How Long Does an Appraisal Take? What Buyers and Sellers Should Expect

 

 

Key Highlights

• The home appraisal timeline is: scheduling 2-7 days, inspection 30 mins to 2 hours, and the report would be another 2-14 days.
• A home appraisal usually takes 1 to 2 weeks on average. From ordering to receiving the final report.
• Property Complexity: Some properties take longer than usual, especially if they are complex and are bigger in overall scale.

How Long Does an Appraisal Take?

When most people ask, “How long does a home appraisal take?” they’re usually thinking about the entire process, not just the time it takes an appraiser to walk through the property. In reality, the timeline for a home appraisal has two main parts: the on-site inspection and the preparation of the final report.

The appraisal inspection itself is often relatively quick. Most homes can be evaluated in thirty minutes to two hours, depending on the size, condition, and any unique features. During this visit, the appraiser checks the property’s layout, measures rooms, takes photos, and notes any upgrades or issues that could affect the home’s value.

However, the full appraisal process takes longer. After the inspection, the appraiser needs to research recent sales of comparable homes in the area, analyze the property’s features and condition, and prepare a detailed report. This report must then be submitted to the lender, who will review it before finalizing the loan approval. Because of all these steps, the entire process usually takes anywhere around one to two weeks.

 

How Long Does It Take to Get the Appraisal Report Back?

In most cases, the final appraisal report is completed and returned a few days after the inspection. Buyers can generally expect to receive the report within 2 to 7 days following the home visit. This timeline can vary depending on factors like the lender’s process, the appraiser’s workload, or the activity level in the local market.

It’s also important to note that the lender usually receives the report first, reviews it, and then shares the results with the buyer or seller. So even if the inspection is done, there may still be a short wait before you see the official numbers.

 

What Happens During a Home Appraisal?

A home appraisal follows a step-by-step process that starts after the buyer and seller are already under contract. In most cases, the lender orders the appraisal because they want to make sure the home is worth the amount being borrowed. Since the lender is using the home as collateral for the loan, they need an unbiased opinion of the property’s market value before approving financing.

Once the appraisal is ordered, the appraiser schedules an appointment to visit the home. This is the on-site part of the process that many buyers and sellers think of first, but it is only one step in the full appraisal timeline.

During the visit, the appraiser inspects the property and gathers important details about the home. This usually includes measuring the home’s size, taking photos of the interior and exterior, reviewing the overall condition, and noting upgrades, improvements, and special features that may affect value. They may also look at things like the layout, number of bedrooms and bathrooms, lot size, and any visible issues that could impact the property’s marketability.

After the inspection, the appraiser does more work behind the scenes. They compare the property to recently sold homes in the area that are similar in size, style, condition, and location. These comparable sales, often called “comps,” help the appraiser determine what the home is likely worth in the current market.

Once that research is complete, the appraiser prepares the final report. This report includes the home’s estimated value, details about the property, the comparable sales used, and the reasoning behind the valuation. The report is then sent to the lender, who reviews it before moving forward with the loan.

 

What Can Delay a Home Appraisal?

Even though a typical home appraisal takes about 1 to 2 weeks, several factors can slow down the process. Peak buying seasons often mean appraisers have full schedules, so it can take longer to get an appointment.

Property size and complexity also matter. Large homes or unique properties may take extra time to measure, document, and compare to other homes. Similarly, rural properties or homes in areas with low housing inventory can be harder to evaluate because there are fewer comparable sales available.

Access to the property is another common hurdle. If certain rooms, units, or structures aren’t easily accessible, the appraiser may need to schedule additional visits or request more information, which adds time. Homes with repairs or condition issues also require more documentation, which can lengthen the appraisal process.

Even after the inspection, delays can occur during the lender’s review of the report. Sometimes lenders ask for clarification or revisions, which can add several more days before the final value is approved.

 

Can an Appraisal Delay Closing?

Yes, an appraisal can delay a home’s closing, and it usually happens for one of two main reasons.

Required Repairs: Sometimes the appraiser identifies issues like safety concerns, structural damage, or other problems that need to be fixed before the lender will approve the loan. Until these repairs are addressed, the lender may hold off on moving forward.

Low Appraisal Value: If the home appraises for less than the agreed-upon purchase price, the lender will not approve the full loan amount. In this case, the buyer and seller may need to renegotiate the price, the buyer might bring extra cash to cover the difference, or a second appraisal may be ordered.

The reason appraisal delays affect closing is simple: According to Fox Homes the appraisal is directly tied to the final loan approval. Without a cleared appraisal, the lender’s underwriting team cannot issue full approval. Without approval, the lender cannot fund the loan, and without funding, the closing cannot happen.

 

How Long After an Appraisal Do You Close?

Many buyers close on their homes 1 to 3 weeks after the appraisal, but the exact timeline depends on several factors. These include the lender’s underwriting process, any outstanding loan conditions, title work, and final approval.

If the appraisal comes in at or above the agreed-upon value and all other steps are on track, closing can often happen fairly quickly. However, if the appraisal comes in low, buyers and sellers may need to renegotiate the price, the buyer might bring additional funds, or a second appraisal could be required—each of these situations can push the closing date back.

Every lender and transaction is different, so it’s important to remember that there’s no guaranteed timeline. The appraisal is just one piece of the overall process, but it plays a critical role in determining when the closing can occur.

 

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