How Long Does It Take to Get a House Appraised?

A home appraisal is a professional assessment by a licensed appraiser to determine a property’s fair market value. This valuation is a key component in real estate transactions, including purchases, sales, and refinances. Lenders rely on appraisals to ensure the agreed-upon price aligns with the home’s actual worth, confirming the property serves as sufficient collateral for a mortgage loan. Understanding this timeline is important, as it can directly influence the overall schedule of a real estate transaction.

Understanding the Appraisal Process Timeline

The appraisal process begins when the mortgage lender orders the service, typically after a purchase offer has been accepted. The lender engages a licensed appraiser, often through an appraisal management company. It generally takes a few days for an appraiser to be assigned and to schedule the property inspection.

Scheduling the on-site inspection can take a few days to a week, depending on appraiser availability and the homeowner’s schedule. The appraiser coordinates a time to visit the property for physical evaluation. The inspection typically lasts 30 minutes to a few hours, based on the property’s size and complexity. During this visit, the appraiser visually inspects the interior and exterior, noting the home’s condition, features, and visible improvements.

Following the inspection, the appraiser writes the report. This involves compiling data, including property characteristics, local market conditions, and recent comparable sales (comps). The appraiser analyzes these factors to determine the property’s estimated market value, detailed in a comprehensive report. This analytical and writing phase can take three to seven business days.

The completed report is delivered to the mortgage lender. Delivery is electronic, and the lender reviews it. From the initial order to final delivery, the entire appraisal process typically ranges from one to two weeks, though it can extend up to a month in some circumstances. This timeframe accounts for all stages from appraiser assignment to the lender receiving the official valuation.

Factors Influencing Appraisal Duration

Several elements can cause the appraisal timeline to vary. Appraiser availability and current workload are significant factors. In periods of high real estate activity, appraisers may have a backlog of assignments, which can extend the time to schedule an inspection and complete the report. The number of active appraisers in a given market can also influence wait times.

Property complexity affects how long an appraisal might take. Homes with unique features, large square footage, custom construction, or those in rural areas may require more extensive research and analysis, extending the report writing phase. Finding suitable comparable sales data for such properties can also add to the appraiser’s research time. Market conditions, especially rapidly shifting values, require appraisers to spend more time ensuring current comparable sales data.

Report complexity or the nature of the property can also affect duration. Some transactions may require more detailed analysis or specific types of valuations. Communication delays between the lender, appraiser, and property owner can add unexpected time. Prompt responses to scheduling requests and clarity in providing necessary information help keep the process moving efficiently.

Expediting the Appraisal Process

Actionable steps can help facilitate a smoother appraisal process. Ensuring the property is easily accessible for the appraiser’s inspection is important. This includes clear access to all areas of the home, including basements, attics, and any detached structures. Securing pets and decluttering premises also contributes to an efficient inspection.

Preparing relevant documentation for the appraiser can assist their work. A detailed list of recent upgrades and renovations, with approximate costs and completion dates, is beneficial. This can include improvements to kitchens, bathrooms, roofing, or major system replacements. Providing a property survey, if available, or any homeowners association (HOA) documents can also offer context.

Having previous appraisal reports or floor plans ready can further aid the appraiser in their assessment. A clean and organized home enables the appraiser to conduct their inspection more efficiently and focus on the property’s features rather than distractions. Clear and prompt communication with the appraiser and the lender regarding scheduling requests is important to avoid unnecessary delays.

Post-Appraisal Steps and Timeline

Once the appraisal report is completed and delivered to the mortgage lender, the lender’s review begins. This internal review ensures the report meets regulatory requirements and aligns with underwriting guidelines. This review is usually completed within a few business days of receipt.

Addressing discrepancies or a low appraised value is important. If a low valuation occurs, options may include renegotiating the sale price, the buyer paying the difference in cash, or initiating a reconsideration of value. A reconsideration involves providing additional comparable sales data or clarifying property features to the lender, who may then request the appraiser to review their report. This process can add several days to a week or more to the overall transaction timeline.

The appraisal outcome impacts the transaction timeline, as loan approval is often contingent on the property appraising at or above the loan amount. If the appraisal is satisfactory, loan underwriting can proceed, moving the transaction closer to closing. Issues arising from the appraisal can delay the closing date, sometimes requiring adjustments to the purchase agreement. The lender typically communicates appraisal results to the borrower, usually through the loan officer, once the internal review is complete.