Search Stories
Homes for sale in
San Mateo, San Mateo
-
$1,049,000
801 Foothill Dr San Mateo
-
$1,228,000
3245 Countryside Drive Hillsdale (San Mateo) 94403
-
$599,900
3980 Oneill Dr San Mateo
Appraisal Controversy
Blogged on 10/7/2009 by McGuire Real Estate
Eight days ago an appraisal was conducted on my listing in San Mateo. The lender is Bank of America. They needed 10 working days to produce the appraisal. Although there was time enough for the contingency period to comply, I thought it was very odd that the appraisal report would require so much time.
Fast forward to yesterday.
An appraisal was conducted on yet another home in San Mateo in a transaction where I am representing a buyer. The lender is Wells Fargo. The complete appraisal report will take only 48 hours to receive. We received a verbal ok and will move forward with the appraisal contingency when we receive the report tomorrow.
Although there are misconceptions about the appraisal process, as well as different lenders’ ability to close transactions, all of the hearsay and rumors really mean nothing. It is the borrowing strength of the buyer that is the real key to a successful transaction.
Bay East ©2008. CCAR ©2008. EBRDI ©2008. Information deemed reliable but not guaranteed. This information is being provided by the Bay East MLS or the CCAR MLS or the EBRDI MLS. The listings presented here may or may not be listed by the Broker/Agent operating this website. Search provided by Xceleration Partners.
Comments