How long for house appraisal to come back?
The timeline for a house appraisal to come back can vary depending on various factors such as the complexity of the property, the location, and the workload of the appraiser. On average, it usually takes anywhere from a few days to a week for a house appraisal to be completed and the report to be delivered to the lender.
A house appraisal is an important step in the home buying process as it determines the value of the property you are looking to purchase. Lenders require appraisals to ensure that the property is worth the amount of money they are lending to the buyer. The appraisal report helps the lender make an informed decision about approving the mortgage.
The appraiser will visit the property to assess its condition, size, amenities, and other relevant factors that contribute to its value. The appraiser will then compare the property to similar homes that have recently sold in the area to determine an accurate valuation.
While the appraisal process itself may only take a few hours to complete, the appraiser may need additional time to research and analyze comparable properties, as well as prepare and deliver the final appraisal report. Factors such as the availability of comparable sales data in the area and the appraiser’s workload can also impact the turnaround time for the appraisal.
FAQs
1. What factors can impact the timeline for a house appraisal?
Factors such as the complexity of the property, the location, the availability of comparable sales data, and the appraiser’s workload can impact the timeline for a house appraisal.
2. Can I speed up the appraisal process?
While you can’t control all factors that may impact the timeline for a house appraisal, you can ensure that the property is well-maintained and provide the appraiser with any relevant information or documentation that may help expedite the process.
3. How soon should I schedule a house appraisal?
It’s a good idea to schedule a house appraisal as soon as possible in the home buying process to allow for enough time for the appraisal report to be completed and reviewed by the lender.
4. Is the appraisal report shared with the buyer?
Typically, the appraisal report is shared with the lender who ordered the appraisal. However, the buyer may request a copy of the appraisal report from the lender for their records.
5. Can the buyer attend the house appraisal?
While it’s not common for the buyer to attend the house appraisal, some appraisers may allow the buyer to be present during the appraisal process. However, it’s best to check with the appraiser beforehand.
6. What happens if the house appraisal comes back lower than the agreed-upon purchase price?
If the house appraisal comes back lower than the agreed-upon purchase price, the buyer may need to renegotiate the price with the seller or come up with additional funds to cover the difference.
7. How much does a house appraisal cost?
The cost of a house appraisal can vary depending on the location of the property and the complexity of the appraisal. On average, a house appraisal can cost anywhere from $300 to $500.
8. Who selects the appraiser for a house appraisal?
The lender typically selects the appraiser for a house appraisal to ensure impartiality and compliance with appraisal regulations.
9. Can a recent appraisal from a previous sale be used for a new purchase?
In most cases, a recent appraisal from a previous sale cannot be used for a new purchase as the appraisal must be current and specific to the property being purchased.
10. What happens if the appraisal value is higher than the purchase price?
If the appraisal value is higher than the purchase price, it can benefit the buyer by providing additional equity in the property. However, the lender will still base the loan amount on the lower of the appraised value or the purchase price.
11. Can the buyer request a second appraisal if they disagree with the first appraisal?
In some cases, the buyer may be able to request a second appraisal if they disagree with the first appraisal. However, the lender will ultimately determine whether a second appraisal is necessary.
12. Can the appraisal value be contested?
If the buyer or seller believes that the appraisal value is inaccurate, they may be able to contest the appraisal by providing additional information or documentation to support their claim. Ultimately, the lender will make the final decision on whether to accept the appraisal value.