How Long Does It Take to Get an Appraisal Back?

A home appraisal is an impartial, professional assessment that determines a property’s market value. This valuation is a fundamental step in real estate transactions, particularly when securing a mortgage to purchase or refinance a home. Lenders rely on appraisals to ensure the loan amount does not exceed the property’s worth, safeguarding their investment. It provides an objective evaluation, informing both the buyer and lender about the property’s financial standing.

The Appraisal Inspection

The appraisal process begins with an on-site inspection of the property by a licensed appraiser. During this visit, the appraiser examines both the interior and exterior of the home. They document the property’s condition, note significant features or amenities, and take photographs.

The appraiser measures the home’s square footage and assesses its layout and quality. The physical inspection is relatively brief, usually lasting 30 minutes to a few hours, depending on the property’s size and complexity. This on-site visit is a foundational component of the appraisal, but it is only one part of the valuation process.

Factors Influencing Appraisal Turnaround Time

The time it takes to receive an appraisal report after it’s ordered can vary significantly, often ranging from a few days to several weeks. A primary factor is the appraiser’s availability and workload. In busy real estate markets or areas with a limited number of appraisers, it can take longer to schedule the inspection and for the appraiser to complete the report.

Property complexity also plays a role in turnaround time. Unique or custom-built homes may require more extensive research, as finding comparable sales data can be challenging. Rapidly changing market conditions, where property values fluctuate, also necessitate more intensive market analysis, extending the time to identify comparable sales.

Lender requirements and report complexity influence the timeline. Some lenders have specific reporting formats or data requirements that add to the appraiser’s work. Efficient communication and property access directly impact scheduling; delays in gaining access or providing documentation can prolong the process.

Administrative processing time by appraisal management companies (AMCs) or lenders also contributes to the total duration. Geographic location affects timelines, as rural areas may have fewer available appraisers and less market data than urban areas. The entire process, from order to final delivery, typically spans one to two weeks, but can extend up to a month in high-demand periods.

Receiving the Appraisal Report

After the inspection, the appraiser compiles a detailed report outlining their findings and the property’s estimated value. This report is typically delivered electronically to the lender or the appraisal management company that ordered it. The lender then reviews the report to ensure it meets their underwriting requirements.

Borrowers are legally entitled to a copy of the appraisal report. Federal regulations require creditors to provide applicants with a copy promptly upon completion, or no later than three business days before loan closing. This allows the borrower time to review the valuation. After receiving the report, the lender proceeds with final loan approval, and the borrower may ask questions or request a reconsideration of value if factual errors are identified.