These are the checklists related to Contract Deadline: Appraisal Deadline.
This deadline relates to your deadline to have your appraisal done and back. Since the appraiser is not a party to the contract you are responsible for making sure you order the appraisal in time from an appraiser that will have the appraisal done in time to meet this deadline. Talk with your Lender and Real Estate Broker to make sure you're on track to do this.
We typically use "MEC + 25 Days" as the date for the Appraisal Deadline.
When you click on the task, you can also see the tags that task is filed under. You can also click on the tag to see other tasks with that tag.
- Complete "Appraisal Deadline" checklist
Complete the "Appraisal Deadline" checklist:
- If you haven't done so already, pay Lender for Appraisal
- Authorize Lender to order Appraisal
Since you're almost always paying for the Appraisal you will need to authorize your Lender to order the Appraisal.
IMPORTANT NOTE: If you're concerned about what you might find at the inspection and may be terminating your contract on inspection, you should discuss with your Lender and Real Estate Broker delaying your Appraisal so you do not have to pay for an Appraisal on a property you are not going to buy.
Mark this task complete once you've authorized your Lender to order the appraisal and provided them all the forms and payment information they need to do so.
- REAL ESTATE BROKER: Check with Lender to make sure Appraisal has been ordered
- REAL ESTATE BROKER: Check with Lender and/or Seller's Real Estate Broker to make sure Appraiser has visited property
Your Real Estate Broker should check with the Lender and/or the Seller's Real Estate Broker to make sure the Appraisal has visited the property to complete their Appraisal.
This is a proactive step in case it looks like you might not make the Appraisal Deadline and we'd need to negotiate with the Seller to see if we can extend that deadline.
- Receive Appraisal from Lender
- REAL ESTATE BROKER: Receive Appraisal info from Lender
Once the Appraisal is complete and has gone through your Lender's underwriting review, your Lender should communicate with your Real Estate Broker to let us know if the property appraised or not.
While some Buyers send us copies of the Appraisal, Lender typically do not automatically send a copy of your Appraisal to your Real Estate Broker.