CMHC Appraisal Turnaround Time

[RedlineBrett]

I have a very well qualified client that is about to waive his financing condition however we have been told by the underwriter of the lender he is using that CMHC requires an appraisal - one which can take 5-10 business days to turn around.

This seems ridiculous to me. Any other brokers going through this right now? How is this different from a lender-requested appraisal which is a one or two day turnaround?

Thanks,

Brett

 

[Noel]

QUOTE (RedlineBrett @ Jul 6 2009, 12:19 PM) I have a very well qualified client that is about to waive his financing condition however we have been told by the underwriter of the lender he is using that CMHC requires an appraisal - one which can take 5-10 business days to turn around.

This seems ridiculous to me. Any other brokers going through this right now? How is this different from a lender-requested appraisal which is a one or two day turnaround?

Thanks,

Brett

CMHC is seeing high volumes.
5-10 days does appear to be quite long...

Cheers,
Noel

 

[GarthChapman]

Common now as CMHC is very busy, especially with a huge workload in commercial and multi-family lending due to commercial lenders all but vacating that market. Their timelines are part of their sandbox - a large quasi-government organization.

Get a letter from your Brokerage and/or CMHC to the seller to confirm this and any reasonable seller should extend the financing condition.

Hope that helps,

 

[RedlineBrett]

Thank you for the sanity check guys - much appreciated.


QUOTE (GarthChapman @ Jul 6 2009, 03:17 PM) Common now as CMHC is very busy, especially with a huge workload in commercial and multi-family lending due to commercial lenders all but vacating that market. Their timelines are part of their sandbox - a large quasi-government organization.

Get a letter from your Brokerage and/or CMHC to the seller to confirm this and any reasonable seller should extend the financing condition.

Hope that helps,

 

[Thomas Beyer]

QUOTE (GarthChapman @ Jul 6 2009, 03:17 PM) Common now as CMHC is very busy, especially with a huge workload in commercial and multi-family lending due to commercial lenders all but vacating that market. Their timelines are part of their sandbox - a large quasi-government organization.

Get a letter from your Brokerage and/or CMHC to the seller to confirm this and any reasonable seller should extend the financing condition.

Hope that helps,
indeed .. I 2nd these suggestions and especially underlined comments !!