How Long Does An Appraisal Take? A Buyer’s Guide

by Richard Morrison
February 16, 2016
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The home appraisal is a key step in the home buying process. But how long should you expect to wait for the appraiser’s final report? This comprehensive guide breaks down the appraisal timeline and factors that can delay your closing.

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Key Takeaways:

A standard home appraisal takes 1-2 weeks from start to finish.
Appraisals can take longer due to appraiser shortages, market conditions, property complexity, or lender delays.
Buyers have little control over the appraisal timeline, but can prepare their home and paperwork to help speed up the process.
Desktop and hybrid appraisals are faster alternatives, taking just 2-5 days on average.
Closings typically happen 30-45 days after the appraisal, but delays may push it to 60 days post-appraisal.

After your home offer is accepted, the appraisal is one of the last big hurdles before closing day. But this crucial valuation step also leaves many buyers asking: Just how long will this take?

While every home and market is different, understanding the standard appraisal timeline can set realistic expectations. This guide examines the home appraisal process, factors that delay appraisals, and tips to move through this step smoothly.

What is a Home Appraisal?

A home appraisal determines a property’s fair market value through an unbiased evaluation. Appraisals are typically required by mortgage lenders prior to financing a home purchase.

In the appraisal, a licensed professional inspects the home’s interior and exterior. They research similar “comparable” properties that have recently sold nearby. The appraiser uses their inspection notes and comps analysis to estimate the subject property’s value.

This information is compiled into a detailed appraisal report and sent back to the lender. The buyer can then view the appraisal to understand how the value was determined.

Appraisals help ensure buyers don’t overpay and give lenders confidence they won’t over-lend on the transaction.

The Home Appraisal Timeline

A standard home appraisal takes anywhere from 1-2 weeks to complete. Let’s walk through the full process:

1. Scheduling (2-3 Days)

After the sales contract is signed, the mortgage lender orders the home appraisal.
The lender contacts local appraisal management companies to assign an appraiser.
It takes about 2 days for the appraiser to get the order and reach out to schedule the inspection.

2. Site Inspection (1-5 Hours)

The appraiser will visit the home to evaluate its condition and take measurements.
For a single family home, this on-site inspection usually lasts 1-3 hours. Larger homes can take up to 5 hours.

3. Comps Analysis (1-2 Days)

The appraiser researches recently sold homes in the area to find the best “comps” or comparables.
They adjust the values of the comps to determine an accurate value estimate. This takes 1-2 days to gather and analyze data.

4. Appraisal Report (3-5 Days)

Finally, the appraiser compiles their research, photos, and value estimate into a complete report.
It typically takes 3-5 days to prepare the detailed report and submit it to the lender.

Total timeline: approximately 7-15 days from ordering to receiving the appraisal report.

However, this schedule can vary based on market conditions, property type, appraiser availability and more.

Why is My Appraisal Taking Longer?

While a standard appraisal takes 1-2 weeks, it’s not unusual for them to take 3-4 weeks in today’s market. Here are some of the top reasons your appraisal may be delayed:

Appraiser shortages – There are 20% fewer appraisers compared to 2007, leading to backlogs.
Rising mortgage rates – More refinances require appraisals, slowing timelines.
Hot housing market – High demand and bidding wars make valuations more complex.
Property size or uniqueness – Large or custom homes require more research.
Appraiser workload and availability – An appraiser juggling multiple orders may work slower.
Lender delays – The lender may take longer to order and assign the appraisal.

Unfortunately there is not much buyers can do to force a faster appraisal in these scenarios. But you can help speed up the process by preparing for the inspection and providing paperwork promptly.

Tips For an Efficient Home Appraisal

As a buyer, you have minimal control over the appraiser’s schedule. But you can optimize your end of the process to help it move smoothly:

Declutter before the inspection – Clear access to rooms helps the appraiser work faster.
Have all info ready – Provide requested documents ASAP to prevent delays.
Leave utilities on – Ensure all systems like HVAC are operable on inspection day.
Work around appraiser schedules – Offer flexible dates and times if possible.
Hire a local appraiser – They’ll know the area and can pull comps faster.
Use a digital appraisal – Hybrid and desktop options are quicker than physical inspections.

Patience is also key, as most delays are out of the buyer’s hands. Continue closing preparations while waiting on the appraisal.

How Long Until Closing After the Appraisal?

Once the appraisal report is received, you’re in the home stretch toward closing day! But how long should you expect to wait post-appraisal?

It typically takes 30-45 days to close after the home appraisal is complete.

However, it can stretch to 60 days or beyond in some cases:

Appraisal issues – If repairs are required or disputes arise, it adds time.
Financing problems – Any problems with the buyer’s loan can hold up closing.
Title complications – Resolving title or ownership issues causes delays.
Seller difficulties – If the seller’s end isn’t ready, the timeline stretches.
Extenuating circumstances – Life events, natural disasters, holidays, etc.

