How Long Does a Home Appraisal Take? What to Expect From Start to Finish

Getting a home appraisal is a major milestone on the winding road to homeownership. If you’ve reached the appraisal stage, you’re probably wondering what is the home appraisal process — and how long does a home appraisal take? The entire home appraisal process can take 10 to 16 days if everything goes smoothly. This guide will ensure you understand how home appraisals work and how to best move the home appraisal process along so that you get one step closer to closing.

The Home Appraisal Process Step by Step

Advancing the home appraisal process is usually the job of the homebuyer, but the appraisal is required by the mortgage lender. You’ll need the appraiser’s expert assessment of the property’s value in order to obtain a mortgage. At times, a homeowner will need to request an appraisal, such as before putting a property on the market, during a refinance, or as part of the qualification process for a home equity loan or home equity line of credit (HELOC). But the most common scenario is that a home appraisal is needed during the mortgage loan process.

Even if you already have mortgage preapproval, your lender will want to see an appraisal to ensure that the estimated value of the house meets or exceeds the amount you plan to spend on it. How do home appraisals work? Here’s a look at the steps.

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Step 1. Scheduling the Appraisal (1-3 Days)

Your prospective home loan lender will let you know when it’s time to schedule an appraisal. The appraiser is usually selected randomly so as to minimize the possibility of bias. You or your real estate agent will need to coordinate the appraiser’s visit with the homeowner’s representative. It’s a good idea to reconfirm with all parties shortly before the scheduled time, so there is no confusion that could delay your mortgage process.

Note that an appraisal is different from a home inspection, and you will likely need both. The appraiser puts a value on the house for the lender. The inspector provides the buyer with a report on the condition of the property and what (potentially costly) repairs you might need to make.

For first-time homebuyers, it can be hard to know the difference between an appraiser and an inspector, as both involve an expert visiting the property and looking around. The buyer doesn’t need to be present for the appraisal, but you should attend the inspection if you can. Even if you are paying cash for a property, you may want to have it appraised to ensure you aren’t paying more than it is worth.

Step 2. On-Site Inspection (1-3 Hours)

The appraisal visit will take anywhere from one to three hours, depending on the size and complexity of the property. A two-bedroom home on a small, suburban lot might require less than an hour’s visit. But a large home on a property that is well off a major highway, or a home that has lots of outbuildings, a pool or other water feature, a multicar garage, stables, or a barn could take several hours to appraise.

The appraiser is looking at key elements of the home: Are the foundation and roof in good shape? Is the home free of water damage? Is there evidence of mold or termite infestation? An appraiser will also examine details such as whether the home is connected to public water and sewer service or whether it uses a private well and septic system. The amount of usable space in the property will also be a factor: A finished attic or basement might garner extra attention.

Step 3. Appraiser’s Research and Report Writing (7-10 Days)

After visiting the home, the appraiser still has work to do: He or she will research sale prices on “comps” — comparable properties that have recently sold in the area near the home in question. This might be as simple as checking public records, but in some cases the appraiser will need to contact real estate agents to dig more deeply into the local scene. This will help inform the value the appraiser eventually pins on the property. The appraiser will also look at sales trends in the neighborhood (is demand outstripping supply?) and the zoning of the property and how much of its buildable lot the home is occupying.

Step 4. Delivery to Lender and Review (1-2 Days)

Once the appraiser writes the appraisal report, it will be sent to the lender. In the best case scenario, the home will appraise for its agreed-upon purchase price (or more), and assuming your financials meet the lender’s expectations, you will move forward to the closing. The bill for the appraisal will come to you or will be added to your closing costs. The average cost of an appraisal for a conventional mortgage is $300 to $600.

If the property appraises for less than the agreed-upon price, you and the seller have an appraisal gap on your hands. You’ll have to decide whether to try to negotiate the home price with the seller, cover the gap between the agreed-upon price and the appraised price with cash from your pocket, or request another appraisal through your lender.

