It seems like 90% of real estate transaction I’ve been involved in or my friends have had in the past 4 years (granted smallish sample size) have either had to delay closing or come right down to the wire due to the appraisal coming back after it’s due date (one was 10 days late!). It’s happened in busy summer season, but also in fall/winter.
It seems like there’s no recourse though for these delays as the appraisal fee has already been paid, but it’s a lot of extra work (and stress) for all involved when it delays closing–lenders, title co., agents all need to update items.
Maybe this is just a regional shortage (I live in Oregon) but is it just something that’s unavoidable? Is there a national appraiser shortage? It just seems like there should be more consequence for these missed due dates (at least refund part of the fee to the buyer!).