If you are planning to buy or sell a property in 2024, you need to be aware of the appraisal process. The appraisal is an important step in the home buying and selling process, as it determines the market value of the property. However, there is a 3-day waiting period associated with the appraisal process, which can delay the closing date. In this article, we will discuss the 2024 appraisal 3 day waiting period calendar and what you need to know about it.
Table of Contents
Table of Contents
Introduction
If you are planning to buy or sell a property in 2024, you need to be aware of the appraisal process. The appraisal is an important step in the home buying and selling process, as it determines the market value of the property. However, there is a 3-day waiting period associated with the appraisal process, which can delay the closing date. In this article, we will discuss the 2024 appraisal 3 day waiting period calendar and what you need to know about it.
What is the 3-day waiting period?
The 3-day waiting period is a mandatory waiting period that is required by law for certain types of loans. This waiting period is designed to give the borrower time to review the loan documents and make sure that they understand the terms of the loan before they sign the loan agreement. During this waiting period, the lender cannot disburse the funds to the borrower.
When does the 3-day waiting period start?
The 3-day waiting period starts when the borrower receives the Closing Disclosure form from the lender. This form outlines the terms of the loan, including the interest rate, monthly payment, and closing costs. The borrower must receive the Closing Disclosure form at least 3 days before the closing date.
How does the 3-day waiting period affect the appraisal process?
The appraisal process is an important part of the home buying and selling process. The appraiser determines the market value of the property, which is used to determine the loan amount. However, the appraisal process can take several days to complete. If the appraisal is not completed at least 3 days before the closing date, the closing may be delayed.
2024 Appraisal 3 Day Waiting Period Calendar
Here is the 2024 appraisal 3 day waiting period calendar:
- January 1, 2024 - New Year's Day (observed)
- January 20, 2024 - Martin Luther King Jr. Day
- February 17, 2024 - Presidents Day
- May 27, 2024 - Memorial Day
- July 4, 2024 - Independence Day
- September 2, 2024 - Labor Day
- October 14, 2024 - Columbus Day
- November 11, 2024 - Veterans Day
- November 28, 2024 - Thanksgiving Day
- December 25, 2024 - Christmas Day
What happens if the closing date falls on a weekend or holiday?
If the closing date falls on a weekend or holiday, the waiting period is extended until the next business day. For example, if the closing date falls on a Saturday, the waiting period would start on the following Monday.
Conclusion
The 2024 appraisal 3 day waiting period calendar is an important tool for anyone who is planning to buy or sell a property in 2024. It is important to be aware of the waiting period and to plan accordingly to avoid any delays in the closing process. By understanding the waiting period and the calendar, you can ensure a smooth and successful transaction.
Question and Answer
Q: What is the purpose of the 3-day waiting period?
A: The purpose of the 3-day waiting period is to give the borrower time to review the loan documents and make sure that they understand the terms of the loan before they sign the loan agreement.
Q: When does the 3-day waiting period start?
A: The 3-day waiting period starts when the borrower receives the Closing Disclosure form from the lender.
Q: How does the 3-day waiting period affect the appraisal process?
A: If the appraisal is not completed at least 3 days before the closing date, the closing may be delayed.
Q: What happens if the closing date falls on a weekend or holiday?
A: If the closing date falls on a weekend or holiday, the waiting period is extended until the next business day.
