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Appraisals In Denver
This has become somewhat of an issue for the Real Estate market. Whether you are buying, selling or refinancing, appraisals are taking on average 4-6 weeks! Luckily our average turn time is 3 weeks but this is still problematic. Basically, there are more appraisal orders than there are appraisers to get them completed. This is causing an influx in cost should you choose to rush your order. We’ve even heard of people paying up to $3000 for their appraisal to be rushed!
It is critical that all parties have good communication (Realtors, Lender & yourself). It also helps to have realistic expectations for timelines. Be prepared to spend extra money should you need to rush an appraisal. Lenders have no control over the amount an appraiser can charge for a rush order. To put it in perspective a bit, one of our appraisers told us that as many orders they are accepting they are declining. In both the months June & July they had 90 orders, each month, not total! And this is just one appraiser, there are about 2500 certified appraisers in Colorado.
Be patient, be aware and overall be prepared. If you have any questions or would like our assistance please contact us.