How Long Does It Take for an Appraisal to Come Back?
Navigate the unpredictable nature of property appraisal timelines. Learn what shapes their duration and how to ensure a smoother, faster valuation.
A property appraisal is an impartial assessment that determines a home’s market value. This evaluation is a crucial step in real estate transactions, including purchases and refinances, as it helps lenders ensure the property’s value supports the loan amount. While appraisals are a standard part of the real estate process, the time it takes for an appraisal to be completed can vary significantly.
Key Factors Influencing Appraisal Timelines
Appraiser availability and workload play a role. Busy periods, high demand, or a limited number of qualified appraisers in an area can extend scheduling and reporting times. Property complexity also impacts the timeline. Unique, large, or custom homes with extensive features require more time for detailed inspection, research, and report writing compared to standard residential properties. Such properties may necessitate a more extensive search for appropriate comparable sales data, which can prolong the overall process.
Difficulty in scheduling access to the property with homeowners or tenants can introduce delays. The availability of relevant data and required research also affect the timeline. Finding comparable sales data, public records, and other information takes longer in less active markets or for properties with unusual characteristics. Internal review processes at appraisal firms or by lenders, designed to ensure quality and compliance, can add to the time needed before a final report is delivered. Clear and timely communication between the appraiser, lender, and property owner is important, as delays in responsiveness can slow down the process.
Typical Appraisal Turnaround Times
The duration for an appraisal varies based on the property type and market conditions. For standard residential properties, such as single-family homes or condominiums, the appraisal process from order placement to final report delivery ranges from one to three weeks. Some reports indicate this can be between 6 and 20 days. The actual on-site inspection of a residential property usually takes between 30 minutes and two hours, depending on its size and features.
More complex properties or those in rural areas require an extended timeframe due to increased research and specialized expertise. For these properties, the appraisal process can extend up to a month, especially in markets with high demand. Commercial property appraisals involve more intricate analysis and have longer turnaround times. These appraisals take between two to four weeks after the initial inspection. A recent national report indicated an average of 13.3 days for lender-driven commercial appraisals. These timeframes usually refer to business days and can be influenced by the factors previously discussed.
Streamlining the Appraisal Process
Ensuring easy access to the property for the scheduled inspection is crucial, allowing the appraiser to complete their physical assessment without hindrance. Preparing relevant documents in advance can also expedite the process. This includes a detailed list of recent home improvements with their completion dates and costs, property surveys, tax documents, and any homeowner association details.
Presenting a clean and clutter-free property aids the appraiser in their inspection, enabling them to focus on the home’s features and condition efficiently. Maintaining clear communication with the lender and appraiser regarding scheduling or any specific property details, such as unique features or upgrades, can prevent unnecessary delays. While it is important to provide factual information when requested, it is also beneficial to allow the appraiser to conduct their professional assessment without interference. Selecting a responsive lender can indirectly contribute to a faster appraisal process, as they often manage the ordering and communication with the appraisal firm.