What happens after appraisal is received?

The Next Steps After A Home Appraisal After your home appraisal is complete, the appraiser will assign a monetary value to the property based on the findings in the inspection and comparables in your area, and then send their findings to the mortgage lender.

How long after the appraisal is closing?

Typically, mortgage underwriters will be working on your approval while the appraisal is underway. So when the appraisal comes in, the lender should be more or less ready to go. It shouldn’t take longer than two weeks to close on your mortgage after the appraisal is done.

What happens after the appraiser visits the home?

Appraiser visits the home (1-7 days later). Appraiser submits the report (1-7 days later). Review process is complete and appraisal report is submitted to the lender (1-7 days later). In this post, I want to briefly describe what happens after the appraiser pushes the Send or Upload button and turns in the appraisal.

What happens after the appraisal is submitted by the bank?

Appraisal is ordered by the bank. Appraiser calls to schedule the appraisal (1-7 days later). Appraiser visits the home (1-7 days later). Appraiser submits the report (1-7 days later).

How does an appraiser come up with an accurate value?

To come up with an accurate value gauge, the appraiser conducts deep research of the comparable sales data and uses an on-site visit to verify the home’s size, features, and condition. Why would an appraisal come in under contract?

Why does an appraiser mark a room as cost to cure?

In some cases, an appraiser will identify an issue with the property that must be factored into the appraisal. This could be a room addition that doesn’t have a permit. In that case the appraiser may mark the room as a “ cost to cure ” line item on the report, which could lower the appraised value for a given amount.

When do you get an appraisal on your home?

Home appraisal: The mortgage lender will order an appraisal shortly after the purchase agreement has been signed, in most cases. They do this in order to determine how much the property is worth.

Can a home appraiser influence the sale of a house?

No influence by the seller or buyer is considered. The appraiser is bound by law to deliver the home appraisals he conducts to his clients and to the buyer, as opposed to previous law that keeps the contents of the appraisal a national secret. Every lender has its own process for delivering copies of home appraisals to its mortgage loan applicants.

Is it common for appraisals to come in low?

But low real estate appraisals are more common than you think. According to the Zillow Group Consumer Housing Trends Report 2018, among sellers who sold in the past 12 months and had a deal fall through, 10 percent said it happened because the appraisal was lower than the purchase price. A low appraisal doesn’t always mean a canceled deal.

What happens if you get a bad appraisal on your home?

While appraisals help buyers avoid overpaying for homes, a seller may feel that a low appraisal is inaccurate and be reluctant to drop the price. If a bad appraisal is standing between you and your home purchase or sale, look into getting a second opinion via another appraisal by a different person.