Just realized my appraisal took 3 weeks because of one missing form

I was trying to cash out refi on my duplex in Phoenix. The lender kept saying they were waiting on the appraisal report. After calling every day for two weeks, I found out the appraiser needed a signed interior access form that I apparently missed in the email. Three weeks total from application to appraisal finish for something that should have taken maybe 3 days. Has anyone else had a lender drop the ball on communicating what docs are actually needed?

3 comments

3 Comments

troy_scott26d ago

Three weeks actually sounds pretty reasonable for a cash out refi in today's market, considering appraisers are swamped and lenders are understaffed. That missing form thing is annoying for sure (and I get why you'd be frustrated), but honestly the burden is on you to double check every single document they send. Lenders send out a ton of emails and it's super easy for something like an access form to get buried, so a three week turnaround still beats waiting two months at some other banks right now.

evan29526d ago

Two months at another bank? Who still waits that long for anything?

adam_hernandez26d ago

Eh, I gotta push back a little on that "burden on you" part. I get what you're saying, but lenders are the ones getting paid to handle this stuff, not me. If I'm filling out 50 pages of paperwork and they miss one tiny form, that's on them for not having a better system, not on me for not catching it in their spam of emails lol. Plus, three weeks might be reasonable at some places, but I've seen people get cash out refis done in 10 days with the right local credit union. It's not like three weeks is some golden standard, it's just the norm for the big banks being slow. I'd say it's more about finding a lender who actually has their act together, then you don't have to babysit every step.