The honest answer is: it depends on the local market and appraiser availability.

In many areas, an appraisal can be completed within one to two weeks from the time it is ordered. In other markets, particularly during periods of high demand or in areas with a limited number of appraisers, the process can take considerably longer.

Several factors can affect appraisal turn times, including:

• Local appraiser availability
• Rural versus urban property locations
• Seasonal market activity
• Property complexity
• Large acreage or unique homes
• Weather and travel conditions
• The appraisal management company’s workload

Properties located in major metropolitan areas often move more quickly because there are more appraisers available to accept assignments. In rural areas, an appraiser may need to travel a significant distance or there may be only a handful of qualified appraisers serving the region, which can increase turnaround times.

The appraisal itself usually consists of two separate steps: the property inspection and the completion of the appraisal report. Even after the inspection has been completed, the appraiser still needs time to research comparable sales, analyze the market, and prepare the final report.

Because turnaround times can change from week to week, we typically won’t know the exact timing until the appraisal has been ordered and accepted by an appraiser. This is one reason we encourage borrowers to submit requested documents quickly and avoid delays once the loan process begins.