As a homebuyer or home seller, it’s essential to be knowledgeable of the appraisal processes, as it’s one of the final steps during the closing of a home. By understanding the factors affecting how long an appraisal may take, proactive steps can be taken to make sure this process goes according to plan.
Home appraisals are done by lenders to see if your home is worth the loan amount you’re requesting to complete the homebuying process. Typically, the appraisal process can take around 1 to 2 weeks but when the market is busy, an appraisal can take upwards of about a month.
When a home doesn’t meet certain standards, and the appraised value comes in lower than the asking price, issues can arise. When this happens, a lender may require repairs to be made on the property and then for an additional appraisal report to be submitted.
In addition, if the market in the area you wish to purchase a property in is busy, the home appraisal process may take longer if there is a lack of appraisers available.
If the appraised value comes in lower than the asking price, either the difference needs to be met, or an additional appraisal needs to be done for the mortgage loan to be approved.
However, once the appraisal is approved, the mortgage lender then starts the underwriting process, in which a mortgage underwriter ensures needed documents and conditions are placed before issuing the loan.
During this process, they examine the borrower's credit, debt-to-loan ratio and other relevant factors to make sure the borrower is fit for a mortgage loan.
A home appraisal is a vital step of the home buying journey, so it pays off to work closely with a lender to explore your options to solidify a smooth appraisal process.
More than six decades of combined team experience
Combined sales over 1,100 in 20 years
The average agent works by themselves or is inexperienced
The average agent is in and out of the business in less than 5 years
The average agent according to national statistics sells less than 8 homes a year
Our team concept allows us to do a large volume of business, keeps our finger on the pulse of the market by doing such volume, giving our clients outstanding service because everyone on the team has a certain skill set and experience level and we all work together to give you the best of each of our individual skills.
Unique programs like our Guaranteed home sale or commission free program just as one example.
We can cover a large area being a team verses one agent.
Huge personal data base of past, present and potential clients that we will expose your home.