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Answers (4)
- Ofe Polack, "Ofe Polack"
- Contributions:1418
The appraisal is ordered after all contingencies have been met, so that the buyer will not lose his/her money in the event that the contingencies are not met. The lender orders the appraisal unless it is a cash offer in which case the buyer orders it directly.
- Hank Miller, SRA, ABR, "BrokerAppraiser"
- Contributions:593
As noted, it will be ordered by the lender once the ratified contract is received. If it's a cash deal, you will order one direct. Make absolutely certain ample time is allowed for completion of the report - you don't want to lose the due diligence period in case the appraisal comes in low.
- Rick Troup, "Rick Troup"
- Contributions:114
If you are financing, your bank or finance company will most likely order the appraisal as part of the approval process. If your purchase is a cash deal, you will want to order your appraisal as soon as possible. Check your contract for time limits for inspection or due diligence deadlines.
- Cheryl Talbot Real Estate, "Virginia Beach Homes"
- Contributions:674
Appraisals are done after a contact is ratifed and all contengencies are removed. It's ordered once you know for sure you will be moving forward on the home. They are ordered by your lender so contact them to get the run down of time lines for ordering the appraisal. It takes about a week from the time it's ordered to the time the appraisal is turned in to the lender. You can also request a copy of it. Thank you for your question.
How soon does an appraisal need to be completed for property being purchased?
For purchasing a home...
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