How long to hear back after appraisal?
The timeline for hearing back after an appraisal can vary, but typically, you can expect to hear back within a week to 10 days. After the property has been appraised, the appraiser will send their report to the lender. The lender then reviews the appraisal report and makes a decision regarding the loan.
FAQs:
1. What factors can affect how long it takes to hear back after an appraisal?
Several factors can impact the timeline, such as the workload of the appraiser, the complexity of the property being appraised, and the efficiency of the lender’s review process.
2. Is there anything I can do to speed up the process of hearing back after an appraisal?
While you may not have control over the timeline, you can help by ensuring that the property is well-prepared for the appraisal and promptly providing any requested documentation.
3. What happens if the lender determines the property’s value is lower than expected in the appraisal report?
If the appraisal comes in lower than expected, the lender may require a larger down payment or ask for additional collateral to secure the loan.
4. How long does it typically take for an appraiser to complete their report?
The appraiser typically completes their report within a few days of inspecting the property, but this can vary depending on their workload and the complexity of the appraisal.
5. What role does the underwriter play in the process of hearing back after an appraisal?
The underwriter is responsible for reviewing the appraisal report and determining if the property meets the lender’s guidelines for approval.
6. Can I request a copy of the appraisal report for my records?
Yes, you have the right to request a copy of the appraisal report from the lender once it has been completed.
7. What are some reasons a property may appraise for less than expected?
Some common reasons for a lower-than-expected appraisal value include market fluctuations, poor property condition, or inaccurate property comparisons.
8. How long does it take for the lender to review the appraisal report?
The lender typically reviews the appraisal report within a few days of receiving it, but the exact timeline can vary depending on their workload.
9. What happens if the lender determines the property’s value is higher than expected in the appraisal report?
If the appraisal value is higher than expected, the borrower may be able to secure a lower interest rate or a smaller down payment.
10. Is there anything I can do to dispute the results of an appraisal?
If you believe the appraisal is inaccurate, you can request a review of the report or provide additional evidence to support your case.
11. Can I request a second appraisal if I disagree with the results of the first one?
While it is possible to request a second appraisal, it is important to note that the lender may not always accept the results of a second appraisal.
12. How long does it typically take to close on a property after the appraisal has been completed?
Once the appraisal is completed and approved, the closing process usually takes around 30-45 days. This timeline can vary based on factors such as the complexity of the transaction and the lender’s efficiency.