How Long Does It Take to Get an Appraisal?

A real estate appraisal provides an unbiased professional opinion of a property’s value. It is fundamental to many real estate transactions, including buying, selling, or refinancing a home. Appraisals offer a standardized assessment, ensuring the agreed-upon price aligns with the property’s market worth. This process is important for lenders, who rely on it to confirm the property serves as sufficient collateral for a mortgage loan.

Typical Appraisal Timelines

A home appraisal, from initial order to final report delivery, ranges from days to weeks. Many appraisals are completed within one to three weeks under normal market conditions. The physical inspection often takes 30 minutes to a few hours for a standard home, though larger or complex properties may require up to three hours.

After the on-site inspection, the appraiser’s work involves research, data analysis, and report writing, taking several days to over a week. The complete appraisal report is delivered to the lender within two to seven days following the inspection. The entire process, from order to report delivery, typically spans six to twenty days.

Key Factors Influencing Appraisal Duration

Several factors influence appraisal duration. Appraiser availability is a primary factor, as a shortage of licensed appraisers can lead to backlogs, especially during periods of high real estate activity or low interest rates. This increased demand means appraisers may have heavy workloads, extending the time it takes to schedule and complete assignments.

Property complexity also plays a role. Larger homes, those with unique features, or properties in rural areas often require more extensive research and analysis, which can lengthen the appraisal process. Access to the property and the availability of comparable sales data are further considerations; if recent, similar sales data is scarce, the appraiser may need more time to find appropriate comparisons. Administrative processing by an appraisal management company or lender, including quality control reviews, can also add to the overall timeline, as errors caught during this stage may require the appraiser to revise their report.

The Appraisal Process Steps

The appraisal process begins when a mortgage lender orders the appraisal, typically after a home offer has been accepted or a refinance application is underway. The lender selects a state-licensed appraiser, often through an appraisal management company, to ensure impartiality. The appraiser then contacts the property owner or their agent to schedule a physical inspection of the home.

During the on-site inspection, the appraiser assesses the property’s condition, features, and overall quality, taking measurements and photographs of both the interior and exterior. Following the inspection, the appraiser conducts thorough research, including analyzing recent sales of comparable properties in the area. This data analysis, combined with market conditions, informs the appraiser’s opinion of value, which is then compiled into a detailed appraisal report, typically using a standardized form like the Uniform Residential Appraisal Report.

Receiving the Appraisal Report

Once the appraiser completes the report, it is submitted directly to the ordering party, typically the mortgage lender or appraisal management company. The lender then reviews the appraisal for accuracy and compliance with lending guidelines. While the borrower pays for the appraisal, the lender legally owns the report.

Federal regulations require the lender to provide the borrower with a copy of the appraisal report as soon as possible, and no later than three days prior to loan closing. This delivery allows the borrower time to review the valuation. If any discrepancies or concerns arise, the lender is the party who communicates with the appraiser for potential corrections, as the borrower cannot directly request changes to the report.