Communicate with your real estate agent to get clarity on the estimated remaining timeline. They can also expedite the process where possible.

Alternative Appraisal Options for Faster Turnaround

Traditional on-site appraisals are the standard for most home purchases. But alternative options are emerging that offer faster turnaround times:

Desktop Appraisals

A desktop or hybrid appraisal is completed remotely without visiting the home.
The appraiser relies on documents,Multiple Listing Service data, maps, and street views.
Turnaround time: 2-3 days

Bifurcated “Two-Step” Appraisals

A separate site inspector visits first to gather details and photos.
Then the appraiser compiles the report off-site using the inspector’s information.
Turnaround time: 5 days total

These newer appraisal formats provide quicker valuations. However, on-site appraisals remain mandatory in certain cases. Speak to your lender about alternatives that may work for your home purchase.

FAQs About Home Appraisal Timelines

Q: How long does a home appraisal take?

A: The home appraisal process can take anywhere from a few days to a week.

Q: What is the home appraisal report?

A: The home appraisal report is a detailed document that provides an estimate of the market value of a home. It includes information about the condition of the home, comparable sales in the area, and other factors that may influence its value.

Q: How is a home appraisal different from a home inspection?

A: While a home appraisal evaluates the value of a property, a home inspection focuses on the overall condition of the home. An appraisal is typically ordered by a third-party, such as a lender, during the buying or selling process, whereas a home inspection is usually requested by the buyer to assess the condition of the property.

Q: How do I schedule the appraisal?

A: If you are buying or selling a home, your real estate agent or lender will typically handle the appraisal process and schedule the appraisal with a certified appraiser.

Q: How do I secure my dream home with an appraisal?

A: An appraisal can help determine the value of your dream home, which can be crucial in negotiating the sale price and ensuring that you are paying a fair amount. It provides an independent assessment of the property’s worth and gives you confidence in making an informed decision.

Q: How long does it take to get an appraisal report?

A: Once the appraisal is completed, it usually takes around 48 hours for the appraiser to finalize the report.

Q: What factors can affect the timeline of an appraisal?

A: The timeline of an appraisal may vary depending on various factors, including the availability of the appraiser, the complexity of the property, and the number of comparable homes that need to be evaluated.

Q: How does the appraiser determine the value of a home?

A: The appraiser uses various methods, such as comparing the property to similar homes that have recently sold in the area (comparable sales), evaluating the overall condition of the property, and considering other market factors to determine the value of the home.

Q: What is an appraisal contingency?

A: An appraisal contingency is a clause in a real estate contract that allows the buyer to back out of the transaction if the appraised value of the home is lower than the agreed-upon sale price.

Q: Why is it important to order the appraisal early in the home buying process?

A: Ordering the appraisal early in the home buying process allows you to assess the value of the home before proceeding with the purchase. It can help you avoid any surprises later on and ensure that the home is worth the asking price.

The Bottom Line

Waiting for an appraisal report can be frustrating when you’re eager to move into your new home. But understanding the standard timeline and preparing accordingly sets reasonable expectations.

In many cases, patience is key – but discuss options with your lender if your appraisal takes more than 3-4 weeks. With an organized approach and open communication, you’ll be ready to handle any appraisal-related delays that come your way.

When it comes to buying a home, the value of your home plays a critical role. This is where the home appraisal typically comes into play. In most cases, you’ll need a home appraisal to secure your dream home.

The appraisal should take into consideration the value of similar properties in the area to determine the final appraised value of your home. The appraisal process usually involves an appraiser who’s qualified in the industry and uses an appraisal method to assess the home’s value. Typically, the appraisal report can be several pages long, outlining the details of the assessment.

However, the length of the appraisal may take longer depending on various factors, such as the availability of the appraiser, the complexity of the property, or the number of properties being appraised in the area.

As part of the closing process, the final appraisal report is an essential component of the real estate transaction, ensuring that the home appraises at or above the value needed for the mortgage loan.

So, if you’ve found your dream home, be prepared for the home appraisal timelines, as it may take longer to get the final value of the property.

The home appraisal timeline can vary, but knowing what to expect removes some uncertainty from this important step. With the right preparation and perspective, you can navigate the appraisal smoothly and stay on track to closing day.

Ready to search for your dream home? Don’t wait any longer to begin your home-buying adventure–head over to flyawaycafe.com for access to a variety of properties. With Strawhomes‘ helpful search tools and experienced real estate brokers, you’ll quickly narrow down your choices and be well on your way to finding your perfect home. Visit Strawhomes.com today to get your home-buying journey started!

Sources:

https://www.upnest.com/1/post/when-does-buyer-get-appraisal-report/

https://www.amfam.com/resources/first-time-home-buyers-guide/the-home-inspections-and-appraisal-process

Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.

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