Gone are the days of ordering an appraisal and having it completed and back to the lender in a matters of days.
Recently FHA made some major changes in how appraisals are handled. All appraisal requests go through a "pool",
and the property is assigned an appraiser. No one knows who the appraiser will be, and we no longer have contact
information.
Lenders, Realtors, Sellers and Buyers are not allowed to call the appraiser, or even speak with the appraiser about
anything anymore. If the appraiser calls us for directions or entry, we are allowed to discuss this. FHA does not
want anyone trying to influence appraisers on value.
We can no longer call and find out when we will receive the appraisal back, or let them know when we are closing,
etc. EVERY PERSON INVOLVED in each home needs to allow a MINIMUM of TWO WEEKS for the appraisal to
be returned.
If you are a buyer, or agent.... Please make sure the check has been given to the lender in PLENTY of time to order
the appraisal and have it returned in plenty of time to work the loan.
PLEASE check back with your lender to verify they have indeed actually ordered it, after it has been paid for. We are
finding some lenders are still not ordering appraisals even when they have been paid. If you don't want chaos and
unnecessary stress when you are trying to close your loan, PLEASE stay on top of this!
Last I heard, in today's market, appraisals are good for 2 months, so there is no harm in getting an appraisal done a
little early. Check with your specific lender on when their appraisal expires.
Georgia Evans
Recently FHA made some major changes in how appraisals are handled. All appraisal requests go through a "pool",
and the property is assigned an appraiser. No one knows who the appraiser will be, and we no longer have contact
information.
Lenders, Realtors, Sellers and Buyers are not allowed to call the appraiser, or even speak with the appraiser about
anything anymore. If the appraiser calls us for directions or entry, we are allowed to discuss this. FHA does not
want anyone trying to influence appraisers on value.
We can no longer call and find out when we will receive the appraisal back, or let them know when we are closing,
etc. EVERY PERSON INVOLVED in each home needs to allow a MINIMUM of TWO WEEKS for the appraisal to
be returned.
If you are a buyer, or agent.... Please make sure the check has been given to the lender in PLENTY of time to order
the appraisal and have it returned in plenty of time to work the loan.
PLEASE check back with your lender to verify they have indeed actually ordered it, after it has been paid for. We are
finding some lenders are still not ordering appraisals even when they have been paid. If you don't want chaos and
unnecessary stress when you are trying to close your loan, PLEASE stay on top of this!
Last I heard, in today's market, appraisals are good for 2 months, so there is no harm in getting an appraisal done a
little early. Check with your specific lender on when their appraisal expires.
Georgia Evans
| APPRAISALS |
Stones River Realty
| (615) 469-0240 |
