Stax- you're right. I deleted my comment.

it's really only been two weeks, with a holiday. All things are moving so slowly nowadays, I wouldn't worry just yet.

Do you think we would know sooner if the appraisal came in low?

If the appraisal was complete (either way), you would know. I agree the holiday slowed things down.

Appraisal that was completed on the home we’re buying happened on the same day and we found out the number a week ago

Have your broker reach out to the people who made other offers and see if they are still interested, have been pre approved and ask for their contingencies. You may have to move on.

Did the people have pre-approval papers from their lender? If not, that could be the hold-up.

A lending company/bank won’t give a mortgage until it factors in home value, buyer’s downpayment and buyer’s ability to carry the mortgage. You would not be getting the appraisal value; the buyers will when they find out if the lender will agree to give the loan. All that has nothing to do with you. It is out of your control.

Keep in mind, lenders are not like days of old (meaning late 1980’s). Up until then, the market was hot and lenders were careless. They gave loans to just about anyone who could afford the house, but neglected to figure in the actual value of the home. Market dropped, no one could sell the house for original price, lenders were stuck with home loans that were huge, but not backed with equity.

BTW, most of those banks failed….Locally, Bank of New England.

Next time, no matter what you broker tells you about what she thinks the max value is, ignore her. The lender drives the bus and will not be influenced by the hot market.

If it was low you'd know within about 5 seconds because the buyers would be all over you about it.

The buyers were preapproved and they are putting down a good down payment and deposit. They have not heard back with the appraisal results yet.

I am hoping we hear back Monday. My husband is stubborn and said he will not lower the price of the house if the appraisal comes in low so I feel stressed about it all.

Retired appraiser here. The appraisal should be completed and in the hands of the mortgage underwriter. If it didn't meet the valuation, typically you would have known very quickly. You won't be given the valuation. You didn't pay for it, so it doesn't belong to you. However, you do have a right to know if there is a problem.

Have your real estate agent contact the buyer's agent. Have them contact the mortgage broker and request a status update. I find texting to be the quickest route for information. Send one to your agent and ask for a status update.

As a personal note from someone who has bought and sold a lot of homes, the squeaky wheel gets the grease. Don't be passive. Be active. Make your realtor earn their money. Status inquiries are pretty standard. This advice goes for both sides of a transaction.

I have been a Real Estate Agent for 15+ years. It has been my experience when representing the seller it is common to not hear any thing from the other party if the appraisal came in as expected. If the appraisal were to come in lower you would definitely hear from the buyer's agent. Depending on the appraiser's work load, it could take 2 weeks for the report to come in. But if your agent was present and isn't concerned then I wouldn't lose any sleep over it. Generally, NO news is GOOD news, in my opinion. Best wishes to you as selling/buying can be stressful!

Congratulations and hope the rest of the process is smooth sailing for you!
Tracy

Im betting your buyers appraisal is back and there is no problem. But a little advice for others that might be selling in this market with multiple offers going over asking. YOUR AGENT should be making a contingency clause for the appraisal. If your buyer is putting down enough money, a low appraisal is not an issue. I had a house that went 40k over asking. Great for my seller. Before the seller accepted any offers, I called the buyers agent and asked if they could cover the difference if the appraisal came in lower than the mortgage amount. They could not. To me, this is a dishonest way for a buyer to win a bidding war. (Its an empty offer) They can go over asking however much they want and in the end the house doesnt appraise, the seller has to come down close to their original asking or appraisaed price anyway. The seller wound up accepting another offer 27k over asking where the buyer had the cash to make up the difference if the appraisal came in lower. (The appraisal came in 10k over asking price, the buyer had to come up with 17k cash) .