{"id":39371,"date":"2023-01-14T12:50:00","date_gmt":"2023-01-14T12:50:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=39371"},"modified":"2023-05-25T13:51:36","modified_gmt":"2023-05-25T13:51:36","slug":"how-long-does-an-appraisal-take","status":"publish","type":"post","link":"https:\/\/businessyield.com\/real-estate\/how-long-does-an-appraisal-take\/","title":{"rendered":"HOW LONG DOES AN APPRAISAL TAKE: Home Appraisal Checklist & Process 2023","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n

The lady who just got engaged and is getting ready for her wedding, among other things, would, first of all, hit the bridal shop with her friends to check as many gowns as possible to determine which one fits her the most. Similarly, a groom-to-be also goes to the shop with his friends to test out the suits before finally purchasing one. This act of “checking” and “testing” is known as “appraisal.” Away from the bride and groom\u2019s appraisal of outfits, there is also such a thing as a home appraisal in the house-buying process, which we will be discussing later on. <\/em><\/p>\n\n\n\n

Appraisals are more important in real estate for various reasons, the most important of which is that they provide both the buyer and the mortgage lender with confidence in their financial investment. If you\u2019re into real estate with the intention of buying a house, find out in this post how long an appraisal takes for new construction as well as how long an appraisal takes to get back or refinance once ordered.<\/p>\n\n\n\n

Read Also Best mortgage lenders: 2023 picks updated<\/a><\/span><\/h5>\n\n\n\n

<\/a>Understanding Home Appraisal<\/span><\/h2>\n\n\n\n

A home or property appraisal is an impartial evaluation of a property’s worth, sometimes known as its fair market value. As a condition of their mortgage financing, most buyers must have an appraisal performed by a licensed appraiser as part of the house-buying process<\/a>.<\/p>\n\n\n\n

Regardless of whether you and the seller agree on a price, an appraisal report is prepared by a licensed third-party appraiser to determine the value of the home. The mortgage lenders typically order the appraisals to determine how much they are willing to lend, but sellers will sometimes have an appraisal done prior to listing the house and then price the property accordingly.<\/p>\n\n\n\n

The buyer typically pays for an appraisal required by the lender, which costs between $400 and $500 on average, though it can cost a lot more, especially when the home is located in a rural area, which will require a larger trip fee.<\/p>\n\n\n\n

<\/a>How Long Does an Appraisal Take When Buying a House?<\/span><\/h2>\n\n\n\n

A home appraisal in real estate normally takes two to seven days to complete. To complete the appraisal process, the mortgage lender must first order and schedule the appraisal, followed by data collection regarding the residence. Finally, in order to finalize the appraisal report, the appraiser must review the data.<\/p>\n\n\n\n

Each phase of a home appraisal takes the following time:<\/p>\n\n\n\n

#1. Scheduling an Inspection<\/span><\/h3>\n\n\n\n

Before scheduling an inspection, an appraisal is ordered from a third-party licensed specialist by your lender. An appraiser can schedule a house walkthrough for up to 48 hours.<\/p>\n\n\n\n

#2. Appraisal Walkthrough<\/span><\/h3>\n\n\n\n

The appraiser will visit your home and do a walkthrough. The home walkthrough might take anything from 30 minutes to 3 hours, depending on the size and condition of the home.<\/p>\n\n\n\n

#3. Comparable House Review<\/span><\/h3>\n\n\n\n

The appraiser will then review comparable homes, which will take 10 to 30 minutes. If the appraiser uses tools to swiftly discover comparable homes, this phase will be completed quickly.<\/p>\n\n\n\n

#4. Receiving the Appraisal Report<\/span><\/h3>\n\n\n\n

It takes 2 to 10 days to compile the information into a report, depending on how many other homes the appraiser is reviewing. A typical single-family home appraisal report is about 10 pages long.<\/p>\n\n\n\n

<\/a>Can Appraisal Take Longer?<\/span><\/h2>\n\n\n\n

Under certain conditions, appraisals may take longer than the estimated time frame. For example, if the house is a high-end or specialty property, you may have to wait longer for a trained appraiser to analyze it.<\/p>\n\n\n\n

What Variable Does an Appraiser Use When Determining a Home’s Value?<\/span><\/h3>\n\n\n\n

The appraiser normally considers a combination of external elements, internal considerations, and comparable sales when evaluating the fair market value of a property. Here are a few examples of each to help you understand how a home appraisal works when buying a house.<\/a><\/p>\n\n\n\n

#1. External Variables<\/span><\/h4>\n\n\n\n