Home Loans and Support

How long between appraisal and closing?

Discussion in 'Short Sale Outpost' started by GoNFL, Dec 4, 2010.

  1. GoNFL

    GoNFL LoanSafe Member

    Hi Folks,

    I recently received short sale approval on my house and my lender gave the deadline of December 31st to complete the closing. The buyer has completed the inspection and the appraisal report will go to his bank on Monday, 12/6. How long does it typically take between appraisal and closing? At what point along the way do we know exactly when the closing will be?

    Thanks for any help!
  2. GoNFL

    GoNFL LoanSafe Member

    Just bumping it up for responses ...
  3. TomEason

    TomEason LoanSafe Guide Staff Member

    It depends on how long the buyer's new lender takes - that always the hangup. Can't you ask the real estate agent(s)?
  4. shobam

    shobam LoanSafe Member

    GoNFL - Been there Done this please read,

    If the buyers have all their doc's and paperwork in place, have been approved and the Apprasal is good then it should be quick. You need to know what kind of loan the buyers have. If its a conventional mortgage then the only conditions that need to be met in order for the loan to be funded will be what that bank applies. If its a Fannie/Freddy loan then there is a host of things that the Fed's have in place that need to pass in order for the loan to be funded. In my case I had to install a few lights, fix a retaining wall, paint one side of the house and garage door and install a railing on the front steps. IF THERE ARE THINGS THAT NEED TO BE REPAIRED AND ITS A FANNIE/FREDDY THEY WILL SHOW UP ON THE APPRASIAL REPORT AND THE BANK CANNOT FUND THE LOAN UNTILL THEY ARE FIXED. APPRASIERS ARE NOTORIOUS FOR DRAGGING THEIR ASS IN TERMS OF GETTING THAT REPORT TO THE BANK AND GETTING THEIR LAZY ASS BACK FOR A FOLLOW UP INSPECTION AFTER THE REPAIRS HAVE BEEN DONE; HAVE THE BUYERS AGENT CALL THE BANK TODAY AND MAKE SURE THAT THERE IS NOTHING THAT NEEDS TO BE DONE !!!! I nearly lost the sale because of a lazy Appraser and an Agent who didn't push from the buyers end. Also; your agent will have to get the numbers on a final HUD from the buyers closing Attorney and he needs to get them to your mortgage holder for their approvel. I highly advise that you do the following quickly:
    1) Call either your agent or directly call the buyers agent and see to it that the appraisal is OK - i.e Nothing that needs to be done
    2) See to it that your agent gets a copy of the final HUD from the closing Attorney and that it gets to the bank that holds your mortgage for approvel.
    3) Look on your approvel letter from the mortgage holder and see how they will deal with deficentcies.

    GOD LUCK

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