The typical time frame for receiving appraisal results is around one to two weeks after the appraisal inspection is completed. However, this timeline can vary depending on factors such as the complexity of the property, the thoroughness of the appraisal report, and the workload of the appraiser.
FAQs about appraisal results:
1. Why does it take so long to get appraisal results?
The appraisal process involves a detailed analysis of the property, market trends, and comparable sales. This thorough evaluation takes time to ensure accuracy.
2. Can I speed up the appraisal results process?
While you can’t guarantee a faster turnaround time, you can ensure the property is readily accessible for the appraiser and provide any necessary documents promptly.
3. What happens if the appraisal results are lower than expected?
If the appraisal results come in lower than expected, it can affect the financing and sale of the property. You may need to negotiate with the buyer or seek a second opinion.
4. Can I request a copy of the appraisal report?
Yes, you have the right to request a copy of the appraisal report from the lender. This can help you understand how the appraiser arrived at their valuation.
5. Do appraisal results always come in lower than the sale price?
Not necessarily. The appraisal results are based on the fair market value of the property at the time of the appraisal. It can sometimes match or even exceed the sale price.
6. What factors can influence the appraisal results?
Factors such as the condition of the property, recent improvements, comparable sales in the area, and market trends can all impact the appraisal results.
7. Can I contest the appraisal results if I disagree with them?
If you believe there are errors in the appraisal report or if you have additional information that could affect the valuation, you can request a review or submit a rebuttal.
8. Is there a way to prepare for the appraisal inspection?
Yes, you can prepare for the appraisal inspection by ensuring the property is clean and well-maintained, providing a list of recent improvements, and having relevant documents ready.
9. What is the difference between an appraisal and a home inspection?
An appraisal is an evaluation of the property’s value, while a home inspection focuses on the condition of the property’s structure and systems.
10. Can I choose the appraiser for my property?
In most cases, the lender will select the appraiser to ensure impartiality and independence in the valuation process.
11. How long are appraisal results valid for?
Appraisal results are typically valid for a few months, depending on market conditions and any changes that may affect the property’s value.
12. Do I have to pay for the appraisal results?
Yes, as the borrower, you are typically responsible for the cost of the appraisal. The appraisal fee is usually included in your closing costs.