How Long Does a Home Appraisal Report Take?

After months of saving money, endless searching, and competing in bidding wars, you finally have an offer accepted on your dream home. However, there is still a major milestone standing in your way- the appraisal. It is worth noting that an appraisal can be make-or-break for homebuyers.

No wonder it is easily understandable when you feel uncertain at this stage of the process. What can your expect? How long does appraisal report take? Hopefully, it’s probably not as complicated as it sounds in the first place. Here is what buyers need to know.

What is a Home Appraisal?

For those who might not know, an appraisal is used to determine the value of your future home. In the event that you’re using a mortgage, the lender will most likely require an appraisal so they can work out home much they are able to safely loan you for the property.

With a home appraisal, they lender will first have to hire an independent professional appraiser who schedules a visit to the property for an inspection. The appraiser will then compare the home and its features to similar properties that have recently been sold nearby.

It doesn’t end at that since the appraiser uses all of this collected data to set a value for the home, and creates a report explaining their conclusion. The report is used by the lender to help set the loan amount.

Keep in mind the appraisal timeline is usually around 1-2 weeks. In some instances, it could take up to a month. Actually, the timeline tends to vary based on the availability of appraisers and how busy the real estate market is in your area.

The very moment your offer has been accepted, the lender will actually contact a third-party appraiser within 1-2 business days to schedule an inspection. But that doesn’t imply the appraiser is necessarily available right away.

Depending on how fixed their schedule is, the inspection could happen within a few days to a few weeks. Moreover, the appraisal inspection tends to be different from the home inspection.

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