When to Order the Appraisal

As with everything in the mortgage process there is a logical order for ordering an appraisal.  Federal guidelines require that the appraiser is paid when the appraisal is ordered. They are not cheap therefore should not be ordered until after the home inspection and pest inspection have been completed.

Timing is everything when processing a loan application. Hopefully, the detailed information on this site makes it clear that every step takes time. One of the tricky items is the timing when ordering an appraisal.  There is often lag time between the initial order and the day the actual work is performed.  

If we know the timeline from the date the order is placed until the actual appraisal inspection is going to be two weeks we should place the order one week prior to the home inspection.

The regulations also require that the borrower receive a copy of the appraisal prior to actually closing the loan.  There are three ways this can be accomplished, email, regular mail or the borrower can personally pick up a copy.  My personal preference is email because it is instant and automatically logs receipt.  Our automated system automatically emails a copy to the borrower as soon as the appraiser loads it into the system.

If you are using this system be sure to click the link in the email that opens the appraisal because that logs the receipt. Be sure to print or save a copy because the link can only be clicked three times.

When this form of delivery is used the appraisal is in a .pdf format that can be saved on the borrower’s computer. You can also print a copy from this file.  Even if you print a copy, be sure to save a copy on your computer in case you ever want to refer back to it.