Length of Appraisal Time?

[Jean]

We own land and are trying to buy a new and larger house to put on it. We were very clear with the salesman that Ma Nature would only give us a certain amount of time to get the new house in before the Fall rains come and the ground gets way too moist to drive a home over it. He was very understanding at first. Now we've been waiting 6 weeks just for the appraisal. I've never heard of an appraisal taking so long. The only reason I get for the long time is that they "have to use the MLS." Does this sound reasonable? He and his boss are now very unconcerned about getting the house in. They either chuckle and say they can get any house in anywhere, or they shrug and say "So we may have to wait a few months. We can do that." Well, WE can't do that. I don't know what to do. Any advice??

[Jean]

I forgot to add that our understanding was that the financing, including appraisal, would take 2-4 weeks, but we did not get that in writing. What is the longest that any of you have ever to wait on an appraisal? Thanks in advance for any info or thoughts!

[Randy Eaton]

Hello Jean,

It sounds like it's taking longer then normal. If it does get wet there are ways to overcome this. Placing crushed rock down sometimes helps. Usually the sales center is equiped to deal with wet situations. I would contact the lender your dealing with and ask them why it's taking so long.

Randall Eaton

[rmurray]

This is a very long time...but in some rural areas...where the appraisor is from another county...I have had similar time delays...

Appraisors have been very busy with the record number of refinance loans that mortgage companies are doing...These appraisals are very easy to do and appraisors are human...push the tougher job to the side and do the easy ones first...

Refi's have slowed down and appraisors have a much shorter back log in the last 10 days...They should be moving along soon..

I trust that the dealer can get the home in when the appraisal is done...I wopuld not suggest you wait months until the spring thaw...Interest rates are sure to rise by then...This could cost thousands in additional interest over time..