Hi, it’s Tom Heath with the Heath Team at Nova Home Loans and this is our weekly installment of Mortgage and Real Estate Related Matters. This week’s topic is how fast can we order that appraisal.
Well, you have listened, we have been encouraging you to get those appraisal orders started early because we know it’s taking longer to get them. And now we’re starting to see contracts with notes that we are going to order the appraisal within 24 hours of acceptance or 48 hours within acceptance.
A couple things to keep in mind: one is sometimes we don’t get the contract if it’s over the weekend for 48 hours after contract acceptance, and on a lending side, we have to send out the loan disclosures prior to or during the appraisal. Federal rules require us to provide a loan estimate to the consumer before ordering or charging any third-party fees.
So, the appraisal for us is usually ordered within about a day of receiving the contract, please encourage them to put it in there and ordered as early as possible and just know as soon as we get, the contract will get those loan disclosures out, either later that day or the next day, we can get that appraisal ordered.
If you have any questions, give us a call or reach out to us. Head over to TheHeathTeam.com for more information. And as always, thanks for listening and we’ll talk to you next week.