburg Townhouses
Harrisonburg New Homes
Heritage Estates
The Glen at Cross Keys
Cottages @ Stone Spring
Liberty Square
Founders Way
Harrisonburg Foreclosures
Bank Owned Properties
Potential Short Sales
Lease/Purchase Options
Owner Financing
Property Transfers
Scott,
Great point and you are so right! I recently was told by a client I "stole" from a local credit union that they were doing the very same but I will tell you that not ALL lenders have this practice. At Summit Mortgage Corp., we work to get the loan completely processed in the first 10 business days after all the disclosures are signed AND title work and appraisal are submitted to Underwriting (UW) so there will be as few conditions to the loan approval as possible. Our UW turn times are usually 1-3 days and conditions cleared in 24-48 hours.
The real key to a smooth transaction starts with the loan officer. It's best to get all credit docs (W-2's, tax returns, pay stubs, etc.) well before the contract. Having the loan officer set the dates for loan commitment and closing will help too - eliminates the need for contract changes and makes the LO more accountable.
Great point and very relevant topic!
Jon Higginbotham
www.ValleyMortgageTeam.com
May 2, 2012 3:17 pm
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