Home appraisals: What to expect

by Eastside Realty Group, LLC 07/02/2023

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. 

How long do appraisals take?

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. 

What would cause an appraisal to delay?

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. 

What happens after appraisal comes back?

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.

About the Author

Eastside Realty Group, LLC


I am Mark Martin Qualifying Broker, welcome to Eastside Realty Group,LLC. If you are in the beginning phases of your Real Estate search or you know precisely what you are looking for, you will benefit by having a highly qualified Real Estate Professional on your team. Therefore, it would be my pleasure to utilize and showcase my knowledge to assist you with your home buying experience.