Appraisal Repairs

**oneofthecrowd** · 02-16-2009, 07:45 PM

Any ideas how long it takes for a bank-owned home seller to complete all the repairs to pass appraisal inspection? It's taking a long time for the bank to make a few necessary repairs so the appraisal inspector can re-inspect this home and go ahead with FHA financing! It's been over a month already. Has anyone ever dealt with these bank-owned homes before?

**donrock** · 02-16-2009, 10:40 PM

The banks and appraisers are so backed up right now that you could be waiting another month. Hopefully you have a long escrow. Hang in there it will come to pass eventually.

**oneofthecrowd** · 02-17-2009, 06:55 PM

Is it ok to sign escrow papers before the appraisal repairs are completed or does it matter? Thanks

**Mike Taylor** · 02-18-2009, 01:52 AM

If the repair are mentioned on the appraisal, odds are the bank will loan you the money until the repairs are done.

**Greg** · 02-18-2009, 07:12 AM

Originally Posted by oneofthecrowd

Is it ok to sign escrow papers before the appraisal repairs are completed or does it matter? Thanks

Don't sign anything that might negate your ability to get the repairs done. Don't hurry yourself into a bad situation.

**donrock** · 02-18-2009, 10:54 PM

Be sure the repairs are included in the appraisal report and you might want the escrow to make an addendum to the escrow papers mentioning the repairs.
donrock