Buying A Home

So, after the appraisal....then what's next?

Our LO put in an order for the appraisal yesterday. Our proposed "close" date is 8 September. In the meantime, the owners were gracious enough to give us possession of the house so we can do some cleaning, painting,  etc.....but NOT move our belongings in JUST IN CASE. I just hate the whole not knowing what is going to happen next. I'm assuming if the appraisal has been ordered then the underwriters were satisfied with the necessary documentation that they needed for us? We were having some issues that have been resolved with us having to provide more proof of income, tax returns, etc.....

I don't foresee the appraisal being a problem. After that has been cleared, is it just us needing to close by the target date, or will we need to come up with something else? Thanks in advance!

Re: So, after the appraisal....then what's next?

  • Once the appraisal comes back it'll go to underwritering to make sure it's value is at least your purchase price.... After that your file goes to underwriting where they review EVERYTHING again - your financial, debts, employment etc... After this you get conditions that you'll usually need to provide further documentation... then back to underwriting... may need further docs after this (we did)... then final approval then clear to close.

    Don't expect your final approval until a day or 2 before you're supposed to close.  We close today and got your approval yesterday at 7pm.  Make sure you stay on top of your lender.  It'll seem like a few weeks will go by without contract which I think is normal. 

    The lender will run your credit the week of closing (a day or 2 before), and check your employment a day or 2 before.  Whatever you do don't open any credit cards, increase credit limits, buy major purchases etc. 

  • image megstoo:

    Once the appraisal comes back it'll go to underwritering to make sure it's value is at least your purchase price.... After that your file goes to underwriting where they review EVERYTHING again - your financial, debts, employment etc... After this you get conditions that you'll usually need to provide further documentation... then back to underwriting... may need further docs after this (we did)... then final approval then clear to close.

    Don't expect your final approval until a day or 2 before you're supposed to close.  We close today and got your approval yesterday at 7pm.  Make sure you stay on top of your lender.  It'll seem like a few weeks will go by without contract which I think is normal. 

    The lender will run your credit the week of closing (a day or 2 before), and check your employment a day or 2 before.  Whatever you do don't open any credit cards, increase credit limits, buy major purchases etc. 

    This is exactly how it went for us too. The appraisal is definitely not the last step. We had all kinds of conditions we had to clear, and ours was a pretty straightforward situation (conv. 30 yr loan, stable jobs for 5+ years, etc.) Unfortunately, there's nothing you can do but wait... the uncertainty is how it is for everyone.

    A
    Baby G born November 14th, 2012 after 2 years of trying + IVF - our little miracle! Baby Birthday Ticker Ticker
  • For us the appraisal was not the last step but that was one week ago.  Today I got the call that our employment verifications are going to happen today or tomorrow (which I was told was typical with our bank to do that a week before close) and that we would be hearing something to confirm that was finished.  To my understanding this is our last step (verification of employment).  They asked for a couple of additional documents yesterday but when our LO checked with the underwriter she said that was all that she would need.  I think it all kind of works differently with the banks.  Ours has been in underwriting for a couple of weeks but right away they called with what extra documents they were going to need from us.  They may come back and say they needs some more but our LO has been working really closely with the underwriter and she doesn't think that we will have to provide anything.  Heading to close a week from tomorrow!! GL!!
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