omsgarcia asked:
We’re having the condo we’re buying re-appraised. How long does it take to get the documents? We’ve been waiting for a week now since they appraised it. Is that too long?
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{ 4 comments }
An appraiser can turn around docs on an appraisal within 24 hrs. If really busy, then within 2-3 days. A week is more than enough time for appraiser to have everything done.
I work for an appraisal firm….. An appraisal can take anywhere from 2-7 business days. In some rare instances an appraiser can do a 24 hour turnaround time as ling as they already have the comp info, access to the property and legal information. Other than that, it normally takes longer. After the appraiser sees the property, he must find recent comparables that have sold within a certain amount of time and are close in proximaty to your property. They also need to get tax and land information. Since you live in a condo, they also have to have the community information. If the Homeowners Association is available for them, then the process goes faster, but sometimes giving that information isn’t high on their list. Then all the information is put into their system, they then send it on to the financial institution, who then sends it to the underwriters. If there are problems, then it goes back to the appraiser to fix…back to the lender…back to the underwriters……after approval of appraisal then your closing is set. The appraiser isn’t entitled to give you a copy the report, but the financial institution is by law. If your bank, or lender is the one who ordered it…then the appraiser will not be calling you back to let you know its completed..that would be the lenders job……..Hope this helped
Have a Great Day !!!!
It depends on the appraiser. It can be anywhere afrom a couple of days to over a week. I just waited on one for over a week in a small rural area.
Here is some additional info. Hope this helps.
I think in our area 3 days is typical for a residential assignment. Nowadays with the amount of foreclosures, appraisers might be busier. It doesn’t take a lot of time to conduct the comp searches and fill out the forms. I do commercial real estate appraisal, where turnaround time can last up to 4 or 5 weeks, so it could be worse…
By the way, you write you’ve been waiting a week “since they appraised it.” I would point out that you are actually referring to the inspection. An appraiser goes to your home to conduct an inspection of the real estate. Then, after the inspection they conduct the appraisal. An appraisal consists of gathering property and market information, researching comparable sales etc and then actually writing the report. You’d be surprised how many people want a value opinion (an appraisal) on the spot, before I’ve had a chance to consider the pros and cons of the property and research sales in the neighborhood…