How Long Does an Appraisal TakeAn important part of buying a new home is the real estate appraisal. While the seller may set a listing price to their choosing, a home appraisal provides the potential buyer with an unbiased estimate of how much the home and property are actually worth. The fair market value of a home must be included for buyers using a mortgage loan, and the real estate appraisal must be conducted by a licensed appraiser. If you are searching for new homes for sale in Orlando, Fl, then you want to take into account the real estate appraisal to learn the fair market value of the home you are interested in buying.

What Goes into a Home Appraisal?

The home buying process is not complete without a home appraisal. With a hot housing market and homes selling in less than a week, many people find themselves wondering, “how long does a home appraisal take?” In general, the home appraisal part of the home buying process takes place within a week of when the prospective buyer makes an offer. Here’s what goes into a home appraisal and what you can expect out of an appraisal in the home buying process:

External Factors

The licensed home appraiser will review external factors for the home, including the location of the home and the quality of nearby schools. External factors for a fair market value of a home will also take into consideration the lot size, construction quality, structural integrity, and the current condition of the property.

Internal Factors

A home appraisal will also review internal factors to determine fair market value, including the square footage of the home, number of bedrooms and bathrooms, and general layout of the home. Any recent renovations or updates made to the home may also factor into the home appraisal.

Comparable Sales

These external and internal factors are then compared with comparable homes in the same area that have recently sold. Comparable sales reviews typically include properties within a mile of the home that have sold within a 3–6-month timeframe. The purchase price of other nearby homes will help determine the appraisal value.

The home appraisal process can typically take between two to seven days to complete. The licensed home appraiser is typically ordered and scheduled by your mortgage lender. It can take multiple days for this process and for the home appraiser to gather all the relevant information.

Timeline for a Home Appraisal

Here is a general timeline of what to expect for a home appraisal.

Scheduling the Appraisal

Your mortgage lender will schedule an appraisal to be completed by a licensed home appraisal inspector. The general timeframe for scheduling a home walkthrough by the home inspector is 48 hours.

Home Appraisal Walkthrough

The home appraisal walkthrough refers to when the home inspector visits the property. The timing of this process can range from minutes to hours, depending on the size of the home and its current condition.

Review of Comparable Homes

Once the appraiser has visited the home and gathered the necessary information, they will then compare this data with comparable homes in the area. Many home appraisers use software to help identify comparable homes.

Delivery of Home Appraisal Report

The home appraisal report is compiled by the home appraiser and can take anywhere from two to ten days to receive. The timeline is typically dependent on how many other homes the appraiser is evaluating at the time. A typical home appraisal report for a single-family home will be around ten pages.

How to Prepare for a Home Appraisal

As a buyer, the home appraisal process can be nerve-wracking because the outcome of the appraisal may directly affect your ability to move forward with the purchase of the home. The home appraisal can take up to ten days, so patience is key. If the home appraisal comes back lower than the asking price for the home, then you may need to negotiate with the seller in order to get the financing you need to purchase the home. Talk to your trusted real estate team at Florida Realty Marketplace for guidance and support through the entire home buying process. Our team can help you respond to the home appraisal and negotiate with the seller as appropriate.

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