How Long Does an Appraisal Take? A Comprehensive Guide

By: homevalue September 28, 2023 11:22 am

How Long Does an Appraisal Take? A Comprehensive Guide

In real estate, one question often looms large for homeowners, buyers, and sellers alike: “How long does an appraisal take?” An appraisal, a crucial step in property buying and selling, can influence mortgage approvals, sale prices, and more. This guide will delve deep into the appraisal process, its duration, and the factors that can influence its timeline, offering a thorough understanding of all stakeholders involved.

1. What is a Home Appraisal?

A home appraisal is a neutral evaluation of a property’s value conducted by a certified professional. It’s essential in the real estate transaction process, ensuring that properties are neither undervalued nor overpriced.

  • Definition: An appraisal objectively estimates a property’s market value based on numerous factors like location, condition, and comparable sales in the vicinity.
  • Significance: Lenders often require appraisals to ensure the loan amount is appropriate for the property’s value. It acts as a safety net, ensuring the lender doesn’t lend more money than the property is worth.
  • Difference: Unlike a home inspection, which assesses the condition of a property, an appraisal determines its monetary value. While an inspector looks for structural issues or potential repairs, an appraiser evaluates the overall market value.

For a deeper understanding, consider reading Investopedia’s Guide on Home Appraisals.

2. The Appraisal Process: Step-by-Step

Understanding the appraisal process can provide clarity on its duration. Here’s a breakdown:

  1. Initial Request: The process typically begins when a lender or individual requests an appraisal. This is usually after a home purchase agreement is signed before the loan is approved.
  2. Property Research: The appraiser gathers data about the property and comparable sales in the area. They’ll look at public property records, recent sales data, and other resources to understand the local real estate market.
  3. On-site Evaluation: A physical inspection of the property is conducted to assess its condition and features. The appraiser will measure the property, check the number of rooms, and evaluate the overall condition, among other tasks.
  4. Report Compilation: The appraiser combines their findings into a comprehensive report detailing the property’s value. This report will include detailed information about the property, comparable sales, and how the appraiser determined the value.

For a detailed guide on each step, refer to The Appraisal Process by the Appraisal Institute.

3. Factors Influencing Appraisal Duration

Several factors can influence how long an appraisal takes:

  • Property Complexity: Unique properties with distinct features may require a more in-depth evaluation. For instance, a property with many acreage, outbuildings, or unique architectural features might take longer to appraise than a single-family home in a residential neighborhood.
  • Appraiser’s Schedule: An appraiser’s availability and current workload can impact timelines. During peak real estate seasons, appraisers might be busier, leading to wait times longer.
  • Market Activity: In bustling real estate markets, appraisals might take longer due to increased demand. If many properties are being bought and sold in an area, appraisers might be backed up with requests.
  • Property Location: Appraisals in remote or rural areas might face delays. If a property is far from the appraiser’s office or in an area with few comparable sales, it might take longer to complete the appraisal.

Check out the National Association of Realtors (NAR) Research on Appraisal Timelines for insights into market-related delays.

4. Average Time for Different Appraisal Types

Not all appraisals are created equal. Depending on the depth and method of evaluation, the time taken can vary:

  • Full Appraisal: The most comprehensive type involves a detailed on-site inspection. It typically takes 3-5 days. This is the most common type of appraisal for mortgage lending purposes.
  • Drive-by Appraisal: As the name suggests, this is a quicker method where the appraiser evaluates the property from the outside. They are usually completed in 1-3 days. This might be used for refinancing or home equity lines of credit.
  • Desktop Appraisal: Based solely on online data and without a physical visit, this can be done in 1-2 days. It’s less common and might be used for initial evaluations or when a full appraisal is optional.
Depositphotos 293817302 S 1, Home Value GPO

Appraisal Type

Average Duration

Full Appraisal

3-5 days

Drive-by Appraisal

1-3 days

Desktop Appraisal

1-2 days

For more insights on the distinct types of appraisals, refer to the Federal Reserve’s Guide on Appraisals.

5. Why Might an Appraisal Take Longer?

Sometimes, appraisals can face unexpected delays. Here are some reasons why:

  • Discrepancies in Property Details: If there’s a mismatch between the stated and actual property details, the appraiser might need additional time verifying information.
  • Disputes in Property Value: Sometimes, homeowners might dispute the appraised value, leading to re-evaluations. This can be due to recent home improvements or discrepancies in comparable sales data.
  • Additional Information Requests: Appraisers might need more data or documents to finalize their report. This could be due to unclear property boundaries, recent changes to the property, or other factors that need to be made evident.

Consider reading The Mortgage Reports on Appraisal Delays for potential solutions to these delays.

6. Importance of Timely Appraisals

Timely appraisals are pivotal for several reasons:

  • Mortgage Approvals: Lenders await appraisal reports to finalize mortgage amounts. If the appraised value is lower than expected, it could affect the loan amount or terms.
  • Closing Dates: Delays in appraisals can push property closing dates. This can be problematic for buyers and sellers, especially if they work within tight timelines or coordinate with other real estate transactions.
  • Negotiation Power: A favorable appraisal can be a strong negotiation tool for sellers. If a property appraises at a higher value than the sale price, it can give sellers leverage in negotiations.

To understand the role of appraisals in the mortgage process, visit the Consumer Financial Protection Bureau (CFPB) on Appraisals.

7. Tips to Expedite the Appraisal Process

If you’re in a hurry, here are some tips to speed up the appraisal:

  • Prepare Documents: Have all property-related documents ready. This includes recent tax assessments, property surveys, and details of any recent renovations or improvements.
  • Accessibility: Ensure the appraiser can easily access all parts of the property. This includes providing keys or access codes if necessary and ensuring that all areas of the property are accessible.
  • Be Responsive: Quickly address any queries or requests from the appraiser. If they need additional information or documentation, provide it promptly to avoid unnecessary delays.

Check out the Appraisal Institute’s Tips for Homeowners for more homeowner tips.


The duration of a home appraisal can vary based on numerous factors, from the type of appraisal to the property’s location. By understanding the process and being well-prepared, homeowners, buyers, and sellers can navigate the appraisal landscape more effectively, setting realistic expectations and making informed decisions. As the real estate market evolves, staying informed and proactive is key to a successful transaction.

Faq2 1, Home Value GPO

FAQ Section

Can I speed up the appraisal process?

Yes, by preparing in advance and being responsive. Ensuring the property is in good condition and providing all necessary documentation can also help.

What if I disagree with the appraisal value?

You can request a review or get a second opinion. Some lenders also allow for a second appraisal, though this could come at an additional cost.

How often do I need a new appraisal?

Typically, when refinancing or selling your property. However, a new appraisal might be warranted if there have been significant changes to the property or the local real estate market.

For more FAQs, explore Fannie Mae’s Appraisal FAQs.

This comprehensive guide sheds light on the appraisal process, its duration, and its intricacies. By staying informed and proactive, navigating the world of real estate appraisals becomes a smoother journey. Whether you’re a homeowner looking to refinance, a seller aiming to get the best price for your property, or a buyer trying to secure a mortgage, understanding appraisals is vital to a successful real estate transaction.

Seeking a trusted name in real estate evaluations and advisory? Look no further.

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Why settle for anything less than the best in real estate advisory? Experience the gold standard in third-party evaluations today.

Dial (786) 357-6511 now and take the first step towards a partnership that values your home as much as you do. Let’s shape your property’s future together with Home Value Inc.

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