The Waiting Game: How Long Does It Take To Get an Appraisal Back?
Did you know that there are 141.58 million houses in the U.S.?
For the last few years, you’ve been agonizing over your home’s value. You’ve been researching the average home sale in your neighborhood. Then, you started looking into comparable homes up for sale.
Now, you’re trying to find the bottom dollar for your home. You’re tired of waiting to see if the market weakens or strengthens to tell if it’s time to sell. You’re looking at ordering an appraisal to determine your home’s value.
How long does it take to get an appraisal back? Here are a few things to know.
Overview of The Appraisal Process
The appraisal process is often a waiting game. It can take a week to a month for a complete appraisal to be sent back. This depends on the lenders and the property being appraised.
The more complex the project, the longer the wait time. The appraiser will inspect the property and compare it to others nearby. They will estimate the fair market value.
Once the home appraisal is finished, it must be reviewed and returned to the appraiser for further edits. Once the appraisal is finalized, the lender will receive the results.
Although waiting can seem tedious, it is an essential part of the process. The result of an appraisal is used to determine the worth and safety of a loan. Without a proper appraisal, the loan won’t be approved.
Common Causes of Appraisal Delays
Learning how long does it take to get an appraisal back can be a real challenge. Appraisal delays can be extremely frustrating, especially during a home transaction. Here are some common causes of Appraisal delays
Lack of Available Appraisers
Appraisal delays can have numerous causes, but a lack of available appraisers is one of the most common. Appraisers must be licensed and certified. Their services are often in high demand, especially during a busy real estate season.
Appraisal requirements in certain states can also cause delays in the appraisal process. This is because appraisers must complete specific courses before performing appraisals.
When the pool of available appraisers is low, this can slow down overall timelines. A lack of available appraisers can cause delays in the appraisal process, but other causes can increase timelines, too.
Appraiser overload occurs when an appraiser is overly busy with appraisals. They have trouble finding the time to do each one. This can cause delays in the process, as appraisers cannot commit to any new appraisals due to their already scheduled load.
Appraisers can only visit so many properties daily, reducing the number of subdivisions they can appraise. This can lead to additional delays in appraisals.
It is essential to hire an appraiser who is experienced in the area and able to quickly and efficiently complete appraisals. If you need help selling your home in a proper way at the right price, be sure to visit First Call Home Buyer.
Appraiser Not Receiving Enough Information
When needed information isn’t provided promptly, it can lengthen the time to get the appraisal back. This is because the appraiser must wait to get what was requested.
To prevent such delays, all parties involved must determine the necessary information. They must make sure it is easily accessible in one place.
Having everything organized and ready to go, getting the house appraisal back should be much smoother and faster. Furthermore, if the appraiser isn’t sure what information is necessary, it’s better to ask and be prepared than to risk a delay in the process.
Things That an Appraiser Looks For
The waiting game of how long does it take to get an appraisal back is a challenging process for both the home buyer and the seller, as it can take up to 1 week or more to get the appraisal back. In the interim, the lender inspects the property to determine its value.
An appraiser looks for any open spaces or improvements to the property. This includes additions, remodeled kitchens, bathrooms, and outbuildings.
Additionally, the appraiser is responsible for making note of the neighborhood and any potential issues such as flooding, nearby powerlines, or other negative features. The appraiser also looks at comparable home values in the area to ensure that the price of the home is in line with nearby properties.
The appraisal is a key component in the home buying process. This is because it provides an objective review of the home’s worth. It also helps guarantee that buyers and sellers get a fair market value.
Expected Appraisal Timelines By Industry Standard
Waiting to hear back from an appraisal can feel like a never-ending game. While it can seem to take forever, industry-standard timelines for a commercial appraisal typically take between one week to two months from the date of initiation.
That said, the timeline can vary depending on the complexity of the project, the appraiser’s workload, and the availability of the necessary research materials. During times of high demand, such as the current real estate market, timelines can extend beyond the two-month mark.
Compounding a potentially lengthy wait, additional elements such as zoning studies, litigation services, or other research may excuse a delay of two or more weeks.
Preventive Measures to Avoid Delays
Some essential preventive measures are needed to avoid delays and get it back as quickly as possible. Before the appraiser comes to your home, it is essential to ensure the necessary repairs and maintenance have been done and the property is well maintained.
Ask that the appraiser inspect the property as soon as possible after making the list of repairs. Ensure all paperwork, such as sale contracts and titles, is in order and available for review. Inspect the interior and exterior of the home for signs of damage that may be unnoticed by the appraiser.
Most importantly, provide the appraiser with any public records that may affect the appraisal. By taking these preventive measures, you can reduce the time it takes to get an appraisal back.
Learning How Long Does It Take To Get an Appraisal Back
Waiting game on how long does it take to get an appraisal back can be stressful and time-consuming, but planning and following these simple steps can help speed up the process. With patience, perseverance, and these helpful tips, you can help ensure that the waiting game doesn’t become too much of a burden.
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