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Tulsa Mortgage : Podcast 136 – Part 2

Tulsa Mortgage The other thing that can happen is an appraiser can say he can’t meet the deadline, which is what just happened. Appraiser said, “Hey, man. I know you need this in ten days. I know it’s already been five. I have five more to do it, but I can’t deliver this for another 11 from today.” What? Right, we’re like, “What do you mean? What do you mean you can’t? So it’s gonna take you 16 days to do it when we wanted ten-day turnaround time and we’re already behind the eight ball. And no, no, no. This isn’t gonna work.”
What we were able to do in this case is get it reassigned. Now, we didn’t pick the appraiser, necessarily. It’s not like we just reassigned it. We let the third-party company reassign it to another appraiser, somebody that can get it done in a quicker time frame, which happens because everyone’s human. We have appraisers that are going on vacation. We have appraisers that have things that happen. They’re humans, right? Right, Tyler? That’s what happens.
Tyler: Yeah.
Steve: So your appraiser should … To answer the question, the whole premise of the podcast is how long should it take: less than ten days. Sometimes it’ll take 11. Sometimes it’ll take five. Just depends. Sometimes it doesn’t matter if we get it in 12. If you’re in a hurry, I have one suggestion for you, as a client with TLC or any lender: When your lender asks for a document, like a pay stub or bank statement or whatever, get it to them. We love that. Because I would love it if all we were waiting on was the appraisal because you jumped through every hoop we asked and got us all the stuff we need. Because that’s typically the reason why it doesn’t matter if we get it in 10 or 11 days, right?
Tyler: Yeah.
Steve: Because I get your appraisal, Tyler. I have your appraisal, Tyler. And then what do you say? “Can we close? Can we?”
Tyler: No.
Steve: You know why? Because I’m still waiting on 19 things from you. It’s great that I have your appraisal. That’s amazing. Yay, we got it in ten days. But I’ve been asking you for the same piece of paper for the last eight days, so get it to me so we can go close.
So you, if you’re listening, Mr. Consumer who’s doing a mortgage, you’ve gotta be engaged in that process too, and make sure that when we’re asking you for stuff, you get it done. Because you can’t expect us, the lender, to take your application, get everything done, get your purchase contract in, order the appraisal, order title work, do all that stuff, get it all done. We got it in ten days. We got your appraisal in ten days and then we’re gonna wait another two weeks for you to get us your pay stubs.
Tyler: No.
Tulsa Mortgage Steve: It’s frustrating. Ooh, hey! It’s fustrating. You know in [00:08:30]? People say that. They say “pacifically”, not “atlantically” and “fustrating”. I’m like, “Bro! There’s an R in between the F and the U.” It’s called “frustrating”. But it is fustrating. Hah!
So, Tyler, what else? What am I not covering on appraisal times?
Tyler: Hmm. Well, what if it is supposed to come in a little bit late and there are repairs that come back?
Steve: Oh yeah. That’s another thing. That’s another very important thing.
Tyler: Yeah.
Steve: The value could come in low. That’s another thing that can happen. So what Tyler is referring to is it’s “subject to”. So now you got an appraisal done, subject to some things getting fixed. They’re literally like, “This, this, this, this, and this needs to be fixed in order for it to meet the program, the loan program guidelines that you’re trying to do.” Trying to do an HFA loan. There’s paint peeling on the windows outside. There’s a garage building that’s falling down. That isn’t acceptable. There’s a … What do you call it? One of those wooden things-
Tyler: A deck.
Steve: A deck. One of those wooden things that you cook out on or whatever. So the deck is rotting out or it needs to be painted. There’s things that come Tulsa Mortgage up. There’s a hole in the wall. The toilet doesn’t flush. The dishwasher doesn’t work. Right? There’s some problem with the plumbing. There can be things, right Tyler, that just are broken, that need to be fixed in order for you to be able to close.
Tyler: Yeah.
Steve: So those requirements might come. The other thing that might happen is the value doesn’t get to what you want it to be. It’s supposed to appraise at a $180,000 and the value comes in at $175,000. What happens then, Tyler?
Tyler: Then you renegotiate the contract or you walk away.
Steve: Yep. So you could literally say, as a buyer, “See ya.” Most loan programs provide for that. There’s an HFA amendatory clause that says that, among other things, that the house has to appraise for what you’re paying for or you don’t have to buy it. Now, you could choose to go ahead and buy it at that same purchase price and just pay the difference, but most people don’t. I mean, it just depends on your financial situation, how much money you want to put out. But overall, typically, ten days on an appraisal. But we can do it faster if you need it done faster. Just ask and we will get it done faster.
Tulsa Mortgage Speaker 2: Broadcasting live from the Koala Studios in Tulsa, Oklahoma, you’re listening to the Steve and Tyler Show.