Factors That Can Affect How Long a Home Appraisal Takes

Several things can slow the appraisal process, which in turn can throw a speed bump into your mortgage approval. If the property is difficult to get to, either due to a remote or challenging location (a long drive from a major city, a dirt road, or seasonally inaccessible roads, for example) or because the owner is slow to provide access, your appraiser may be delayed.

The availability of an appraiser could also delay your appraisal, and thus your loan. In some markets, appraisers are in short supply. As the population of appraisers has grown older, the number of new appraisers joining the workforce has not kept pace.

Loans backed by the U.S. Department of Veterans Affairs require an appraiser who is certified to do appraisals specifically for the VA, and in some housing markets, high demand and low supply of appraisers has contributed to delays. If you encounter a delay, it’s important to communicate with both lender and seller to ensure deadlines are either met or altered.

How Long After Appraisal Until You Get Results?

It typically takes seven to 10 days after the appraiser’s visit for the lender to receive the appraisal. Shortly thereafter, you should learn the outcome.

How to Speed Up the Home Appraisal Process

There’s little you can do as the homebuyer to move the appraisal process along more quickly. Of course, you and your real estate agent will want to stay on top of the initial organizing of the appraiser’s visit, and if the lender doesn’t receive the appraisal in a timely fashion, you should reach out to the appraiser to inquire about the delay.

The only way to truly speed up the appraisal process as a buyer is to explore the possibility of an appraisal waiver. An appraisal waiver allows the use of an automated property valuation tool instead of an in-person visit by the appraiser. Not all properties or loan types will be eligible for this alternative, but if your lender allows it, you can save on the headache of scheduling the appraiser and avoid any related delays.

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What Happens After the Appraisal?

Once the lender receives the appraisal report, there are a couple possible outcomes. If the property appraised for what you have agreed to pay for it (or more), the mortgage loan process can move along and, assuming you qualify for the mortgage based on your finances, you can finalize your mortgage rate and loan term and proceed to a closing.

If the home appraises low, you will have some decisions to make. The list of what hurts a home appraisal is long, but includes significant problems with the home’s condition such as a cracked foundation, water damage, and the presence of mold.

The Takeaway

How long does an appraisal take? The answer is driven by the size and complexity of the property, but also by the availability of appraisers in the market. If all goes well, it can take 10 to 16 days for the home appraisal process. The actual appraiser visit should take only a few hours at most. But the report can take a week to 10 days to arrive at the lender’s office. Once it does, assuming the appraisal meets or exceeds what you’ve agreed to pay for the property, you will have met a major mortgage milestone.

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FAQ

How long does a VA/FHA home appraisal take?

Once requested, a VA appraisal may take one to three weeks while an FHA appraisal can take up to two weeks depending on the market. Only certain appraisers have the training and credentials necessary to work with these lenders. In some markets, VA home appraisers are in short supply. Keep an eye on the calendar as your home purchase takes shape to insure you meet your deadlines.

Can an appraisal be rushed?

A home appraisal can be rushed if the lender and appraiser are amenable to the idea. There is typically an additional fee involved, which can be anywhere from $100 to $300 depending on the market and appraiser.

What’s the longest a home appraisal can take?

A home appraisal might take up to a month in a busy market where appraisers are in short supply. The good news is how long a home appraisal is good for. Once you have your appraisal, it’s typically good for up to 120 days, although lenders are the ultimate decision maker on whether to accept an appraisal.

What if the appraiser doesn’t show up?

If the appraiser doesn’t show up, you’ll want to contact the lender you are working with immediately to alert them to the delay and arrange a rescheduled appraisal. Also contact your real estate agent so that they can alert the homeowner’s agent to the delay. Make sure you are aware of deadlines in your purchase contract so that you can meet them with the new appraisal.

Does the buyer attend the appraisal?

The buyer does not typically attend the appraisal. The appraisal should be an unbiased evaluation of the property, and having the buyer on hand can be a distraction. The buyer will, however, want to attend the home inspection. The inspector may provide some insight into the house during his or her tour of the home.

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