How long after an appraisal is ordered does it happen?

How Long After an Appraisal is Ordered Does it Happen?

The timeline for an appraisal to be completed after it is ordered can vary depending on the specific circumstances of the appraisal, such as the property type, location, and complexity. Generally, however, most appraisals are completed within 7-10 business days after the appraisal is ordered.

There are several factors that can influence the timeline for an appraisal to be completed. One major factor is the availability of the appraiser. Appraisers typically have busy schedules and may have multiple appraisals to complete before yours. Additionally, the complexity of the appraisal, such as the type of property being appraised and the level of detail required, can also impact the timeline.

Another factor that can affect the timeline is the availability of comparable sales data. Appraisers rely on recent and relevant sales data to determine the value of a property, and if this data is difficult to obtain or requires additional research, it can delay the appraisal process.

Additionally, any issues that arise during the appraisal, such as repairs that need to be made or discrepancies in the property records, can also cause delays in the appraisal process.

FAQs

1. Can I request a rush appraisal?

Yes, you can request a rush appraisal, but it may come at an additional cost. Rush appraisals are typically completed within 2-3 business days after the appraisal is ordered.

2. What happens if the appraiser can’t access the property?

If the appraiser is unable to access the property for any reason, such as the homeowner not being available or the property being inaccessible, it can delay the appraisal process. In such cases, the appraiser may need to reschedule the appointment, which can add extra time to the timeline.

3. Can I choose my own appraiser?

In some cases, you may be able to choose your own appraiser, especially if you are paying for the appraisal yourself. However, if you are working with a lender, they will typically select the appraiser to ensure independence and impartiality.

4. What can I do to expedite the appraisal process?

To expedite the appraisal process, make sure the property is easily accessible to the appraiser, provide any necessary documentation or information promptly, and address any issues that may arise during the appraisal process quickly.

5. What happens if the appraisal comes in lower than expected?

If the appraisal comes in lower than expected, it can affect the financing of the property. You may need to renegotiate the price with the seller, provide additional funds to cover the shortfall, or explore other financing options.

6. Can I dispute the results of the appraisal?

If you believe the appraisal is inaccurate or contains errors, you can dispute the results. You may need to provide additional documentation or information to support your claim, and the appraiser may need to reassess the property.

7. Does the appraisal report include photos of the property?

Yes, most appraisal reports include photos of the property to document its condition and features. These photos are used to support the appraiser’s valuation of the property.

8. What happens if the property appraises for more than the purchase price?

If the property appraises for more than the purchase price, it can benefit the buyer by providing instant equity in the property. However, it may also raise questions about the accuracy of the appraisal and require further investigation.

9. Will the appraiser share the results of the appraisal with me?

Typically, the results of the appraisal are shared with the lender and the borrower. As the borrower, you have the right to request a copy of the appraisal report for your records.

10. How long is an appraisal valid for?

An appraisal is typically valid for a certain period, such as 90 days. If your appraisal expires before closing on the property, you may need to have a new appraisal done.

11. Can I accompany the appraiser during the appraisal?

While it is not common for the homeowner or buyer to accompany the appraiser during the appraisal, you may be able to provide additional information or answer any questions the appraiser may have about the property.

12. How much does an appraisal cost?

The cost of an appraisal can vary depending on the location, size, and complexity of the property. On average, appraisals can cost anywhere from $300 to $500 or more.

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