How Long Does It Take to Get a Home Appraisal Back?

A home appraisal is a professional, unbiased assessment of a property’s market value. This evaluation is a standard component of many real estate transactions, including buying, selling, or refinancing a home. Its primary purpose is to establish a property’s fair market value, which is crucial for lenders to determine the appropriate loan amount for a mortgage. The appraisal protects the lender by ensuring the property serves as sufficient collateral for the loan, preventing them from lending more than the home is worth.

Understanding the Typical Timeline

The process of obtaining a home appraisal involves several steps, and the overall timeline can vary. From the initial order to the final delivery of the report, the typical turnaround time for a home appraisal generally ranges from 7 to 14 days. This timeframe includes the physical inspection of the property and the subsequent work involved in compiling the appraisal report. The physical inspection of the home, where the appraiser gathers on-site data, usually takes between 30 minutes to a few hours, depending on the property’s size and complexity. After the inspection, the appraiser dedicates several days to research and analysis before finalizing the report.

Key Factors Affecting Appraisal Turnaround

Several elements can influence the duration of the appraisal process, potentially extending the typical timeline. The availability and workload of appraisers significantly impact how quickly an appraisal can be scheduled and completed. A shortage of qualified appraisers, especially in certain regions, can lead to longer wait times.

The nature and complexity of the property itself also play a role in the appraisal timeline. Unique, large, or unusually structured homes, such as those in rural areas or with distinctive features, often require more extensive research and analysis. This additional effort can prolong the time it takes for the appraiser to gather comparable data and accurately assess the value. Market conditions, whether a busy period or a slower one, can further affect appraiser availability and the urgency of appraisal requests.

Challenges in gaining access to the property can also cause delays in scheduling the physical inspection. Difficulties in coordinating with homeowners or listing agents can push back the initial visit. The availability of suitable comparable sales data is another important factor. In niche markets or for highly unique properties, finding appropriate comparable sales may require more time and effort, impacting the report’s completion.

Furthermore, delays in communication between the lender, appraiser, and homeowner can hinder the process. Finally, internal review processes by appraisal management companies or lenders after the report is submitted can add additional time before the final report is released.

The Appraisal Process Explained

The appraisal process begins when a lender or client places an order for the appraisal. This typically occurs after a purchase contract is executed or a homeowner applies for refinance. The lender selects a state-licensed appraiser, often through an appraisal management company, to ensure an unbiased evaluation.

Once assigned, the appraiser contacts the property owner or listing agent to schedule the on-site inspection. During this physical visit, the appraiser assesses the property’s interior and exterior. This involves measuring the home, drawing floor plans, taking photographs, and noting its overall condition, features, and any improvements or renovations.

Following the inspection, the appraiser collects extensive data and conducts research. This includes gathering public records, market data, and comparable sales information from sources such as the Multiple Listing Service (MLS). The appraiser also analyzes local zoning and market trends to understand the property’s context.

A market analysis is then conducted, applying valuation methods such as the sales comparison approach, which compares the subject property to recently sold similar homes, and sometimes the cost approach, estimating the cost to rebuild. All collected information is compiled into a comprehensive appraisal report, detailing the analysis and arriving at a final value opinion. Before submission, the report undergoes an internal quality control review by the appraiser or the appraisal management company to ensure accuracy and compliance with standards.

Receiving and Reviewing Your Appraisal Report

Once completed, the appraisal report is typically delivered to the client, usually the mortgage lender, often through an online portal or as a PDF document. As the borrower, you are entitled to a copy of this report. The report contains the estimated fair market value, a description of the home, an analysis of market conditions, and details of comparable sales used in the valuation.

Upon receiving the report, review it carefully for accuracy. Check for correct property details, such as square footage, number of rooms, and any noted features or improvements. Verify that the comparable sales used are appropriate for your property and neighborhood.

If you identify discrepancies or concerns about the appraisal’s accuracy, you can typically address these through a process known as a “Reconsideration of Value” (ROV). This request, initiated through your lender, allows for a review of the appraisal based on factual errors, omitted information, or more suitable comparable properties.

The value determined by the appraisal directly impacts your loan approval and transaction. If the appraised value is equal to or higher than the purchase price, the loan process generally proceeds smoothly. If the appraisal comes in lower than the purchase price, it may necessitate renegotiating the sale price, increasing your down payment to cover the difference, or walking away if an appraisal contingency is in place. The appraisal value sets the maximum amount a lender is willing to finance for the property.