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Old 09-23-2009, 03:39 PM   #1
AKL_Megs
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Buying A House... Appraisal... How Long Does It Take To Hear Back?

We are in the final stages of buying our first house, and we are so excited and anxious.

The bank sent out an appraiser to look at the house yesterday. He told us that he had to send the information back to the bank, along with information on comparable houses for sale in the area.

My question is, how long will it take to hear from the bank that the house was (or wasn't ) appraised for an acceptable amount?

We are going CRAZY over here!!!
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Old 09-23-2009, 04:23 PM   #2
BriarfoxinWA
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Originally Posted by AKL_Megs View Post
We are in the final stages of buying our first house, and we are so excited and anxious.

The bank sent out an appraiser to look at the house yesterday. He told us that he had to send the information back to the bank, along with information on comparable houses for sale in the area.

My question is, how long will it take to hear from the bank that the house was (or wasn't ) appraised for an acceptable amount?

We are going CRAZY over here!!!
Well it could be anywhere from 1 week to a month depending on the appraiser and how quick he really gets it to the bank.
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Old 09-23-2009, 04:23 PM   #3
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We have always heard back within a week but usually just a few days after the appraisal was done.
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Old 09-23-2009, 05:22 PM   #4
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We just bought our first home in June of this year. The appraisal took about a week to get back.

It was the quickest part for us. We started with Wachovia with our loan, but they switched to Wells Fargo (bought out or such) which reset our loan process.

Took us 5 months to get clear to close!! And we had 20% down, fixed loan, nothing crazy with our end. Just took that long.

Wish you luck and do not forget that you can amend THIS year's tax return to get the 8k refund right away.

My wife is an accountant and does taxes. We had ours amended and refund in hand in 5 weeks from close date.. So don't wait!

If you need more info on what forms just pm or ask here and she can post after work.
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Old 09-23-2009, 06:25 PM   #5
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We just did this and our appraisal came back in 3 days I think. And it was low, 10K under, so we proceeded to freak out a little. If yours comes back low, definitely examine the comps they used and talk to your realtor about it. Our realtor wasn't happy with 2 out of the 3 that were used. She sent him 3 more, and he did agree to consider them and ended up coming up some so it was only $3400 under. This was okay with us because, we had tried to roll our closing costs into the loan so we could preserve cash to buy appliances/furniture. The appraisal covered what we consider the price of the house, so that extra $3400 we have to pay up front is essentially closing costs.

Both our realtor and mortgage broker said that what is happening is that as people are trying to get done before the tax credit expires and with the dropping mortgage rates, there is a bump in prices, especially with "turn-key" properties, which ours is. But the comps that are being used are from just before the bump started. If we were buying in a month, then the bump would be visible in the comp sales and it wouldn't have been a problem. And the comps that our realtor sent over were for properties that had just closed.

We had a long closing (60 days) because the sellers were trying to find another place, and we have a lease. We are still 3 weeks away, but we had notice last week that the underwriter had approved the loan, so we're bouncing off the walls now with anticipation.
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Old 09-23-2009, 08:46 PM   #6
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Quote:
Originally Posted by AKL_Megs View Post
We are in the final stages of buying our first house, and we are so excited and anxious.

The bank sent out an appraiser to look at the house yesterday. He told us that he had to send the information back to the bank, along with information on comparable houses for sale in the area.

My question is, how long will it take to hear from the bank that the house was (or wasn't ) appraised for an acceptable amount?

We are going CRAZY over here!!!
Congrats!!!

Now do you have reason to worry that it won't appraise out?

When we were house shopping last yr. we did not even consider buying some homes because we knew they would not appraise out.
People were upside down on their loans.

It should only take a week.
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Old 09-24-2009, 08:13 AM   #7
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Originally Posted by hopemax View Post
We just did this and our appraisal came back in 3 days I think. And it was low, 10K under, so we proceeded to freak out a little. If yours comes back low, definitely examine the comps they used and talk to your realtor about it. Our realtor wasn't happy with 2 out of the 3 that were used. She sent him 3 more, and he did agree to consider them and ended up coming up some so it was only $3400 under. This was okay with us because, we had tried to roll our closing costs into the loan so we could preserve cash to buy appliances/furniture. The appraisal covered what we consider the price of the house, so that extra $3400 we have to pay up front is essentially closing costs.

