Experience. Expertise. Excellent Service.
REALTOR, e-PRO, RRS
Why Choose Me
Choose your language:
Our Featured Properties
Lyons Construction and Realty
Looking to Buy?
Home Buyer Checklist
Buying Your First Home
Loan Application Checklist
Looking to Sell?
Getting the Highest Price
Role of the MLS
The Listing Contract
Curb Appeal List
Borrowers, Don't Do This!
Why Get An Inspection?
All About Foreclosures
Free Home Valuation
My New Blog
Should You Pay a Rush Fee for a Quicker Appraisal?
July 26th, 2014 1:27 PM
In a hurry to get the mortgage and close on the sale? Need an appraisal done in one or two days?
Bottom line for this is - even if you tell your lender that you will pay a $100 - $200 rush fee over and above the appraisal fee you are already paying as part of your mortgage loan application it does not guarantee that the appraisal will be delivered to your lender by the requested deadline.
An appraiser may choose to take the rush order and the extra fee, but not guarantee delivery by indicating 'I may be able to do this by the requested delivery IF I don't hit any snags'. There's the escape clause.
Can some appraisals be difficult and time-consuming due to lack of comparable sales in the appropriate SOLD time frame? Yes, of course. Murphy's Law most always kicks in when someone is working under a deadline - crazy things happen in the process which delay completion of work.
Some people are confident in their capacity for meeting deadlines(knowing there will be delays along the way) and do complete the work as promised and paid. Some people do not meet deadlines.
The appraiser is not working for the bank directly. There is an intermediary company(separation wall) through whom the appraisers complete their work in order to remove undue influence by anyone on the appraisal outcome.
The bank cannot even choose a specific appraiser with whom they have had successful delivery of appraisals. The intermediary company puts out the request for the appraisal and procures the commitment from an appraiser. The bank is not supposed to have direct contact with the appraiser during the appraisal process. The appraiser takes instructions from an intermediary company.
If you are ever in a position which requires a quickly delivered appraisal tell your bank that you will pay the rush fee, but you expect the bank to reimburse you if the appraisal is not delivered by the deadline you requested. If they say they will - get that in writing....yeah, good luck with that. You can certainly try.
Under current banking regulations the appraisal platform(the intermediary - the firewall - the company for which the appraiser really works) does not have to deliver a RUSH appraisal in less than 3 days.
Once the normal appraisal fee is paid by you, along with the rush order fee, your money is gone. Do not expect a refund of the rush fee from the appraisal company if the appraisal is not delivered by the deadline requested IF the deadline is less than three days away.
An appraisal could be delivered in a couple of days...but if it is delivered on the third day it is still considered RUSH by the appraisal platform who procured the appraiser.
If you think this is too much fuss over one or two days these two days can be the difference between moving forward with the contract or bailing out on the last day of due diligence if the buyer finds out the property did not appraise for the contract price - therefore, the bank will not loan all the money the buyer needs to buy the house. The delivery of appraisal is crucial to the buyer's due diligence deadline, particularly if the seller does not want to extend the due diligence period.
Not all sellers will extend due diligence or the sellers will want an additional due diligence fee in order to extend the buyer's protection period for the bank loan process.
Delays can arise on several fronts with the buyers during the loan application process. Good record keepers are rewarded for all their organization during today's documentation-heavy loan applications. These kinds of buyers get all the paperwork in ASAP and the loan moves through its circuitous route.
For those potential home buyers who need a loan and who have financial and work records scattered here and yon, the mortgage loan application requirements will be more frustrating for you.
Gather your records in one place as you prepare to look for a home to buy. Do not delay in finding what the bank needs for the loan application and get that to them as soon as you can.
You cannot count on the RUSH fee to beat the due diligence deadline if you are down to the wire - that's more drama than you need during the already stressful home buying timeline.
Posted by Robbie Sharrett on July 26th, 2014 1:27 PM
Post a Comment
Subscribe to this blog
Leave a Comment
Characters from the image above:
Subscribe To My Blog
Characters from the image above:
I Earned 2 Top Seller Agent Awards
Just Listed! 225 Ridge Drive Linville, NC 28646
Just Listed! 3710 Howard's Creek Road Boone, NC 28607
Just Listed! 1354 Buena Vista Drive West Jefferson, NC 28694
Just Listed! 187 Moonfish Lane Boone, NC 28607
Just Listed! 126 Staghorn Hollow Road Beech Mountain, NC 28604
Busiest January Sales Month EVER?
