Don’t Let Appraisal & Financing Delays Derail Your Closing

Recent interest rate increases may have you thinking the Upstate housing market has slowed. But according to data compiled by Redfin, an internet-driven real estate brokerage firm, that isn’t the case. In fact, for the month of August 2022,  more homes were sold than in August 2021. Properties may stay on the market for a bit longer, but the greater Greenville area is still considered a “hot market” with people moving here from all across the Untied States. 

As in the past, with so many homes going under contract around the same time, there can easily be delays getting to the closing table. Unfortunately, as with many other occupations, there are a shortage of home appraisers and mortgage brokers.  So, we decided to do a bit of research into seeing what you, as a prospective home buyer or seller, can potentially do to the expedite the process. 


In these days of labor shortages, home appraisals coming down to the wire are not that uncommon. There are various factors including a shortage of both loan officers and qualified appraisers and underwriters requiring mountains of additional documentation. Once a home goes under contract the lender is responsible for scheduling the appraisal appointment and usually that date is based on the anticipated closing date. If the loan officer is inundated with loans to be processed, it could simply be a case of your appraisal waiting to be scheduled. On the other hand, the loan officer could be unable to process the loan in a timely manner because the appraiser is behind schedule, causing the original closing date to be modified. It is important to remember a delay can also cause a potential buyer’s rate lock to expire. And in today’s volatile market, this could end up costing thousands of dollars in extra interest over the life of the loan. 

The above scenario doesn’t allow for much wiggle room when it comes to homeowner intervention. But in cases where the appraisal appointment is scheduled but time is still tight, these helpful tips can, in many cases, assist the appraiser in meeting the bank’s timetable. 

  • Provide a detailed list of cosmetic and construction upgrades and improvements made to the property over the last ten years. List as much information as possible including completion date. 
  • Supply a copy of the original blueprints if available. 
  • List both beneficial and adverse features that may affect the property’s value. 


Many of the appraisal delays are the same reasons for financing delays, lack of qualified mortgage brokers being number one and stricter documentation requirements being number two.  Again, there may not be a great deal a potential homeowner can do to help expedite the process, except to provide the following information in a timely manner. Just remember, there will probably be additional paperwork required depending on the lending institution and most only accept hard copies, not downloaded statements.

  • Know your credit score. Nothing can delay the entire process more than having to jump through hoops to raise your credit score simply because of a long forgotten unpaid bill. 
  • Last two years of tax returns including W2s. 
  • Current and last month’s bank statements, including documentation for cash deposits. 
  • Copies of your driver’s license, social security card and homeowner’s insurance information.
  • Current and last month’s paycheck stubs.
  • Retirement accounts. 

Ready to take the plunge into home ownership? Carolina RES is here to help. From home appraisals to home inspections, CL100 termite letters to radon testing, we take care of your real estate service needs. Please connect with us by filling out our convenient online form or simply pick up the phone and dial 864-242-1099.