How quickly can a house close after an appraisal?
The appraiser botched their report so it had to be reordered. They re finally going out to the house today to redo it. We re already a week behind on closing. How long can I expect it to take for us to close?
- linkus86Lv 77 months agoFavorite Answer
An appraisal can be completed in a single day, but it would still need to be sent to the lenders underwriter for the loan to get final approval and closing documents can be sent to the closing attorney who must review and schedule the closing. So, it depends on how busy everyone is and that can't be predicted. On the short end, maybe 5 days, On the long end maybe 2.5 weeks.
- curtisports2Lv 77 months ago
If all the other work is done and all that's needed is a favorable appraisal, there shouldn't be much more delay.
But if some of the important work was not to start until the appraisal was correct, it could be weeks. If you don't have direct contact with the underwriter, go through your loan officer.
- Beverly SLv 77 months ago
The appraiser has to work up his report & then send it to the management company the lender ordered it from for them to review.. normally a 2 or 3 day total delay. If everything else is done the underwriter will then receive it, review it & clear it to close. Then closer has to do the docs, schedule closing etc. No longer than a week total.Source(s): Mortgage lender 33 years.
- Glenn SLv 77 months ago
10 days at least.
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- A HunchLv 77 months ago
I've never heard of an appraisal needing to be re-done.
If you disagree with you, you submit your issue in writing - such as they said, it had no fireplace you say it does, they chose comps you don't agree with, etc.
- If they agree than they update the appraisal. No need to come back onsite.
- realtor.sailorLv 77 months ago
If they're going out today means they should get the appraisal to the lender Tuesday. Then to underwriting say Thursday. The following Monday you should get a clear to close and the CD is sent to the buyer. Buyer has to wait three days so two weeks from today is a reasonable estimate.
- LILLLv 77 months ago
If all goes well with the appraisal and underwriting, expect to close mid August.