How Long Does a Home Appraisal Take?

Written by Banks Editorial Team
3 min. read
Written by Banks Editorial Team
3 min. read

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You’ve listed your home, found the perfect buyer and accepted their offer. Now, all that’s left is the closing, and you’ll have the freedom to start shopping for your next home. But before both you and the buyer can sign on the dotted line, there’s one important step that can’t be overlooked. 

It’s the home appraisal, and the lender won’t allow the buyer to close on the home without it being done. In case you aren’t familiar, this guide explains what home appraisals are, how they work and possible delays you could face. You’ll also discover an easy way to sell your home fast, minus all the hiccups. 

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What Is a Home Appraisal?

A home appraisal is required by the lender to determine the fair market value of the property you plan to purchase. It helps ensure the purchase price is fair and that the lender isn’t extending a loan for more than the home is worth. 

How Long Do Home Appraisals Take?

It generally takes two or three days to a week for a home appraisal to be completed. However, the appraiser may need more time if the property is larger or more complex to navigate. 

What Happens During a Home Appraisal?

The home appraisal process involves a visit to the home and research to compile and finalize what’s referred to as a Uniform Residential Appraisal Report. More information about each step is included below: 

Home Appraisal Scheduling

Once the lender orders the appraisal, it usually takes one to two days to get on the appraiser’s schedule. Be mindful that excessive demand in your area means it could take longer to complete the home appraisal. 

House Walk-Through and Inspection

Next, the home appraiser will visit the property to inspect the exterior and interior. This could take anywhere from 30 minutes to a few hours, depending on the size and structure of the home. 

Data Evaluation and Review

Before preparing the report, the appraiser will do some market research to identify similar properties that have recently been sold in the area, also known as comps, to help determine the home’s current market value. More on this shortly. 

Preparation of Report

Based on their findings and recent sales data in the area, the appraiser will compile this information to issue a report. It will include images from the exterior and interior of the home. 

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Skip the headaches and hassles of selling your home traditionally. No Showings, No Open Houses, No Stress. Get a free offer today!

What Do Home Appraisers Look For?

The appraiser assesses the home’s condition and other comparable properties in the area during their evaluation. Here’s a closer look at what they look for: 

Internal Factors

The size of the home, or the square footage, along with the layout, the number of rooms, usability and structural features are all internal factors the appraiser considers. 

External Factors

These include the overall structural quality of the home, the condition of the foundation, the location of the home and any other visible flaws.

Comparable Sales

The appraiser will visit the home to conduct an exterior and interior analysis. But before an appraisal report can be issued, they will also conduct research to find comparable properties in the area that were recently sold. These “real estate comps” help provide guidance on how much the home is worth. 

What Factors Can Delay Home Appraisals?

Delays are possible in these scenarios: 

  • The home appraiser is at capacity and can only offer a date that’s several days away. 
  • The home appraiser is able to fit the property you’re looking to buy on the schedule, but they have several unfinished reports to complete for other properties.
  • The home is large and takes far more time to analyze than the average property.

Sell Your House Faster

Home appraisals are just one component of the home selling process if your buyer is financing the purchase. You could also encounter other hurdles before getting to the closing table and spend more time than anticipated in limbo waiting for your home to sell. 

Luckily, you can use an iBuyer like Offerpad to get a fair cash offer in just 24 hours and close in far less time than you would if you hired a real estate agent and sold your home the traditional way.

With Offerpad, there are no listings, open houses or scheduled showings. Even better, you can pick a closing day that complements your busy schedule, and Offerpad will even cover the cost of your local move (conditions apply). Plus, you’ll get three extra days after closing to stay in your home and finalize relocation plans. 

If Offerpad sounds like an option that could work for you, visit the website to request a cash offer for your home. It’s fast, free, and there’s no obligation to accept the offer. In fact, you can choose to list with Offerpad to test the market out instead.

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