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Residential appraisals is an imperative step of your transaction if you are purchasing a home or have any plans to do so. According to the experts, a bank will set the due date for the appraisal procedure, basically performed by a trusted appraiser. Nevertheless, because of the sheer number of appraisals to be conducted, it is not at all easy for the buyers to acquire a report in a short period of time.

Usually, the original date of the appraisal should be modified. As an outcome, the actual closing date of the procedure will be delayed automatically. This, at times, is not done intentionally by the property seller. Until and unless a phone call from an appraiser is not attended, a buyer obviously misses the opportunity, and is not able to schedule the procedure on time. Apart from this there are numerous reasons why residential appraisals get delayed. Are you wondering what they are? Continue reading this piece of information ahead, and get an answer to this question.

Reasons why home appraisals get delayed

Below are some of the top reasons why property appraisals get delayed. Check them out.

  • Endless requests from the underwriter for deets: Since there has been a change in the rules and regulations of the appraisal procedure, underwriters now ask for more and more information from the buyers. Even though the motive of this change was to simplify things, there are some drawbacks to the same. With the introduction of new rules and regulations, underwriters are now asking for pictures, additional information, and so much more. This is why buyers have to wait for a long period of time, especially when it comes to loan approvals, and a final appraisal report.
  • Appraisal management companies: Gone are the days when a loan expert used to call his/her favorite appraiser and ask them to perform the service. However, things have changed a lot now. Most of the banks now work with appraisal management companies with a goal to fulfill the expectations of the buyers. However, no loan officer has the permission to communicate or have any sort of connection with an appraiser who will be conducting the appraisal. This may seem like a superb idea but not everyone understands that the quality of appraisals can suffer. There are times when appraisal management companies make use of a program. The same is done so that an appraiser receives a request to perform the service. This in simple words means that an appraiser may not have any sort of connection with anyone in a certain area.

These are some of the reasons why the procedure of home valuation appraisal may be delayed. Now that you are aware of the reasons, it is time to get started. If you are a buyer, take into account these reasons, and understand that the appraisal procedure may get delayed. And if you are an appraiser, try performing the service for the buyer without delaying it more than needed.

With that, we bind up this article for you. 

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By saif