Turn around Times and Holidays.
By Craig Wallace – Long Beach Appraiser
I was logging on to appraisal port the other night, and looked at the recent survey they have up. AP does a new survey every few weeks. This one was about turn around times.
The question was “Do you believe that turn-around times should not include weekends and Holidays? Out of 4,350 respondents, 4,371 said “Yes, appraisal turn times should be based on the regular work week”
I kind of agree, but the reality of residential real estate is that it is a non-stop process. The Agents work weekends, the home inspectors. But, what about mortgage, escrow, title?
Appraisers are a vital part of the real estate transaction, and that transaction is time sensitive. We have to get the report done and no one cares if we have family commitments, holidays or what ever else. I called an agent on the Wednesday before Thanksgiving ,to set an appoint for the Friday after Thanksgiving. This guy was a little upset, and asked why it took so long for me to call. I had to explain that this was a FHA appraisal, the order did not have a case number, and per the lenders instructions, appraisers are not to proceed without a case number, so I had to wait. He then asked, if I can come out today, Wednesday and have the report in by Friday. I kindly told him “No” and mentioned the due date is the following Wednesday. He then went on to tell me that this was not good, they needed to close, blah, blah, blah….. I kindly told him again that I would be out Friday and turn in the Report next week, and that I would be not working over the long Holiday. In reality, there is no incentive to turn the report in any earlier, if they really needed it that fast, a rush fee would work just fine.