Just Listed! 7456 Falcon Ridge Rd Lenoir, NC 28645
REDUCED $40K! 111 Ski View Lane Beech Mountain, NC 28604
More Land Offered WITH 1220 Aho Road Blowing Rock, NC 28605
Just Listed! Kirby Mountain Road Lenoir, NC 28645
Just Listed! ,
Just Listed! Briar Rose Trail Boone, NC 28607
Just Listed! TBD Coffey Knob Road Boone, NC 28607
Just Listed! Sunset Drive Blowing Rock, NC 28605
Just Listed! 1429 Rocky Mountain Road Boone, NC 28607
Just Listed! 1260 Fork Ridge Road Zionville, NC 28698
Duplex for Sale Between Blowing Rock and Boone
Just Listed! 525 Linhigh Drive Newland, NC 28657
Just Listed! 1572 Bamboo Road Boone, NC 28607
Just Listed! 167 Elliott Circle Blowing Rock, NC 28605
Just Listed! 374 Monarch Lane Boone, NC 28607
Mortgages Now At Lowest Rate for 2014 - Are Homes Appreciating in Value?
Need Help with Down Payment in North Carolina?
Why Should I Pay for a New Survey - The House is in a Platted Subdivision
Should You Pay a Rush Fee for a Quicker Appraisal?
Total Listed Homes Increasing BUT Number of Affordable Homes Decreasing in Boone and Blowing Rock NC Region
Quick Analysis Of Real Estate Sales in North Carolina High Country MLS Since 2008
Getting a New Foreclosure Listing in Boone - Duplex
Manufactured Homes and a Veterans Administration Loan
Just Listed! 24C PineTop Banner Elk, NC 28604
Have Foreclosures Really Decreased in Our Area?
Just Listed! 165 Briar Rose Trail Boone, NC 28607
Just Listed! 861 Slabtown Road Zionville, NC 28698
Foreclosed! Cheap Retreat by Mountain Stream - Easy Access in Ashe County
Foreclosures at Recession's LOW MARK for the NC Mountains
Coming Soon! Log Home Near the Parkway at Glendale Springs!
Coming Soon! Secluded Mountain Retreat in Ashe County!
Just Listed! 2747 Brigadoon Lane Lenoir, NC 28645
Coming Soon! Foreclosed Condo near Sugar Mountain!
New Listing Coming Soon - Foreclosed Log Home in Ashe County
Analysis of Blowing Rock NC Real Estate Market During First Part of Recession
Just Listed! 232 Flannery Fork Farms Road Blowing Rock, NC 28605
Just Listed! 272 Locust Point Drive Blowing Rock, NC 28605
Just Listed! 222 Deer Creek Road W Jefferson, NC 28694
Just Listed! 1628 Poplar Street Lenoir, NC 28645
Just Listed! Lot 4, 7 and 8 Heavenly Mountain Drive Boone, NC 28607
Just Listed! Lot 1 High Meadows Court Fleetwood, NC 28626
Just Listed! 1775 Main Street Blowing Rock, NC 28605
Just Listed! 687 White Laurel Lane Boone, NC 28607
Just Listed! 145 Brave Hawk Blowing Rock, NC 28605
Just Listed! 841 Niley Cook Rd Blowing Rock, NC 28605
Real Estate Trends in Watauga County
Just Listed! 389 Rock Cliff Road Boone, NC 28607
Just Listed! 108 Angelia Court Boone, NC 28607
Just Listed! 612 White Laurel Lane Boone, NC 28607
Just Listed! Red Wolf Blowing Rock, NC 28605
Just Listed! 126 Wild Daisy Lane Beech Mountain, NC 28604
Just Listed! 116 Moonlight Ridge Road Boone, NC 28607
Just Listed! 7521 US Hwy 221 South Blowing Rock, NC 28605
Just Listed! 1946 Laurel Branch Road Vilas, NC 28692
Just Listed! 249 Heather Street Boone, NC 28607
Just Listed! 147 Morning Star Blowing Rock, NC 28605
Just Listed! Morning Star Blowing Rock, NC 28605
Just Listed! 286 Sunrise Cove Blowing Rock, NC 28605
Just Listed! Chestnut Knob Trail Blowing Rock, NC 28605
Just Listed! Alpine Drive Blowing Rock, NC 28605
Just Listed! 9 and 11 Laurel Street Granite Falls, NC
Just Listed! Loveland Lane Valdese, NC
Just Listed! 254 Eastbrook Drive Boone, NC 28607
October 2014 (3)
September 2014 (1)
August 2014 (4)
July 2014 (2)
June 2014 (4)
May 2014 (9)
April 2014 (3)
June 2013 (1)
March 2013 (3)
September 2012 (2)
August 2012 (1)
July 2011 (1)
June 2011 (1)
May 2011 (1)
April 2011 (1)
September 2009 (2)
August 2009 (2)
February 2009 (1)
December 2008 (1)
November 2008 (1)
October 2008 (1)
August 2008 (2)
January 2008 (1)
November 2007 (2)
August 2007 (1)
July 2007 (3)
June 2007 (7)
Listing Agent, Se;;ers Agent, HomeLight (1)
Real Estate Sales in North Carolina Mountains (1)
My Favorite Blogs:
Sites That Link to This Blog:
Portions Copyright © 2019 Pipeline ROI, LLC
Another website by
All rate, payment, and area information are estimates and approximations only.