Hold Ups on Appraisal?

[Gatsby]

Curious to know if anyone else is having their deals held up as a result of appraisal scheduling right now.
I am a first time buyer and regrettably went with a non local bank for my mortgage and the deal has been significantly slowed down
as they are not able to get their appraisal team to get one scheduled.
Anything I can be doing on my side to keep on the bank?

[uniwelder]

Sorry, I've not had that problem, but I do live in a not so hot market, though houses are selling faster than ever.  I heard appraisals were taking a long time, but I had one done the end of March (pricing our house to sell FSBO) and it was about 5 days before the appraiser came to look and then a few more to get the report.  We just sold our house (the same one the first appraisal was for) this past week, and the buyer had their appraisal complete within two weeks of a signed offer.  I don't know when it was ordered, so it might have taken less time than that.

When I was showing the house, a common thing mentioned among the real estate agents is that they all recommended using a local lender.  They said the process goes through much smoother, with less hiccups due to wonky appraisals or other issues.

How far along are you with the bank?  Is it too late to switch to a local lender?  If you're using an agent, did they have any particular recommendation?  When is the closing scheduled for?

[theoverlook]

I wanted to have an appraisal done for tax valuation reasons and I went through several appraisers (two of which I've used before!) because they were all too busy to take on work that wasn't for a contracted bank client. I finally found a one man shop with time to do it. I know you can't do that with an appraisal for banks, but just letting you know that it's not an isolated incident.

[PathtoFIRE]

Yep. We are using a broker for our refinance, and we were initially using one bank, and had an appraiser within days of the order, back in mid-April. But the broker had made an error and realized we were not eligible with that bank, so now we're going with another, and were told this week it could take some time.

[ncornilsen]

We're building a house, and the appraisal of the paper plans is holding us up. Estimated 6 week turn around right now.

[Aegishjalmur]

Curious to know if anyone else is having their deals held up as a result of appraisal scheduling right now.
I am a first time buyer and regrettably went with a non local bank for my mortgage and the deal has been significantly slowed down
as they are not able to get their appraisal team to get one scheduled.
Anything I can be doing on my side to keep on the bank?

Lack of licensed appraisers has been an issued for over a decade now. But the only time people care is during boom times like this when they cannot keep up. Depending on the state, you have to due something like 1000 hours of relevant experience(apprenticeship), pass tests an then do continuing education. If you will be doing FHA or VA loans, it requires more. Like most of the mortgage related fields, it's feast or famine so it's hard to get people in, get them trained an then keep them during the lean times, so come the boom times, they can't ramp up quickly.

An Appraisal Institute study in 2017 reported that 49% of appraisers nationwide are between the ages of 51 and 65, and the average age is 55.  This means that they are at the age where you get more retirements and are not getting in new people to replace them.