How long does an FHA appraisal take?
We've been waiting now on the appraisal for about 2 weeks, and everytime we call the lender she says she hasn't heard anything yet. What could be taking so long? I know with FHA loans they are a lot more detailed, but what if they find something that needs to be fixed? Do they contact the seller to fix it or do they notify the bank that the appraisal was not good?
- cactusgeneLv 79 years agoFavorite Answer
This all depends on the individual appraiser to whom the appraisal assignment is given to. With appraisal management companies getting most of the work, they generally push for a 2-3 working day turn-around. However, it should not take longer than a week for a single family home.
Update: I just read your question again and notice that I have not answered it completely. But here we go. If you already waited 2 weeks since the appraisal inspection that's an awful long time in today's market environment. You have the right to contact the bank or lender and inquire about the status of the loan. Tell them the appraiser told you it should be ready in about a week.
No, the appraiser will not contact you to fix any deficiencies noted. They will be listed on the appraisal and are known as conditions to the appraised value. It is then up to the bank underwriter to waive these appraisal conditions or ask the seller to fix the deficiencies before the loan will be funded. In rare cases the amount to fix can be withheld in escrow and the loan can close, but I don't know if HUD rules allow this for FHA loans. Good luck.Source(s): Real Estate Appraiser
- rigobertoLv 43 years ago
undecided what you propose? A FHA appraisal remains with abode until its paid off . A FHA case quantity is issued and purely one case quantity is issued consistent with own loan. undecided what you propose a typical appraisal might nicely be over-writen at any time. you may no longer over write any appraisal. undecided what you attempt to do or speaking approximately.