How to Speed up the Home Appraisal Process

by Isaac Benmergui, Esq on September 4, 2017

home appraisalThere’s an appraiser shortage in the U.S. right now, as the industry faces high retirement rates, stagnant wages, threats of automation, and an increased workload. There’s also a high barrier to entry, including licensing, thousands of hours of apprenticeships, and continuing education.

As a result, many homeowners are seeing closing periods of 45 days or more due to the fact that appraisers simply can’t get to their home any faster. That can be frustrating to any homeowner, but especially those who may be moving cross-country or across the state. So how can you speed up the home appraisal process?

Unfortunately, the majority of the burden is on the homeowner, so buyers can do little besides put pressure on the lending agent to keep things moving. Make sure you get everything to the bank quickly, even when they are requesting information you have already given. Buyers need to understand that due to changes made after the housing crisis, banks no longer get to choose the appraiser they work with. The bank contacts an appraisal management company, and they give them the next name in the rotation. That’s it. If that person is backed up or on vacation, there’s nothing the bank can do. It’s the luck of the draw.

Home sellers can speed up the appraisal process by providing copies of past appraisals, blueprints, and the builder’s floor plan when possible. Also have a list ready of all the improvements made to the home and when you made them. Be flexible with inspection timeframes and respond to all requests by the appraiser as quickly as possible.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have over a decade of experience handling Real Estate and Civil Litigation cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

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