How Long Does It Take to Do a Home Appraisal?

A home appraisal provides a professional, unbiased estimate of a property’s market value. This evaluation is a necessary step in many real estate transactions, including buying, selling, or refinancing a home. Its primary purpose is to assure all parties, especially lenders, that the agreed-upon price or loan amount aligns with the property’s actual worth. An appraisal helps protect buyers from overpaying and lenders from over-lending, as the home often serves as collateral for a mortgage.

Understanding the Appraisal Process

The appraisal process begins when a lender or client orders the appraisal for a property. This initial step typically occurs after an offer has been accepted or a refinance application is underway. The lender often works with an Appraisal Management Company (AMC) to select a licensed appraiser.

Once assigned, the appraiser contacts the property owner or listing agent to schedule an on-site inspection. During this visit, the appraiser examines the home’s interior and exterior, assessing condition, measuring square footage, noting improvements, and taking photographs.

Following the on-site inspection, the appraiser performs off-site research. This involves analyzing recent sales of comparable properties (“comps”) in the local market. They gather information from multiple listing services (MLS), public records, and other sources to understand market trends and compare the property to similar recent sales.

The appraiser then compiles the collected information into a detailed appraisal report, typically a Uniform Residential Appraisal Report (URAR). This report includes a comprehensive analysis of the property, the valuation methods used, and the appraiser’s professional opinion of the home’s market value. The report is designed to provide a clear and objective assessment of the property.

After the report is drafted, it often undergoes a review process, either internally by the appraisal firm or by the lender or AMC. This review ensures accuracy and adherence to industry standards. The completed report is then delivered to the client, usually the mortgage lender, who then shares it with the borrower.

Factors Influencing Appraisal Timelines

Several factors influence the duration of a home appraisal. Property characteristics play a substantial role in determining the time needed for a thorough evaluation. Unique features, complex designs, or rural locations may require more extensive research than standard properties.

Market conditions and comparable sales data also affect the timeline. In a rapidly changing or less active market, finding suitable comparable properties can be challenging, requiring the appraiser to expand their search or make more adjustments. Stable markets with abundant sales data allow for quicker analysis.

An appraiser’s workload and availability directly impact scheduling and completion speed. During periods of high real estate activity, such as busy selling seasons or periods of increased refinancing, appraisers may have a greater volume of assignments, leading to longer wait times. Conversely, in slower markets, appraisers may have more immediate availability.

Client, homeowner, or real estate agent responsiveness in providing property access and documentation also influences the timeline. Delays in scheduling or providing improvement information can extend the process. Providing a list of upgrades or ensuring easy access to the home can help streamline the inspection.

Report complexity can add to the timeline. Some loan types or unique property situations may require more detailed reports, demanding additional time for preparation. For instance, a property with extensive renovations or unusual zoning might require a more in-depth report.

The review process by the lender or Appraisal Management Company after submission contributes to the overall duration. This review ensures the report meets their standards before acceptance. Any requests for revisions or clarifications from the appraiser during this stage can also extend the timeline.

Typical Timeframes for Each Stage

Scheduling the appraisal, from lender order to appraiser confirmation, typically takes 1 to 5 business days. Some sources indicate this can happen within 48 hours of offer acceptance, especially in efficient markets.

The on-site inspection, where the appraiser examines the property, usually takes 30 minutes to 2 hours. For larger, complex, or unique properties, this visit can extend to several hours for thorough assessment.

Following the inspection, the appraiser dedicates time to research and report writing. This phase, involving compiling findings, analyzing comparable sales, and preparing the report, generally takes 3 to 7 business days. Factors like the property’s complexity and the appraiser’s current workload can influence this duration.

The final stage involves report review and delivery. After the appraiser completes the report, it is submitted to the lender or Appraisal Management Company for review. This review and final delivery to the client typically take an additional 1 to 3 business days.

Considering all stages, the overall timeline for a home appraisal, from initial order to final report delivery, generally ranges from 7 to 14 business days. For complex properties or during peak market activity, the process can extend to three weeks or longer.