How soon before closing is the appraisal?
Summary: Average Timeline for Closing
| Milestone | Time to Complete |
|---|---|
| Appraisal | 1-2 weeks for completion |
| Underwriting | 1 to 3 days for initial review |
| Conditional Approval | 1 to 2 weeks for additional underwriting review and clearing of conditions |
| Cleared to Close | 3 day mandated minimum for acknowledging Closing Disclosure |
Why is the appraisal report taking so long?
One of the reasons an appraisal takes so long is simply because of the sheer number of appraisals that are being requested. Plus, the rules and regulations surrounding home appraisals are often changing, requiring underwriters to request more information and extending the process.
What does appraisal due date mean?
An appraisal is usually due no later than a specific time such as 12pm, 1pm, or by midnight of the given due date. A rush fee might result for an appraisal that is due several days prior to the normal turn-time or even just one day.
What happens if you miss the appraisal deadline?
Most purchase agreements that contain financing include loan and appraisal contingencies. For instance, a 10-day appraisal deadline means that the appraisal must be performed within 10 days after the contract ratification date. If the deadline is missed, then the contingency is no longer in effect.
What could go wrong in underwriting?
The main thing that could go wrong in underwriting has to do with the home appraisal that the lender ordered: Either the assessment of value resulted in a low appraisal or the underwriter called for a review by another appraiser. You can contest a low appraisal, but most of the time the appraiser wins.
What are some conditions asked by underwriters?
Your final conditions may include things like bringing in your down payment, paying off an outstanding judgment or closing certain accounts. Conditions can include just about anything that a lender needs to be confident that you can repay your mortgage as agreed.
