Home inspection & appraisal

southern_magnoliaSeptember 13, 2011

We have a contract on our home which should close in mid October. Meanwhile we have a contract on a home we plan to purchase. The realtor says getting both houses to close on the same day is not a problem. Lender says same thing. Problem is the people who are buying our house are getting a VA loan. The house we are selling can not close until the VA does an appraisal and an inspection. We have waited over three weeks for the appraisal to be done. Our realtor says nothing can be done to hurry up the process, we are at the mercy of the inspector. Is it true that a realtor is legally prohibited from contacting an appraiser to ask when the work will be done? Realtor keeps saying he don't want to push or make her mad or we might get a low appraisal. They can assign whatever value they want and they can't be questioned. That kind of shocked me. I don't want to pay for the inspection until I know that the appraisal meets the selling price. Both the house we are selling and the house we are buying hinge on this appraisal. I am getting more apprenhensive as time ticks on. Any suggestions? Words of wisdom?

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pamghatten

The appraiser should not be contacted by the realtor. The realtor can ask the lender when the appraisal will be done.

The appraiser is determining the value of the property for the Lender and the VA. The appraiser can be questioned by the lender, not the realtor.

    Bookmark   September 13, 2011 at 12:33PM
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terriks

Our realtor says nothing can be done to hurry up the process, we are at the mercy of the inspector. Is it true that a realtor is legally prohibited from contacting an appraiser to ask when the work will be done?

Yes, this is true. VA appraisals are more rigorous, and they can require certain repairs be made, rather than leaving it up to the two parties to negotiate repairs.

    Bookmark   September 13, 2011 at 3:04PM
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LoveInTheHouse

I'm glad you asked this question because I am also in contract and at this point it looks like everything is hinging on the appraisal so I am waiting anxiously for it. We've been in contract now for a few days and I'm itching for them to call me and tell me they scheduled the appraisal. We are also supposed to close mid-October. I couldn't imagine three weeks passing and it was still not scheduled!

    Bookmark   September 14, 2011 at 11:40PM
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LoveInTheHouse

I looked at the paperwork from the last time I sold this place, and it took two-and-a-half weeks from the time I accepted an offer from a buyer until the appraiser came over.

    Bookmark   September 16, 2011 at 10:29PM
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