Both our realtor and mortgage broker said that what is happening is that as people are trying to get done before the tax credit expires and with the dropping mortgage rates, there is a bump in prices, especially with "turn-key" properties, which ours is. But the comps that are being used are from just before the bump started. If we were buying in a month, then the bump would be visible in the comp sales and it wouldn't have been a problem. And the comps that our realtor sent over were for properties that had just closed.

We had a long closing (60 days) because the sellers were trying to find another place, and we have a lease. We are still 3 weeks away, but we had notice last week that the underwriter had approved the loan, so we're bouncing off the walls now with anticipation.
Why would you want your appraisal to come in higher when you are buying a house? If your appraisal came in $10,000 lower, buy the house for $10,000 less. We always write into the purchase agreement that we will pay xxx or the appraised price, which ever is lower. We have been in situations where appraisals have come back significantly lower and this takes care of the issue.
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Old 09-24-2009, 08:22 AM   #8
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Why would you want your appraisal to come in higher when you are buying a house? If your appraisal came in $10,000 lower, buy the house for $10,000 less. We always write into the purchase agreement that we will pay xxx or the appraised price, which ever is lower. We have been in situations where appraisals have come back significantly lower and this takes care of the issue.
The problem golfgal is that the homeowner will not part with the home for 10,000 less. That is something that is out of the ordinary, esp. with the housing prices dropping. People are upsidedown and cannot afford to take the hit.

And you want the appraisal higher so you can get the loan for the house.

When we bought this house last yr. having the appraisal pretty high vs purchase was a big factor in getting the rate/loan.
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Old 09-24-2009, 08:59 AM   #9
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The problem golfgal is that the homeowner will not part with the home for 10,000 less. That is something that is out of the ordinary, esp. with the housing prices dropping. People are upsidedown and cannot afford to take the hit.

And you want the appraisal higher so you can get the loan for the house.

When we bought this house last yr. having the appraisal pretty high vs purchase was a big factor in getting the rate/loan.
This is why so many people are upside down-at least in our area. For a while houses were selling for a LOT over asking, some $100,000 over. Now people are trying to get out of those houses what they put into them and they were never worth that to begin with. If the seller won't part with the house that appraises at $10,000 WHY ON EARTH would you buy the house for more then it is worth? Sorry, it just doesn't make economic sense to pay more for a house then it is worth. If you buy a house for more then appraised, REAL appraised cost, you are starting out upside down. If a house came in at $10,000 under agreed price either the seller lowers the price or the buyer should walk away.
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Old 09-24-2009, 09:19 AM   #10
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This is why so many people are upside down-at least in our area. For a while houses were selling for a LOT over asking, some $100,000 over. Now people are trying to get out of those houses what they put into them and they were never worth that to begin with. If the seller won't part with the house that appraises at $10,000 WHY ON EARTH would you buy the house for more then it is worth? Sorry, it just doesn't make economic sense to pay more for a house then it is worth. If you buy a house for more then appraised, REAL appraised cost, you are starting out upside down. If a house came in at $10,000 under agreed price either the seller lowers the price or the buyer should walk away.
If you happen to be in an area that is experiencing a "sellers" market you may have to pay more than the appraised cost to buy house. During the past housing boom, many times there were bidding wars on houses where the actual purchase price was well over the original listing price. All those buyers were betting that the house price would appreciate over time due to the market conditions. Unfortunately that wasn't the case for most.
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Old 09-24-2009, 09:21 AM   #11
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If you happen to be in an area that is experiencing a "sellers" market you may have to pay more than the appraised cost to buy house. During the past housing boom, many times there were bidding wars on houses where the actual purchase price was well over the original listing price. All those buyers were betting that the house price would appreciate over time due to the market conditions. Unfortunately that wasn't the case for most.
So.....

