How Long Does It Take to Get An Appraisal Back? Everything You Need to Know

One key step in selling your home is the appraisal. At Mark Spain Real Estate, we understand how crucial this step is in determining the market value of your property and ensuring a smooth transaction. Whether you're selling traditionally or considering our Guaranteed Offer program, understanding the appraisal timeline can help set the right expectations and keep your sale on track.

What is a Home Appraisal?

A home appraisal is performed by a licensed professional who will examine various conditions of a house—its quality, location, and comparative sales in the area—to determine its value. Most lenders are obliged to obtain an appraisal to confirm that the amount of a loan corresponds with the real market value of a property.

How Long Does the Appraisal Process Take?

This can differ from one case to another but, in most cases, the timeline is usually as follows:

Scheduling the Appraisal (2 to 7 Days)

Once the buyer's offer is accepted, it is usual for the lender to order an appraisal within 48 hours. The appraiser then schedules a visit, which can take 2 days to a week, depending on availability.

On-Site Inspection (30 Minutes to 3 Hours)

During the on-site inspection, the appraiser examines the inside and outside of the home, keeping track of its features, condition, and any upgrades or renovations. Depending on the size and complexity of the property, the duration of the inspection generally ranges from about 30 minutes to several hours.

Appraisal Report Completion (2 to 10 Days)

After the inspection, the appraiser analyzes all collected information (including current comparable home sales) and writes the report. This process can take 2 to 10 days.

The appraisal process for a home generally lasts one to two weeks; however, in a booming market or peak season, it may extend to three to four weeks based on the appraiser's availability.

Factors That Affect the Appraisal Time

Several things can affect how long an appraisal takes:

Appraiser Availability

If demand for appraisals is high in the area, it will likely take longer to establish an appointment.

Property Complexity

Larger homes or properties with unique features may require extra time for an inspection.

Market Conditions

Busy real estate markets with many transactions can delay the processing of appraisal reports.

Whether Repairs Are Needed

If the appraisal report contains conditions that need to be repaired before loan approval, this would lead to an increase in time.

What Is Next After the Appraisal?

• When an appraisal report is completed, its results guide the next move in the transaction process:
• If the appraised value matches or exceeds the purchase price: The loan process moves smoothly to the closing.
• If the appraised value is below the purchase price: The buyer and seller will likely be renegotiating that price, or the buyer may need to make a cash payment for the difference.

How to Help Ensure Your Appraisal Process Goes Smoothly

Here are some helpful hints for buyers and sellers to consider in keeping the appraisal process on track:

For Sellers:

• Make any repairs, and ensure the home appears presentable.
• Make any documentation available for upgrades, renovations, and maintenance work done.

For Buyers:

• Keep in contact with your lender, ensuring that the appraisal is being ordered on time.
• Know your appraisal contingencies in the contract and how they protect you during low valuation.

Selling Your Home with Mark Spain Real Estate

At Mark Spain Real Estate, we help you have an easy and stress-free selling experience. Our team of professionals is glad to guide you through the appraisal process and discuss selling options. Contact us today to see how we can help you sell your home with confidence!