Profile picture for abroughten

Rural Development Appraisal

I am in the process of buying a home for the first time! I am frustrated because I am getting a Rural Development Loan in MN. Everything is ready to go except I am waiting on the Rural Development Appraiser to go to the home. The appraisal was ordered Tuesday 4/12/11 today is 4/20/11 and still no one has heard anything about if it was done or not!!! Can anyone give me any info on this process to ease my mind please??
  • April 20 2011 - Brainerd
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Answers (13)

Unfortunately there is nothing you can do but complain to your lender.  If the order was place on the 12th the appraisal should have been completed by the 15th at the latest.  I would recommend informing your lender of the issue and demand a new appraiser be assigned.

  • April 20 2011
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The best thing to do is have your agent call the listing agent and have them go through the showing log and see if it has even been scheduled.  Then call your lender and ask what the hold up is.  Unfortunately the process does take time.  Right now it is a busy market with the conditions being so favorable,the ordered appraiser may be backed up.  I am not trying to justify however it may be a possibility. I would also recommend to your lender & Realtor that a date extension may be in order if closing not to be delayed any longer. 
  • April 20 2011
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Profile picture for abroughten
Thanks much to both of you for your replies! I am still frustrated but I will be sure to contact my agent and lender right away tomorrow!
One more question. I was reading up on rural development appraisals and I read in one place that if there aren't energy efficient windows or if there are single paned windows such as in an old house that the appraiser will site those???
  • April 20 2011
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I just closed on a RD Loan and the home had single pane windows but they were never an issue.  I think it all depends on how much of a stickler the appraiser is and if any of the windows are cracked or broken.
  • April 20 2011
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Profile picture for abroughten
That is great to hear! Thanks!! I hope the person who appraises this home isn't too much of a stickler then!
  • April 20 2011
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USDA loans (Rural Development) are processed from an appraisal standpoint, just like conventional loans.  The lender/broker has to order the appraisal through an Appraisal Management Company, who randomly assigns the appraisal to an appraiser.  Then the appraiser contacts the listing agent to schedule the inspection date and when his/her appraisal is done, it gets emailed to the lender/broker.  A number of different communications have to happen to pull this off and if a phone call isn't returned or one of the people in that line holds things up, the process can grind to a halt.  8 days is not a ridiculous amount of time to have to wait for an appraisal, although we are seeing them completed in about 1 week farily consistently.

Although the lender/broker is legally bound not to put undue pressure on the appraiser to hit a value, and can have no input on which appraiser is solected, they can certainly hold them accountable to meeting the expected timeframes for product delivery.  I would call your loan officer and ask him/her to follow up with the appraiser and find out why this has not happened yet and when they expect to get out there.

Peter Boyle

  • April 21 2011
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You can also ask your agent to be a contact for the appraisal appointment if the listing agent is busy. It's good for the selling agent to meet the appraiser as well if there are any comp issues.

Good luck. Home purchasing is long process and there will be many places where you want to shake the earth, but it won't move until it's ready to do so!

Congratulations on your decision - it's absolutely the best time to buy!

Cindy Vedder
  • April 21 2011
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The agreement we lenders have with the Appraiser Mmgt Co. is no more than 7 working days. But sometimes it can take an additional couple of days. If you don't receive the report by Friday, have your loan officer contact his processor and press for ETA. The only other thing I can think of is the appraiser is having a difficult time justifying the sales price and can't find comps. But either way tomorrow is more than enough time to complete a report.
  • April 21 2011
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I found out today that the appraisal was done on Monday and the report should be sent out tomorrow (Friday)
Thanks for all the replies! Now..I can't wait to see the report!! I have a feeling it will be a little frustrating!
  • April 21 2011
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Profile picture for Connie Klemme
good luck. don't expect the worst.  no need to spend that energy on anxiety and concern now.   Wait till you get feedback. 
  • April 21 2011
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You gotta love the real estate glitches
  • April 22 2011
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Yes. Loving the glitches...not really. It seems that the sellers have not yet completed any of the issues they agreed to have completed. Of course these were sited by the appraiser. SO I am told that if they get these done over the weekend it will still be possible to close on the 29th. I sure hope so!! I offered to help them :)
  • April 22 2011
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The turn times really depend on the area and the available appraisers.  In the twin cities metro, it's usually 4 days from order date to completion but in other areas I have had to wait a few weeks just to get someone out to the property.
  • May 10 2011
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