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How long does a seller have to wait for the financing company to get an appraisal on the home? It h

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March 27 - Norman
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I would read the purchase and sale agreement that everyone agreed to. I would think that it should tell you how long the buyer has to apply for their loan and get everything done for closing. That should be how long you have to wait for.
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March 27
I'd say it depends on Loan type.....which is kind of crummy.  We've had VA Appraisals take up to 28 days to find that the appraisal was worthless and we had to order another one.  I'd say for the other loan types (FHA, Conventional, USDA, etc...), we get them back in our hands within 10 business days.   
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March 27
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Do we have any recourse in regard to the contract if they are dragging their feet getting the appraisal?  It has been over 3 weeks.  We have a list of other potential buyers if something were to fall through with the appraisal that I feel we are potentially losing by this taking so long.
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March 27
Our company requires the appraiser to have the appraisal completed one week from when it was ordered.
After that it takes up to two days in quality control before the borrower gets a copy. So about 9 days.
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March 27
Time frames for appraisals varies depending on the lender you use and the type of loan.  Government backed loans such as VA and USDA rural housing have additional guidelines to follow.  Some agents have the lender wait to order an appraisal until their buyers are satisfied with the inspections before moving forward. So, the best thing would be to contact the parties involved and ask for an update.  Good luck! 
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March 27
There is no set time, normally the lender will be in somewhat of a hurry to do it because it can take a week or two depending how busy the appraiser is and it can take a week or more before the loan officer requests one. You should ask your Realtor to find out from the buyers agent. Hopefully you have a Realtor helping you.
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March 27
 
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