Recent appraisals

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  • #66916
    azallin
    Participant

    Hello,

    I was curious to see if anyone in the Southwest has had a recent appraisal and what the turn around time was? Also, if their appraisal came in low like other parts of the country have warned about?

    #66921
    kiag
    Member

    Not in the Southwest but my realtor had to call the mortgage department today to get mine ordered

    #66937
    TTrumble
    Member

    Hello all,

    There are some areas right now where getting an appraisal is simply impossible right now. California is a prime example. With the virtual state-wide lockdown, an appraiser in many cases can’t do an appraisal safely since they cannot enter the home to conduct the internal part of the appraisal.

    Please also remember that in the NACA program, the appraisal is ordered and paid for by the bank, which is done from the BOA processing center in Texas that specifically handles NACA applications. Therefore, the appraisal is ordered as soon as the bank app is received, regardless where the property is or whether or not appraisers are available to conduct appraisals right now.

    In areas where appraisals can’t be done right now, at least the appraisers will have a ready made list of jobs to do once we are able to re-open those areas and start getting lives back to normal, and since they have already been ordered, those appraisals will be at the top of the list when the time comes.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #67082
    jnelly718
    Participant

    Hello,

    Thank you for this response as I was just notified by my MC that my appraisal is on hold until 5/11. I am out of the Philadelphia office. I am worried about the closing timeline of course. Everything had been going smoothly up until this point.

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