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

A home appraisal provides an independent assessment of a property’s market value. This valuation is an important component in real estate transactions, particularly for buyers and lenders. For buyers, it helps confirm the purchase price aligns with the home’s actual worth, while for lenders, it ensures the property serves as sufficient collateral for the mortgage loan.

Standard Appraisal Timeline

The overall timeline for a home appraisal, from initial order to receiving the final report, typically ranges from one to three weeks. This duration can vary, but buyers generally receive the full appraisal report within this window.

Key Stages of the Appraisal Process

The appraisal process begins when the mortgage lender orders the appraisal, usually after a purchase offer has been accepted. The lender selects a licensed appraiser, who then contacts the property owner or agent to schedule an on-site inspection. This typically occurs within a few days of the order.

During the on-site inspection, the appraiser examines the home’s interior and exterior, noting its condition, size, features, and quality. This visit usually takes 30 minutes to a few hours, depending on the property’s complexity. After the inspection, the appraiser conducts research and analysis, gathering data on comparable recently sold properties in the area. They analyze market trends and property characteristics to determine the home’s fair market value.

The appraiser then compiles their findings into an appraisal report, which can take 2 to 7 days to complete. This report includes the estimated value and the methodology used to determine it. Once submitted to the lender, it undergoes a quality control and review process. This review ensures accuracy, consistency, and compliance with industry standards, potentially adding 1 to 5 business days to the timeline.

Factors Affecting Appraisal Completion

Several factors can influence how long an appraisal takes. Appraiser availability is a key factor; high demand for appraisals or a limited number of qualified appraisers can lead to backlogs and longer wait times. The complexity of the property also plays a role; unique features, large homes, or properties in rural areas may require more extensive research and analysis, extending the appraisal period.

Market conditions, such as busy real estate seasons or periods of rapid price changes, can prolong the process. Appraisers may have increased workloads, and it might be more challenging to find recent comparable sales data. Delays can also stem from issues gaining access to the property or incomplete documentation from the homeowner. Specific lender requirements can also add time to the overall process.

Receiving the Final Appraisal Report

Once the appraiser completes the report and it passes the lender’s internal review, the report is sent to the lender. Borrowers have a legal right to receive a copy of the appraisal report under the Equal Credit Opportunity Act (ECOA).

While the borrower pays for the appraisal, the report’s confidentiality means the appraiser cannot directly share it. The lender is generally required to provide the borrower with a copy at least three days before the loan closing. This allows time to review details and understand the property’s assessed value before finalizing the transaction.