How long after appraisal is done do you get results?
After an appraisal is completed, it typically takes about 5-10 business days to receive the results. The exact timeframe may vary depending on the complexity of the appraisal and the workload of the appraiser.
FAQs about appraisal results:
1. Will I receive a physical copy of the appraisal results?
Yes, most appraisers will provide you with a physical copy of the appraisal report either in person or by mail.
2. Can I request a digital copy of the results?
Yes, you can ask the appraiser to send you a digital copy of the results via email if that is more convenient for you.
3. What information is included in the appraisal results?
The appraisal results will typically include details about the property being appraised, the appraiser’s valuation of the property, and any comparable sales data used to determine the value.
4. How will the results affect my mortgage application?
The results of the appraisal will play a crucial role in your mortgage application process as the lender will use them to determine the maximum amount they are willing to lend for the property.
5. Can I dispute the results of the appraisal?
If you believe that there are errors in the appraisal results, you have the right to dispute them. You can provide additional information or evidence to support your claim.
6. Will the appraisal results affect the final sale price of the property?
Yes, the results of the appraisal can influence the final sale price of the property, especially if the appraised value is lower than the agreed-upon purchase price.
7. How long are appraisal results valid for?
Appraisal results are typically valid for up to six months. After this period, a new appraisal may be required if the property has not been sold.
8. Can I use the appraisal results for insurance purposes?
While the results of the appraisal can provide valuable information about the value of your property, they may not be sufficient for insurance purposes. It is recommended to obtain a separate insurance appraisal if needed.
9. Do I need to be present when the results are delivered?
It is not mandatory for you to be present when the appraisal results are delivered, but it is recommended so that you can ask any questions and clarify any concerns you may have.
10. Can I share the results with my real estate agent?
Yes, you can share the results of the appraisal with your real estate agent as they can use this information to negotiate the best deal for you.
11. Will the appraisal results affect my property taxes?
The results of the appraisal may impact your property taxes as they are often based on the assessed value of the property. If the appraised value increases, your property taxes may also increase.
12. What happens if I am not satisfied with the results of the appraisal?
If you are not satisfied with the results of the appraisal, you can request a second opinion from another appraiser. It is important to address any concerns you have to ensure an accurate valuation of your property.