Getting an appraisal back so quickly benefits everyone b/c it eases minds and cements transactions.
There is another benefit, however, that many of our referral partners take advantage of – they waive the appraisal contingency altogether b/c they know our appraisal will come back before the inspection contingency is up. This of course makes offers much stronger.
If our appraisal is back and reviewed within six days, and the inspection contingency is up in ten days, an appraisal contingency is often unnecessary. The inspection contingency can be the final and only release from the contract.
As we mention often, we are probably the only lender that can offer such extraordinarily fast appraisal turn-times for two reasons: (1) we order all appraisals as a rush, and we eat the rush fee; and (2) we order all appraisals as soon as we receive the purchase contract, and risk having to eat the entire cost of the appraisal.
Our rush fees have one more benefit – they pay appraisers a lot more for their hard work. And better paid people do better work.
Final Caveat: Realtors need to be sure to schedule inspections immediately if they want the appraisal back quickly. Many Realtors mistakenly believe the appraisal report can be written up immediately after the inspection, but b/c the actual reports can take hours to prepare, that is not the case.
Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167
