How Long Does an Appraisal Take?

When buying a home, your mortgage lender orders a home appraisal to ensure the value of property aligns with the price you offered for it. An appraisal typically takes 7-10 days from the time it’s ordered to receipt of the appraisal report. The time may vary based on your location, the type of appraisal and more.

When is an appraisal ordered?

Generally, the mortgage lender orders the home appraisal so that it’ll be completed within 7-14 days of an accepted offer. In that time, they’ll determine the type of appraisal needed. If it’s a full-home, on-site assessment — the most common — they’ll schedule a day for the professional appraiser to visit the home. 

How long does it take to get an appraisal back?

You can expect to receive the appraisal report within as little as one week or up to one month after the appraisal is performed. This report includes comprehensive details about the home.

The timeliness of the appraisal report depends on several factors, such as:

• Complexity of property: If the home is especially unique, for instance, the appraiser may need more time to find appropriate comparable sales (comps) to weigh it against.
• Type of appraisal: Most appraisals entail full-home or on-site visits, but some can be conducted online or by “drive-by,” which don’t require the appraiser to go inside the home. An online (also known as desktop) or drive-by appraisal may not take as long as an on-site appraisal.
• Type of mortgage: If you’re getting an FHA, VA or USDA loan, the appraiser has to be licensed by these agencies and assess the home specifically to confirm it meets the loan’s property requirements. This can add time to the process.
• Timing and workload: The appraiser may have multiple reports to complete at one time, especially if it’s home buying season or otherwise a busy market.
• Professional shortage: Many professional appraisers are approaching retirement age, and fewer young people are entering the field — in fact, the profession is expected to grow just 4% from 2023-2033. This may impact how quickly you can schedule a visit and the turnaround for the report.

Home appraisal timeline

A home appraisal can take as little as 1-2 weeks to complete, but sometimes up to a month. Here’s a breakdown of the typical timeline: 

Lender schedules appraisal (Soon after accepted offer)

Once the seller accepts your offer, your lender will schedule an appraisal. If it’s a full-home, on-site appraisal, it can take anywhere from 2-14 days to get on the calendar. If it’s a drive-by appraisal, the appraiser may be able to get to the home sooner. A desktop or online appraisal is often the fastest, but it can miss some crucial details about the home without the in-person visit.

Appraiser evaluates home (30 minutes-3 hours)

For an on-site appraisal, the visit can take anywhere from 30 minutes to 3 hours or more. Remember, FHA, VA and USDA appraisals may take longer to evaluate. The same applies to a larger or more unique property.  

Lender receives appraisal report (2-7 days)

Once the appraisal has been conducted, the appraiser documents their findings, runs comps and produces an appraisal report. This can take anywhere between 2-7 days depending on the appraiser’s workload and other factors. The appraiser then sends the report directly to the lender, who shares it with the buyer and their real estate agent.

What happens after a home appraisal?

After the appraisal is complete, the lender will consider those findings in the mortgage underwriting process. This is where the lender reviews your loan application, credit history and property’s value to determine whether to approve your loan.

If the appraisal comes back at or above the purchase price, you’ll be one step closer to loan approval. However, if the appraisal comes in below the purchase price, the lender will only approve you for up to that appraised value. In this case, you may try to negotiate a lower price with the seller, cover the difference yourself in the form of a larger down payment or walk away from the deal.

*Zillow Home Loans; an equal housing lender. NMLS #10287