Mortgage Minute - Let's Talk About Appraisals for a Minute

Appraisals are completed by an independent third-party provider so neither your realtor nor loan officer have any input over the value.

They typically take 5-7 days once ordered by the bank, but Doug recommends putting in a 10 day appraisal contingency when writing your contract to purchase your home. You can only use comparable houses (comps) for those that closed before your home was inspected.

You can reach Doug at Doug.Crouse@BMO.com or go to www.DougCrouse.com.