Ordering Appraisals Immediately – Is It Worth It?
We order every appraisal as a “rush” as soon as we receive a ratified purchase contract.
WHY WE ORDER APPRAISALS IMMEDIATELY:
1. It ensures that we can close very quickly when necessary.
2. Getting a clean appraisal back quickly cements transactions and alleviates anxiety for buyers, sellers and agents.
3. If there are value or condition issues, we have ample time to address them.
4. We tend to get better quality appraisals when we pay a rush fee.
5. Selling and listing agents usually love it when we get appraisals back so quickly.
THE RISK OF ORDERING APPRAISALS IMMEDIATELY FALLS ENTIRELY ON US, AS A LENDER
If a transaction blows up and cancels for any reason, we have to eat the entire cost of the appraisal b/c we ordered it before we disclosed fees to the buyer.
This costs us a few thousand dollars every month, but we think it is worth it for the reasons set out above.
OUR QUESTION FOR AGENTS/READERS IS THIS:
How valuable is our appraisal speed in today’s market?
As always, we welcome frank feedback.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167