time table for appraisal (loan, approved, refinance, loan)

[rpal]

When should an appraisal be done? Our agent keeps telling us that it is normal for the buyers to wait until they are out of underwriting before they order the appraisal, but I thought an appraisal had to be done within a certain amount of time, and that a loan won't be approved from underwriting until the appraisal came in.

[Pfhtex]

The appraisal should be ordered immediately AFTER: Contract signed by both parties, Inspection is done (not appraisal - the actual inspection by a contractor), and the Lender's Opening Disclosures have been reviewed and signed by the borrower.

I don't know who in the world is officially Underwriting files sans appraisal. And yes, contracts tend to have appraisal contingencies.

[bmw335xi]

Appraisals after underwriting are common with refinances, not purchases.