Again, it makes ZERO sense to buy a house for more then it is worth-in ANY market. It is just financially foolish, as people are finding out now.
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Old 09-24-2009, 09:25 AM   #12
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This is why so many people are upside down-at least in our area. For a while houses were selling for a LOT over asking, some $100,000 over. Now people are trying to get out of those houses what they put into them and they were never worth that to begin with. If the seller won't part with the house that appraises at $10,000 WHY ON EARTH would you buy the house for more then it is worth? Sorry, it just doesn't make economic sense to pay more for a house then it is worth. If you buy a house for more then appraised, REAL appraised cost, you are starting out upside down. If a house came in at $10,000 under agreed price either the seller lowers the price or the buyer should walk away.
Same here but sellers actually wanted you to put up cash to cover their debt and plus they were giving you a house that needed about 40,000 worth of work.

Alot of the people were out of work for a long while and then took out home equity loans/second mortgages based on before the bottom dropping out appraisals.

It took us 8 months to find a house last yr. So all this "buyers paradise" is nonsense. Granted we were looking in a specific area which made it difficult.

A good home with a sane price is snatched within days in my area.
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Old 09-24-2009, 09:32 AM   #13
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So.....

Again, it makes ZERO sense to buy a house for more then it is worth-in ANY market. It is just financially foolish, as people are finding out now.
Oh I know it makes absolutely no sense financially. That's part of why our economy is in the mess that it is.
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Old 09-24-2009, 09:32 AM   #14
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This is why so many people are upside down-at least in our area. For a while houses were selling for a LOT over asking, some $100,000 over. Now people are trying to get out of those houses what they put into them and they were never worth that to begin with. If the seller won't part with the house that appraises at $10,000 WHY ON EARTH would you buy the house for more then it is worth? Sorry, it just doesn't make economic sense to pay more for a house then it is worth. If you buy a house for more then appraised, REAL appraised cost, you are starting out upside down. If a house came in at $10,000 under agreed price either the seller lowers the price or the buyer should walk away.
You are assuming that an appraiser has the ability to determine the exact "worth" of the house. They are merely giving an opinion (their opinion) of the fair market value of the property as of a specific date. Give three appraisers the same task and they are likely to offer three different opinions. The contract price is sometimes the best indicator of the value of the property - after all, that is what someone is willing to pay. Three years ago appraisers were doing their best to justify rapidly increasing values. Now, they are doing their best to lower the bar.

If it is a property that I liked, I would certainly want the appraiser to justify the purchase price if their findings put the value within $10,000. However, if they were $25,000 or more off on a small residential property I certainly would not go forward with the purchase.

OP - the underwriting process can be fairly lengthy these days. Would not be surprised if you waited more than 30 days. Much depends on the lender. The theory these days is that lenders will do most anything not to lend money - even to those who are cleary qualified.
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Old 09-24-2009, 10:53 AM   #15
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You are assuming that an appraiser has the ability to determine the exact "worth" of the house. They are merely giving an opinion (their opinion) of the fair market value of the property as of a specific date. Give three appraisers the same task and they are likely to offer three different opinions. The contract price is sometimes the best indicator of the value of the property - after all, that is what someone is willing to pay. Three years ago appraisers were doing their best to justify rapidly increasing values. Now, they are doing their best to lower the bar.

If it is a property that I liked, I would certainly want the appraiser to justify the purchase price if their findings put the value within $10,000. However, if they were $25,000 or more off on a small residential property I certainly would not go forward with the purchase.

OP - the underwriting process can be fairly lengthy these days. Would not be surprised if you waited more than 30 days. Much depends on the lender. The theory these days is that lenders will do most anything not to lend money - even to those who are cleary qualified.

Actually the Fair Market Value of a house is the amount which a buyer is willing to pay a seller in an arms length transaction. So the value of the house is determined at contract. The appraisal is simply documentation for that bank that the loan is reasonable. So yes, three appraisers would come up with three different values most likely.
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