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.