How Long Does An Appraisal Take?

When you buy a home, it is not going to be a quick process. Once you find your dream home and your offer is accepted, you must remember that there is still a step to take: the home appraisal.

You probably want to move in and start your new life and wonder how long a home appraisal will be. To answer your doubts, in this blog, we will inform you about what a home appraisal is and the duration of this process. 

What Is a Home Appraisal?

A home appraisal is a process that will determine the fair market value of a home to ensure the buyer is paying a fair sale price for the property. Contrary to an in-depth home inspection, the process of a home appraisal is focused on the overall value and basic condition of the home. 

During the appraisal, a licensed appraiser will consider your home’s overall condition while taking into account upgrades and improvements. The appraiser will also look into similar properties in the area to calculate a final home appraisal cost and send a report to your mortgage lender. 

Who Orders a Home Appraisal?

Your mortgage lender orders an appraisal report to be performed by a licensed appraiser. However, the borrower is the one that is usually required to pay for it. The report cost will appear on the loan estimate after your loan application and will be included on the closing disclosure as an addition to the closing costs. 

How Long Does an Appraisal Take?

The time of a home appraisal depends on the area the home is located in. Most of these processes can last from a few days to a week, depending on the size or complexity of the home. Among other factors, the appraiser’s schedule also plays a part in the duration of the process. 

This process is similar to a refinance appraisal process. However, during a refinance process, homeowners can attend the appraisal instead of home buyers. 

Home Appraisal Timeline

Here is the common appraisal timeline:

• Scheduling and preparation: As soon as the order is placed, the appraiser and homeowner have to schedule a convenient time for the inspection. 

• Property inspection: The licensed appraiser visits the property and evaluates its condition, features, and any improvements done to it. The property’s layout, number of rooms, and recent renovations may impact the value.

• Market analysis: When the inspection ends, the appraiser will conduct market research for recent sales of comparable homes in the area. This will help determine the home’s value based on market trends. 

• Report generation: After gathering the necessary data, the appraiser will compile a report with their findings, including property information, market analysis, and final appraised value.

• Report delivery: Finally, the finished report will be sent to the mortgage lender to help finalize the approval process. Keep in mind that the homeowner may or may not receive this final report. 

Go Through an Easy Process with Rivington

Understanding the appraisal process is vital for buyers and sellers to make informed decisions. Remember that the appraisal may take just a couple of hours, but the process requires several stages before completion. 

Now that you know about the home appraisal process, it is time to find your new dream home, and what better place to start than Rivington. Located in DeBary, FL, we offer stunning townhouses with access to unparalleled community amenities and outdoor adventures. Contact us now and start looking for your dream home!