How long does a home appraisal take?

The visit is the short part

Most people picture the appraisal as the hour when a stranger with a clipboard walks through the house. That hour is real, but it is the smallest piece of the job.

For a typical single-family home, the on-site visit runs about 30 to 60 minutes. A larger home, a home with a guest unit, or a two to four unit property can take one to two hours. I measure the outside, count rooms, look at the kitchen, baths, floors and systems, and take photos of the front, back, street and main rooms.

Then I leave. The seller usually asks, "That's it?" Yes. The house part is done. The market part is just getting started.

If the visit felt fast, that is normal. If the appraiser spent three hours in your guest bath, that is less normal, and you may want to check on the plumbing.

Where the rest of the time goes

Freddie Mac tells homeowners the appraiser gets the report to the lender about one to two weeks after the inspection, and that it can take longer in areas with a lot of appraisal activity. One appraisal management company, R3 AMC, puts a standard single-family order at about 7 to 10 business days from order to delivery.

Here is what fills those days:

• Scheduling. The appraiser has to get a time that works for the owner, the tenant or the listing agent.
• Research. Pulling sales, listings and pending deals, then checking them against public records and agents.
• Analysis. Picking the comparable sales (comps), the recent sales most like your home, and measuring how much buyers paid for each difference.
• Writing. The report form itself, plus the comments that explain why.
• Review. The lender or the management company reads it and may send back questions.

In my practice, the analysis is where the time belongs. I want to read the market as it is right now, not as it was on average last year. Testing the most recent window the sales can support takes longer than grabbing a 12-month average. It is also the part that gets the number right.

What makes an appraisal take longer

Some homes are a quick read. Others are a mystery novel with three missing chapters. These are the usual causes of a slow turnaround, based on R3 AMC's list and what I see myself:

• Rural property. Fewer appraisers cover the area, the drives are longer, and there are fewer sales to compare.
• Unusual, luxury or historic homes. When nothing nearby is quite like your house, the research takes more digging. R3 AMC puts luxury and unique homes at 14 to 21 or more business days.
• Busy seasons. Spring and summer buying seasons and refinance waves stretch every appraiser's calendar.
• Tenants. An occupied rental needs the tenant's cooperation to get inside.
• Revisions. If the lender's reviewer wants something added or corrected, that adds another round.
• Weather. Storms and flooding can push an inspection back.

None of these mean anything is wrong with your house. They mean the appraiser needs more evidence before signing a number, and that is exactly what you want them to do.

When you get to see the report

You get a copy. Under the federal rule known as Regulation B, on a first-lien home loan the lender has to send you a copy of the appraisal promptly once it is done, or at least three business days before closing, whichever comes first.

You can waive that timing and agree to get the copy at closing instead. A waiver like that generally has to be made at least three business days before closing. I would not waive it. Reading the appraisal a few days early gives you time to spot a wrong bedroom count or a missing garage while there is still time to fix it.

When the copy lands in your inbox, do not jump straight to the last page. Check the facts about your home first: square footage, bedrooms, baths, lot size and condition. A good report also tells you why the comps were picked and what the market is doing. Reports should teach you the market. A number with a bow on it is not enough.

How to keep the appraisal moving

You cannot make the appraiser research faster, but you can remove the delays that come from your side of the deal. Here is my checklist:

1. Answer the scheduling call fast. A missed call on day one can turn into a missed week.
2. Give full access. Open the garage, gates, sheds and any guest unit. Clear a path to the attic hatch, water heater and electrical panel.
3. Warn the tenant. If the home is rented, give notice early and confirm the time.
4. Hand over a list of upgrades with dates: roof, windows, kitchen, heating and cooling, and any permits. It saves research and keeps the facts straight.
5. Send the contract and any addenda to your lender right away. The appraiser has to review the purchase contract, and a missing page can stall the report.
6. Build cushion into your contract. Ask your agent how many days the appraisal contingency allows. In a busy season, more days is better.
7. Read the report as soon as you get it. Errors are easiest to fix before closing.

What I see in the field

The appraisals that drag on are rarely the hard houses. They are the files where nobody can get in. The lockbox code is wrong, the tenant is at work, the dog has opinions about strangers. The house itself would have taken 45 minutes.

I also see people worry when the report takes a full week. A week is normal. A week means someone is reading sales, calling agents to confirm what a buyer actually paid, and checking whether the market moved last month. A report that comes back in a day can be fine, but speed is not the goal. The goal is a value you can defend when the underwriter, the seller or the buyer asks, "Where did that come from?"

Facts over feelings takes a few days. Feelings only take a minute, and they are almost never in the comps.