Clearwater Florida Homes Condos Real Estate

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Will appraisals require more time for closing a contract?

Sharon Simms, a local REALTOR friend of mine does a great job highlighting how further the changes in the mortgage industry are having unintended consequences. If you are buying or selling it's important to work with professionals that are on top of all the latest changes.

We have especially seen appaisers struggle with those "unique" properties.  If you have any questions feel free to give Jack and I a call at (727) 710-8035 or (727) 710-8036 

When I spoke with a lender today about closing a contract (and loan) in 3 weeks, the lender suggested adding more time - the main item out of the control by the lender was the appraisal. The bank can no longer order the appraisal, so they send the request out to a third party provider who selects the appraiser from a rotating list. Not only does this "middleman" add more time, but the new appraisal requirements may add more time, too.

What if it's a unique property? What if there haven't been any recent sales in that neighborhood? Not only might it take the appraiser more time (rotation means the lender  can no longer choose the appraiser most familiar with that neighborhood, price range, or type of property) once he gets the assignment, but once the appraisal is completed and goes to underwriting, the underwriter may ask for more comps, which will add more time.

Is it prudent to ask for more than a 30 day closing, with the new lending and appraisal requirements?

Comment balloon 4 commentsCyndee Haydon • September 05 2008 12:08PM

Comments

I understand the need to be careful, but adding more bureaucracy will not make it better.

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) about 10 years ago

It sounds like we either add more time to the closing dates or file more extensions...is there a lesser of 2 evils?  GOOD INFO Cyndee!

Posted by Susie Roscoe, Real Estate Specialist | Brandon, FL (Signature Realty Associates) about 10 years ago

Cyndee - I sure this will not add more time to closing in NY, 30 day closing is not very common here.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) about 10 years ago

Hello Cyndee,thanks for sharing this post.This is definitely a good info.We only have 2 choice here either add time for closing dates or extension.ok that's interesting.anyway,thanks for a good blog.Keep it up being the best Clearwater Beach Short Sale Agent.Best of luck!

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) about 6 years ago

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