Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
First-Time Home Buyer
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago,

Account Closed
  • New to Real Estate
  • Austin
3
Votes |
3
Posts

HELP - my appraisal has taken 41 days with no end in sight.

Account Closed
  • New to Real Estate
  • Austin
Posted

I am not sure if this is normal (well, 2021 normal) or a sign of a huge problem.

My lender let me know that because my first home purchase (SF) is in a suburb 45 minutes outside of a hot market (Austin) that appraisers are not willing to take work in my town as it is too far and they can make more money by doing many appraisals in Austin instead of my one in the suburb.

I signed my contract on April 1 with a closing on May 15. On April 15, they were able to schedule an appraiser for May 24th. My realtor moved my closing date to May 31, and, because of the market, had to enter a buyer's leaseback with the owner, so I am paying rent to them currently. May 24th came and went and the lender is thinking the appraiser never went and has no idea when we can expect them to go out and appraise. I am stuck having to further extend my contract and leaseback with no end in site.

Part of me thinks something is not right, as the appraisal is a mandatory part of a conventional loan, and so how can they string people along for months at a time? Does something seem not right here? Is just the way the market is now? Is this an issue with my lender? (I don't know that I could even reasonably shift lenders at this point.)

Loading replies...