How Long After an Appraisal Is Ordered Does It Happen?

A real estate appraisal provides an unbiased, professional opinion of a property’s market value, often required for securing a mortgage. This valuation ensures the property’s worth aligns with the loan amount, protecting both borrower and lender. Understanding the typical timeline for an appraisal, from order to final report, helps manage expectations during the real estate process.

Understanding the Appraisal Process Stages

The appraisal process begins with order placement and appraiser assignment, typically initiated by a mortgage lender after a purchase offer is accepted or a refinance application is submitted. Lenders usually work with appraisal management companies (AMCs) to assign a qualified appraiser. This initial step generally takes two to seven business days.

Following assignment, the appraiser contacts the property owner or agent to schedule the on-site inspection. This scheduling can range from 48 hours to a few days, depending on the appraiser’s availability and workload. The property inspection itself usually lasts 30 minutes to three hours for most residential properties. During this visit, the appraiser examines the interior and exterior, measures the property, and notes its condition and features.

After inspection, the appraiser enters the report writing and review phase, typically the most time-consuming component. This involves compiling collected data, conducting market research for comparable sales, and performing analysis to determine the property’s value. Appraisers often spend two to ten business days on this phase, which includes internal quality control. The completed appraisal report is delivered to the client, usually the lender, who then provides a copy to the borrower. Delivery occurs promptly upon completion, or no later than three business days before loan consummation.

Factors Influencing Appraisal Timelines

Several factors can influence the overall appraisal timeline. Property type and complexity are key considerations, as larger, unique, or specialized properties often require more time for inspection and analysis. Properties in rural areas or those lacking comparable sales data can also increase the research period.

Appraiser availability and workload play a role in scheduling and report completion times. High demand or a shortage of qualified appraisers can lead to longer wait times. Ease of access to the property also impacts the inspection; prompt scheduling and cooperation from occupants ensure the on-site visit proceeds efficiently. Providing relevant documents, such as details of recent renovations, can also assist the appraiser in their valuation.

Availability of reliable market data and the need for research can affect the report writing timeline. In areas with few recent comparable sales, appraisers may need to expand their search parameters, extending the time required to develop a well-supported valuation. Dynamic market conditions, characterized by rapid price changes or intense competition, add complexity, requiring more detailed analysis. Client responsiveness in providing requested documentation also contributes to a smoother and faster appraisal process.